How to Open a Business With No Money

Video Transcript

"My name is Bill Rae. I'm with Alumni Financial Services. I've been in the finance and the business world for well over 20 years, and today, the question is how to start a business with no money down. First of all, I would recommend if you're looking to start a business, make sure that you evaluate the reason why you want to start a business. Are you looking to trade a job now for your own job? If that's the case, think heavy. Most people who want to start a business tend to forget that it is a business, and they go about it just like they would the regular job. When you're looking to start a business, especially one with no money down, what you need to look for is what kind of business can I get involved in that doesn't require overhead? Overhead means either products that I must buy and store or that I'm required to go out and have a storefront, such as a 7-11 fronts...that type of thing. So if you're looking to start a business with no money down, you're going to be looking for a type of product or service you can offer that doesn't require overhead, that you can work out of your home, that you can be a sole proprietor. If possible, get a no-interest or a low interest credit card, and there's another source of funds. You also have family and friends that can help you out. But to start a business with no money down, make sure that you do a little bit of homework. Make sure that you understand what it is you're going to get involved in, and are you willing to put that commitment in? In this country, there's no greater opportunities that exist out there except for the small proprietor. My name is Bill Rae, I'm with Alumni Financial Services. As always, I tell you, seek outside counsel. Make sure you understand what you're getting involved in, and we're helping you build wealth."