Have a business idea? Here’s how to invest without money

Here are four ways you can invest in your business idea today, and they won’t cost a cent.

1. Make a pitch

Once you have a good idea it can be tempting to fantasize about all the places that idea might take you. It might end up a successful business, and you could end up living your dream lifestyle. But before any of that happens, you must hone in on exactly what your idea is.

You need to be able to answer a few questions.

1. Where would your business fit in the market? Who would your competitors be?
2. Is your product something people actually need or want?
3. Does this product solve a problem? Is it innovative?
4. What are the challenges in creating your business?
5. Is this something that is possible? Can you create a path to your goal?

If you still believe your business idea is viable, start working on a pitch.

Your pitch should summarize exactly what your business will be and how you will make it happen. Imagine if you found yourself in an elevator with someone who could help you get your business started. How could you -in a very short time- convince someone of your idea? Make sure you get right to the bones of it.

Having a clear, developed vision is something you can establish without any money at all, and it’s priceless.

2. Educate yourself

Running a business takes a lot of time, energy and hard work. One of the best gifts you can give yourself is preparation and education.

Establish what your strengths and weaknesses are and work on them. If you can, try to get a job in the field you are interested in. For instance, if you would like to launch your own magazine one day, look for jobs in the journalism industry.

Not only will your experiences better prepare you, they will give you valuable insights you might miss out on otherwise.

If you discover you are bad at accounting, for instance, you can either take the time to improve your skills, or make a note that you should get help from someone. Online forums are a great way to connect with people. If you’re on a budget, consider skill-sharing with someone. They could help you with your accounting, and you could help them with their marketing. It’s a cost effective win-win.

3. Talk to your target market

If you have a great business idea, talk to people in that industry. Start communicating and networking with people, and try to discover if there really is a need for your product.

The connections you make now can help you down the track; having peers and mentors can be incredibly helpful as an entrepreneur.

It’s important to discuss your ideas with people who aren’t just friends and family. Keep in mind, however, that you shouldn’t tell your ideas to just anyone: the last thing you want is someone taking your idea and running with it.

That said, no business is an island and you will need to surround yourself with people you trust.

4. Commit yourself every day

Today is the perfect day to start forming good habits.

Every day you should commit 10 – 30 minutes to getting closer to your goal.

You might not have much money, but you do have access to forums, websites, free business podcasts and people in the real world.

Do something every day to educate yourself and bring yourself closer to your goals.

- Lena Klein