How to start a business with little or no money

The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, the founder of Aurik Business Accelerator.

Banks do not easily lend money to start-ups, so how do you start a business without any money?

One tip, says Aurik Business Accelerator founder Pavlo Phitidis, is to take a job in the industry you intend to start a business in.

“Sweep the floor for free,” Phitidis tells The Money Show’s Bruce Whitfield.

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“Start speaking to people; opportunities are plenty. Do the sweeping job with absolute perfection. Demonstrate care and obsessive-compulsive perfectionism.”

Pound the pavement and remember that people invest in character rather than skills.

“You need to make sure that the business you want to start is in an industry that you enjoy,” says Phitidis.

Get a job in that industry, you will develop the know-how. You start to build a reputation; it’s the early stage of getting funding when you don’t have connections… You can’t get there on your own. You need backers, [recommendations] are a form of currency…

Pavlo Phitidis, founder - Aurik Business Accelerator

If you’ve been working somewhere, say for 10 years… You’re starting a business with a customer onboard, on the back of your reputation.

Pavlo Phitidis, founder - Aurik Business Accelerator

The money is out there, despite banks not lending and it’s unlikely you’ll get venture capital or private equity money in this country. The narrower the business is… you set yourself up for a sweet, clean, neat possible acquisition in the future.

Pavlo Phitidis, founder - Aurik Business Accelerator

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