i get asked quite a lot how do I get my business going when I have no money.

it’s not as difficult as you think. If you’ve got a great idea but no money why not partner with somebody who has money. There are people out there with lots of money but they don’t know what to do with it. If you’ve got a great idea or even better have come across a great business to buy why not spend some time finding someone who will invest in the business.

You won’t have to look far to find businesses. In the UK look at Dalton’s weekly. There are thousands of businesses for sale and a lot of them are great businesses.

i know what you’re thinking, if they are so great why are people selling them. Well, people get old, they retire. They get divorced and need money fast. They fall out with their business partners. There are lots of reasons. But it doesn’t matter because whatever the reason you can check the figures. If the last three years figures show the business making a healthy profit (audited accounts only) and the figures include a good salary for the owner if he is running the business then why wouldn’t you think about buying it?

It will pay you a salary from day 1. You will ideally persuade the outgoing owner to be around for say 3 to 6 months after you buy so that there is a smooth handover of the business  and you then have a successful profitable business that you can improve on in 6 months or less.

i challenge you to get that from scratch. One thing is for sure starting a business from one of the millions of “get rich quick” schemes being sold is a lot harder. I’ve bought a lot of courses and I think it’s tough to do it on your own.

If you buy the right business and the owner stays around to help train you if necessary and make sure that the customers stay you are not only getting a business but a mentor. If the guy is retiring and has had the business a long time he will be proud of it and he will want it to carry on succeeding. He will have invested his blood, sweat and tears to make it profitable and he’ll want it to be there for many years to come. Find one of these businesses and one of these people and you can do very well.

I know all of this sounds scary but not as scary as losing your job and having no money. There are very few jobs for life. You have to go out there and create your own future.  And even if you’re scared you can still take action. One step at a time and things will start to look a whole lot better

Tim Wilde