Ever wondered how successful business owners got from great idea to working business? The ROAR Show wants to know.
Last week they had Fantastic Services’ own CEO and Co-Founder Rune Sovndahl on the line, chatting about how he and business partner Anton Skarlatov started their first business with no money.
Michael McDonnell’s The ROAR Show podcast is the perfect place to get business advice for and from entrepreneurs in every industry. Targeting high-performing CEOs and business leaders as guests, every week the show welcomes a new point of view and a new source of years of experience operating at the forefront of the business world.
Rune joined Michael to talk about growing Fantastic Services from nothing with no outside funding at the very start of the recession.
How to Start a Business with No Money
Rune is a big believer in the lean start-up business model. And from his and Fantastic co-founder Anton’s point of view, starting a business without any money was really their only option:
Fantastic Services was created at the start of the recession. With no track record of trading and the financial climate the way it was, banks were completely unwilling to lend money to the nascent partnership. This made the duo critically aware that every pound they spent needed to have a return on it.
Planning on starting your own company without any cash? Some of the top points Rune covers in this section of the podcast include:
- Figure out what you actually need – don’t waste money on branding, deciding on “feel”, or anything else which you don’t actually need to sell your first product or service. Fantastic Services has no PR whatsoever for the first three or so years of operating. You can always put a shine on things after you’ve gotten your systems actually working.
- Get creative – if you can’t work out a way to get a quick logo made up for next-to-nothing, you might not be prepared to face all of the other challenges running your own business is going to throw at you. Think creatively – and don’t just choose the easiest way to get there.
- It might not be an easy ride – be prepared for hardship when you start your own company without any financial support. The first Fantastic Services “offices” were also Rune and Anton’s first shared apartment, in which they lived for several years on a lot of porridge! Everyone is going to struggle when they first start.
And that’s just the start of the advice for new business owners Rune gives out in the podcast. You can listen to the full episode and more over at The ROAR show or play the podcast below. You can also listen on iTunes, Acast and Youtube.
Free Business Advice
For more free business advice, helping you figure out how to start a business with no capital, check out where else Rune has appeared recently. Peruse a few more articles here on our blog and you’ll soon see where else his advice has been featured!