How Do I Get Started On a Business Without Any Savings?
Question
I feel the Lord leading me away from my 9-5 job to something more home-based. However, I'm currently living "paycheck to paycheck". I don't want to borrow any money to get started as I'm working on getting debt free and any extra money is going to this. Should I just wait it out, take on a second job (that would take me away from my family even more), or something else? I would greatly appreciate your input.Answer
You can certainly begin now to invest time and energy during evenings and weekends to develop your plans and even launching a part time business. Having a home-based business does not necessarily mean you have to quit you day job and does not necessarily mean that you will need startup capital. Much of it also depends upon the type of business you want to start. Our Venture Analysis business planning tool should help you get started on your planning process.
- November 13, 2010
- Business Planning
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Adam Sheridan November 13, 2010
I left a military profession over a year ago to pursue agricultural entrepreneurship. From my own experience, I highly recommend you find something to start part time until you are completely debt free and have a good plan for a full-time start-up.
Bill Roth January 22, 2011
If you have no money, you'll be required to 'know more' to get it off the ground. This is how I started my first company. Disciplined skill development + many course corrections along the way. If you have a full time job - consider exploring product based business models. If you find yourself out of work, selling a service will be the fastest way to generate cash.
Either way - don't 'go it alone' in the spare bedroom. Make it a journey you and your wife (and even kids) pursue together. Find quality books and resources and grow as a family.
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