Launch Your Business
With the growth and propagation of continuously competing enterprises, it has become more difficult for entry-level aspiring business owners to enter the marketplace. Questions such as how to start your own business, how to start a business with no money, and how to get money to start a business are always thrown.
But with the help of BlendPH, you can now learn how to start your own business even without a penny in just five simple steps.
Among the five easy steps to start your own business with no money is to brainstorm for the business idea, draft a business plan, find financial resources, get a personal loan at Blend PH, and create a maintenance plan.
- Brainstorm for a business idea
- Draft a business plan
- Find financial sources
- Get a loan
- BlendPH’s personal loans
Brainstorm for a business idea
The first step to starting your own business is to develop a particular idea. Figure out the skill or resources available to you that you would like to focus on.
The answer to the question of how to start a business with no money and the first step to start your own business is to find something appraisable without the need for a high capital; selling services is one of them.
Household, lifestyle, and labor-heavy services such as cleaning, dog walking, and car washing can also be transformed into an enterprise to start your own business.
Choosing the service to sell depends on what suits one’s abilities, talents, schedule, and personal preference.
There are various types of services you may offer to sell, from highly in-demand abilities such as writing and photography to technological assistance such as becoming a virtual assistant or social media marketer; there are a lot to choose from to start your own business.
Another business model that requires low budgetary cost is selling handcrafted goods, including artworks and unique crafts.
This is another type of business where one can turn their ability, talent, or hobby into a money-making strategy.
Other forms of low-budget business include highly relevant but low-maintenance models like drop shipping and print-on-demand. At the same time, a few take a lot more time and dedication, like selling digital products or engaging in the world of social media influencing, for example.
Your idea and skill will be the ones to answer the question of how to start a business with no money.
Draft a business plan
Answering the question of how to start a business with no money is one thing, and drafting an actual business plan to create your own business is another.
A business plan is the foundation of a specific business, including the business description, market research, products or services being sold, marketing strategy, operation plan, and financial plan.
A company description, list of products and services, logistics, and operations plan helps craft the overview of the business you are about to start with no money. Meanwhile, a marketing strategy and a financial plan could help inspire an idea on how to get money to start a business.
A business plan is the backbone of an enterprise; it is much more challenging to navigate a business without it.
It is a good thing that writing one is not that hard anymore, as many free websites provide free templates and guidelines.
To draft a business plan when we start a business with no money, one must identify the type of business structure we would like. As a start-up, it does not have to be specific for the next ten years, but knowing the possible options would help determine which fits the business best.
Options for structure include sole proprietorship, limited liability company, general partnership, and c-corporation or a legal structure term.
Knowing the type of business entity and how you plan to share responsibility will most likely affect the company’s financial planning.
Find financial sources
Technically, you can start your business idea with no money, but it is impossible to execute and maintain it without one. So, it begs the question, how to get money to start a business?
There are two ways to acquire money to start your own business: to ask for financial assistance from family and friends and to engage in loans.
Asking for financial assistance from loved ones is not bad, but such activity has emotional constraints and limitations. On the other hand, loans give you more freedom on the amount of money to start your own business.
To answer the question of how to get money to start a business, you must first be familiarized with two common types of loans–personal loans and peer-to-peer lending.
A personal loan refers to borrowing money from banks and other financing companies to gain capital to start a business.
Banks and other financing institutions profit from this method by adding interest on the return of the money. The lower the claim, the better it is for you.
Another type of loan is peer-to-peer lending which offers relatively low-interest rates than banks and other financial companies.
BlendPH, an institution that supports starting businesses by providing bang-for-buck deals, is one of the institutions where these kinds of offers exist.
After brainstorming for a business idea, choosing a business, drafting a business plan, and finding a financial source, the final step to starting your business is creating a maintenance plan. This involves actions to preserve the company after its launch.
Get a loan from Blend PH
A personal loan is an unsecured loan from a bank or non-banking financing company that can secure a borrower’s needs through flexible funding. It is a non-collateral loan suited for professionals or other credit-worthy people who need quick cash for education, business, or travel at flexible payment terms.
It is considered one of the most convenient loans as its personal loan requirements and qualifications are less strict and can be done online, with no collateral, compared to when done in a bank.
Blend PH offers flexible and convenient online = loans that often fit a borrower’s terms, unlike any other loan options. It allows the borrowers to apply for a loan based only on personal reasons. Hence, it can be best considered when one plans to start your own business and how to get money to start a business.
Study more about putting up a business
There are plenty of ways to learn about business and being financially stable. However, there is a source that provides useful financial information and makes financial decision-making easier – Grit.PH.
The company covers topics that include personal finance and entrepreneurship, career development, and adulting. The organization’s online learning platform aims to guide our users to make financial decisions with confidence.
So, if you are planning to start a business, then Grit.PH can be a good start in looking for topics that will serve as your guide.
BlendPH’s personal loans
More reasons to get a personal loan through Blend PH are paying for education, starting a business, paying off credit card or debt, buying a car, funding travels, buying a car, and availing of home improvement services.
Blend PH’s personal loan rates also offer online loans with only 1 to 3 percent of low-interest rates. Risk type A will have 1.5% per month, Risk type B will have the 2% per month, and Risk type C will have the 3% per month. Borrowers can get a loan amount ranging from 50,000 Philippine pesos to 2,000,000 million pesos for 12 to 36 months.
This rating can help jumpstart any plans they aim to pursue. It is also easily accessible for anyone from anywhere in the Phillippines if they have access to a device and the internet to open the Blend PH’s official website.
There are four easy steps in applying for Blend PH’s personal loan. The first one is to click on the loan calculator to check an individual’s eligibility – this would include the current employment status, business, monthly income, how much is needed, and for how long. Afterward, the individual will be requested to fill up and complete all requirements for the loan application to be complete. The system will automatically reject an incomplete application for two weeks.
Once all of the necessary documents are accomplished, the expected processing time of the team is only 1 to 2 days. Once verified, the loan application will be endorsed to partner lenders. The individual will be immediately notified when a lender decides to fund the loan or if the funds are already ready for disbursement.
Since Filipinos never stop hustling to achieve more extraordinary things and bigger dreams which also need efficient planning, Blend PH ensures more accessible funding. This proves that Blend PH’s personal loan and online processing are perfect for busy Filipinos. It is less exhausting and tiring when accomplishing requirements.
Among the many benefits of applying for Blend PH’s online personal loan is the skipping of long queues, which saves time, has an easy process and is accessible through electronic devices, has a low-interest rate, no collateral, and flexible terms.
The peer-to-peer online funding platform provided by Blend PH is committed to offering both reliable and convenient loans that will not require a rigorous process and requirements. It has very flexible terms and low-interest rates, which is an advantage for anyone.