The first step is to build the product. This means envisioning it, sharing that vision with talented technicians, and implementing it. This is before you have any revenue and therefore, you don’t need to become an LLC or C-Corporation. If you don’t have a technical background, it is extremely helpful to partner with somebody who does.
You will only start making money when the product is built. This is why it is extremely helpful to have a technical background. You can start writing the code right away, without needing any money. The only thing that it will cost is your time.
Market Your Products Before It Exists
It is possible to start selling your product before you complete this. This is just like having a minimum viable product (MVP). You’ll be able to market your idea to potential customers. Therefore, make pitches and see if anybody wants to invest. This can also be crowdfunded, as you can sell people the product at a discounted price.
Unless you find multiple people willing to work on your product as a hobby, sourcing talent is going to be entirely you and your partner at first. When your company begins to grow, however, or if you sold the initial idea of the product, you can begin to network at events to find people with the relevant skills. Outsourcing is not recommended, but finding people with skills and passion that you can employ at a later date, is.
Marketing Without Money
Marketing is one of the most important things your company can possibly invest in, which might make it feel impossible if you have no money. Luckily, you can market without any money in our current age of social media. You will be going up against a lot of start-ups and companies that have already invested thousands and millions into advertising. However, if your product is viable and you have a passion for it, you can market these on social media.
Digitech investment managers C5 Capital suggest you can also use gorilla marketing, which some audience will appreciate more in many cases. First of all, you need to find out where most of your target market lies. For example, if your technology is more business oriented, it’s best to look on LinkedIn. There are a variety of communities where you can find a target market, including Slack channels, Subreddits, Facebook groups, Facebook pages, LinkedIn pages, Quora topics, and specific platforms or websites.
There are also many free sites that you can use to grow publicity. This includes HackerNews, Product Hunt, and BetaList. You can also build awareness of your website by using directories for free. Attending events that your target market will be going to can also help you network and make connections. You can also form partnerships with companies that will complement your service.
Find Free Money
There are a lot of ways you can inject money into your business, without spending a penny. You can partner with the university which can help with your funding. As well as universities, you can also receive grant money. There will be pitch competitions, both nationally and local to your area. If you win a grant, you just need to adhere to its guidelines and make sure your pitch is marketable.
If you need a bit of extra money outside of what you’re doing yourself, you can also take up more work, such as Uber or freelancing.