This past March I visited the Art District in Miami, FL, where I saw some really beautiful street art. Turns out there are a bunch of great murals in downtown Detroit, some of which have been created by the same artists of the Wynwood Walls in Miami.
I often hear people say the reason they don’t start their own business is because they don’t have the money.
I personally feel like this is just an excuse. Most people are afraid to leave the security of a steady paycheck or they’re simply afraid of the unknown when starting their business, and by unknown I mean fear to the failure or success of it.
In this day and age you can start a business without having money. Needing money and having money are completely different so please don’t confuse them. History proves that what I’m saying is true.
Big companies like HP, Apple, IBM, Dell and Uber, just to name a few, were funded almost entirely by money other than the founder or co- founder’s personal capital. The money used was collected either through investors or private loans, which is probably the scariest part of starting a business since now you’re not using your money, but someone else’s.
At this point you’re probably saying, “Luis, you don’t know what you’re talking about,” but believe me, I do. In the last year I’ve started 2 companies without a penny, literally.
I quit my job because I couldn’t stand my boss and his way of doing business, I had no money saved because up to that point I had been extremely careless with money. I wanted to start my own company, obviously in the same industry I was. (By the way, this reminds me to mention this: Don’t start your first business in an industry which you know nothing about). But I digress. Going back to what I was saying since I didn’t have any money saved, and I didn’t want to give a portion of my company to someone else other than my partner, I used a private lender, my mom.
This has made the whole process extremely exciting and stressful at times for me, because of what I told you a minute ago, I’m not working with my own money, but with someone else’s. At the same time it gives me a sense of relief and encouragement since it proves that my business and my idea are good, and if worked persistently and consistently, ideas will eventually pay off for my lender, my customers and myself. Pretty much a win-win for everyone.
My point is, if you really want to start a business, first you need to solidify your idea, and by solidify I mean believe your idea is good, believe in yourself and believe that it is possible for you to reach success. When you’re ready, look for the money, all you need to do is find that person, whether it’s an investor or a private lender, present your idea and if they believe in you, get to work right away and don’t stop until you reach the success you want. It will be hard, you will cry and you’ll want to give up more than once, but like I said, if you persevere, stay consistent in your actions and focus, things will start to get better until eventually you reach your goals.
Remember, you don’t need to have money to start a business, you need to know people.