Succeeding in a start-up is difficult in normal scenarios, but without the financial resources you will have to play smart, they are no guarantees in playing this safe so this isn’t going to be easy…
Firstly, when you say that you have ‘no money’ – be very very sure that you have gauged the situation accurately. Too often, people are reluctant to take any risks and self-validate it by thinking that they don’t have the money to do anything. This can only mean one thing…you probably don’t have confidence in your idea, and if this is the cast, then the chances are little that anyone else will put money where even you can’t.
Starting up is a risk on its own, you will have to embrace it, whether you like it or not.
Lots and lots of early own entrepreneurs have spent weeks, even months eating cheap food and living off friends/family’s sofa’s whilst working on their start up. You must learn to stretch the pound as much as possible...
DON’T LEAVE YOUR DAY JOB!!
Most of the aspiring entrepreneurs, once they have the idea in mind, can’t wait to hand in their notice in their current job position, and to start working on their idea full time, which leads extra day working In the current job a drag.
Don’t leave your job until either you start-up gains enough traction to generate sustainable revenue or it gains enough/ significant attention from people who could fund you. Yes, this could lead a slight delay in you achieving your ambition, but you are choosing a much smarter path (this will lead to a higher chance of success).
INVEST IN HOURS IF NOT MONEY
‘Time is money’, and in your case this is the truth, and nothing but. Any business requires money to become successful. Forget about hobbies, recreation and all other stuff for the time being, as you are having to put all you hard work and effort into your idea which can make having a social life and hobbies harder to maintain and keep up with.
Like I said earlier, the big wide world is a competition, and it is very high! People are working hard, and they’re working smart. Which helps them with this is that they have the resources and money power to speed up the entire process. To beat them you shall have to work more than they can/ want.
You will have to develop a thick skin, this is because the market is and will be brutal. Whatever you do, DO NOT get buried in credit card debt.
There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can quickly add up. Instead of purchasing everything at once and throwing it all on your credit card, use your company’s revenue to finance your expenses. By eliminating the stress and burden of debt, it will greatly increase the chances of creating a successful business.