Starting a Business with (Almost) No Money

I googled “being rich in the Philippines’ and stumbled across an article stating that Filipinos can be rich in the Philippines by:

  • Being an ‘artista’
  • Marrying someone rich
  • Being corrupt
  • Being born rich
  • Winning the lotto
  • Being a boxer
  • Owning a business

Most of us don’t have the good looks, talent nor the guts to be a celebrity. Marrying someone rich is as rare as winning the lotto, aside from the fact that both don’t guarantee that it will last. Never in my wildest dream that I can be a boxer or be capable of fooling anyone so I guess the only choice for majority of us is owning our own business.

Now, let me start that not everyone is cut to be an entrepreneur nor aspire to be one. Majority are contented to work for someone else which is fine because can you imagine a world wherein everyone is a boss? And besides, we are fortunate to have our nurses, teachers, and other professionals who want to give their services to the community.

This article is dedicated to my fellow Pinays who are itching to build a business or side business but don’t have enough capital to start one.

I am assuming that you are already
A.) fully motivated and
B.) can spare a few hours in a day.

I am giving this 2 requirements because unless you find time to make it work and see it through AND be fully motivated to make it happen then you are not ready yet. I suggest working on your beliefs first (I have a free ebook on how you can use your mindset on your advantage, just enter your email address here) and these articles might be helpful too:

Focus On Prosperity

What’s Your Dream?

Want to Quit But Can’t? This Post if for You

If you think you’re ready then let’s dive into it…

Come up with your ultimate business idea

You might be enjoying a certain product or service and might think that it’s a good viable opportunity but it doesn’t automatically mean that this product or service is a good business for you to own.

You have to determine your strength, talent and interests to help you decide your ideal business idea and business model.

“Business is choosing your own adventure.”

Business is a choose-your-own adventure and even though it might not sound or look ‘right’ to others you have to follow your heart and guts that you are doing the correct thing.

The Wealthy Pinay is a brand that I want to nourish, promote, and ultimately be the biggest source of my income. I love the fulfillment and joy that this business brings to me.

Let’s start by having an inventory of your skills (good in drawing, excellent communicator, fluent in English, can bake a mean apple pie, etc.). Also do an inventory of your life experiences (graduate of accountancy, have travelled to many places, survived a horrific accident, got annulled at age 40, etc). Lastly, do a list of your interests (reading, baking, math, kids, fashion, etc.)

Now you might be overwhelmed and wondering “Now what??”

This is when meditating helps. Give yourself a favor and watch this TED talk of Andy Puddicombe wherein he encourages of freeing our mind from distraction, stress and tune out for 10 minutes.“We are so distracted, we are no longer present in the world in which we live,” A busy and unclear mind prevents us from being creative.

When thinking of a business idea, don’t stress too much that it has to be unique. There are millions of businesses in the world that to find something original might be stressful. Facebook is not the first social media platform and Google is not the first search engine.

However by using your life experiences and skills, you can personalize any product or service and mould it into something that is you. This is when your guts, common sense and faith will come in.

When listing your business ideas, just thrown in everything you can think and of interest to you. Don’t overthink yet if you have the money, the time, or the training. Every idea, no matter how small or pointless, could have value.

Sell Products

Nowadays product-based business is not only restricted to tangible things. An e-book is considered a product. Online courses are considered product. And these products don’t require much capital. Yes, you need internet connection, a domain and a website but the there is no physical inventory or physical product to sell.

One of the earlier books I read that truly inspired me is #GIRLBOSS by Sophia Amoruso, the founder of Nasty Gal.

She started Nasty Gal on her couch selling vintage clothes on ebay. She had a rough life, she’s stubborn, she’s aware that not everything in life is rosy but that doesn’t mean one cannot rise to the challenge.

Nowadays that everyone seems to be selling everything online, how can you present yourself and your product so people remember you? This is where branding becomes important. What you’re selling doesn’t have to be unique but YOU have to be different.

I’ll share more articles about branding and marketing in coming weeks. Promise!

I want you to see me as me. I want to share my triumphs and mistakes and hopefully you’ll learn something from it. I don’t pretend. I’m real (with my double chin and all). That’s my branding.

Sell your Services

One way to start a business with little to no startup capital required is to sell your services. Some services may require you to be certified like accountancy or architecture while others just need experience or working knowledge on how it’s done like baby sitting, book keeping, virtual assistance, etc.

And don’t think that just because there is no physical product involved means you cannot create your own brand. Find a platform to promote your service (Facebook, Fiverr, Upwork and if you want something local then you can check out Raket.ph) and then present yourself in a pleasing, trustworthy manner.

Mindset is What Can Make or Break You

I have a friend named Cindy (she may or may not be real). Cindy works in a private company as a call center agent. She likes her boss and are friends with her colleagues. However, Cindy still dreams of quitting her job and have her own business but very hesitant because:

  1. She doesn’t have enough capital
  2. She doesn’t have any business experience
  3. She’s scared to quit her job
  4. She’s shy and doesn’t want to ‘sell’

Her concerns are all valid. I’m sure most of us can relate with her. These reasons are enough to validate that it’s impossible for Cindy to start her own business, right?

But let’s continue to know Cindy more…

Cindy, although a quiet lady, has lots of friends because she’s nice. People like her because of her honesty and sincerity. She loves to paint. She loves artsy stuff. She loves fashion and food. Cindy once had an ex-boyfriend who was verbally and physically assaulting her. She was also a product of broken family.

Let’s stop here for now. Do you think the last 2 sentences from the statement above matter? Does her negative life experiences impact her ability to succeed in life? As an outsider, we might have differing opinion. Some would say that these can affect her OR we can also agree that they don’t.

Actually, whatever opinions we have don’t matter because these experiences are Cindy’s alone. The way she treats her past, ultimately, will define her. She can consider them as her flaw or as a battle scar that she survived.

All of us have our own story.

We are all like Cindy. We are scared. We really have little or no idea. We have our flaws.
We all have Money Blocks that need to be conquered and released. All of us have our doubts and we just need to make sure that we focus on abundance rather than be paralyzed by our scarcity mindset (You may want to read this – How to Train Your Mind for Abundance)

Often the biggest hurdle to success is the fear of taking that first step. I suggest that you jump straight in, experiment and see where it leads you.

Sharing Knowledge is Power!

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