Business — Small Business Help

How to Start a Small Business When You’re Broke

You’ll need desire more than money

Tom Egelhoff
6 min readJul 30, 2022

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Today I want to talk about how to start a business when you’re broke.

Each day millions of great business ideas are never started because the person with the idea thinks they have no money.

Now, this is flawed thinking.

It’s not that you have no money it’s that you don’t know you have something of value to people who do have money.

No, I’m not talking about angel investors or venture capitalists. I’m talking about sources of money that are available to anyone with a good idea.

Do You Have a Good Idea?

Was the hula-hoop a good idea or the pet rock a good idea? Would you have sunk a bundle into either one?

I’m just pointing out that explaining your idea and how it’s going to be popular might not be as easy as it sounds.

So, your first job is to find out if you have a feasible business idea. Will it sell enough to pay all your expenses and still produce a living?

The next thing to consider is how money is really made. If you’re an employee, then you have a job that makes you money.

If you’re a business owner and doing most of the work yourself, you’ve just bought a job.

But if you have a small business where you’re free to create then you actually have a business that might work.

The Work or Not Work Issue

For example, if you’re a creative graphic designer you can’t find customers while you’re designing, and you can’t design if you’re out drumming up business.

So, before the customers come you need startup capital to get the business off the ground before the checks start pouring in.

How Can You Start If You’re Broke?

The first thing to do is decide what you really need immediately.

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Tom Egelhoff

Top Writer on Government, Entrepreneur, Radio Talk Show Host, Subscribe to my FREE Small Town Business Newsletter on Substack https://tomegelhoff.substack.com/