How to buy business with no money in Canada? This seems quite difficult but is possible. If you have your business ideation and plan ready with you, it is not that difficult. Here are some of the ways through which you can legally buy a business with no money!
Starting a business does not need any huge sum of money. It needs a fantastic idea. So all you need to have is an excellent idea and a plan to implement the same.
The article covers practical ways of buying a business with no money in Canada:
ways to buy business with no money in Canada
With no money, you can start a business. However, buying a business is a different thing altogether. When buying a business, you need to be clear with your ideas and your own talent that will help that business grow.
Here we discuss some of the feasible ways to buy a business with no money.
1. Create a fundraiser for your business idea
If you have a good idea with a great social cause, you can invite people to fundraise you.
You can also mention their and society’s benefit behind your idea. If you could persuade people to come on the page as yours, and make them think. You can actually get funds for a good social cause.
The thing here is, let this cause and amount be honest. These fundraisers are going to trust you. Do share some stats and expenses of their money with them. If possible, create a community of all the fundraisers and stay connected.
As a token of appreciation and gratitude, you can choose to share your profit with them. Or could send them a coupon or something.
The core thing is to maintain trust.
2. Get a group of investors
There are several local communities planning to meet up every week over business discussions. If you are not part of any such community, join tens of them.
Create your own community and arrange a conference meetup. Discuss and share your ideas and plans. Maybe someone from there will have their own opinions to share. Come up with a legit and feasible solution.
Do include and invite investors to your conference from day one. If they show interest in your idea, it will gain potential on its own.
3. Get a group of volunteers
These online platforms and portals have really made it this simple! Create a poll. Ask people questions. Connect with like-minded ones.
Create a community on a variety of platforms. Connect with them over a conference meetup. Ask if they are willing to invest and contribute to your idea.
If things get going smoothly, you all can profit from your idea and could share it accordingly.
4. Get Finance from the seller
If you are planning to buy a company in Canada, check – why the seller wants to sell it. If he is shifting out somewhere or has some other issues which are not related to finance and the business itself, there are chances of him finding you.
He might help you based on your skills and potential.
5. Get a business owner who is ready to collaborate or leave
Seek a business owner who will collaborate either actively or passively. A business owner who wants to delegate his things or is already in search of some partners to help him will definitely be your search.
You will need to search for the businesses which are low on their profits. And then approach their owners and managers.
6. Find a remotely managed business in Canada
It might also be helpful to find a virtual business residing in Canada but managed remotely from elsewhere.
If such is a scenario, you can create some handsome proposals which would be a win-win for both of you.
7. Think of some creative and profitable business pitch
Choose the domain of business which you would like to buy. Shortlist the companies or businesses that you are looking forward to purchasing.
Create a persuasive pitch that will actually make them get thinking of your offer. Let this offer be in the business owner’s favor.
Help them leverage their business by implementing some working strategies.
8. Get a passive investor
Get an investor who is ready to invest in your idea and business. His authority and responsibilities will be just to fund your business.
Passive investors will help you only in financing. His control over your business will be absolutely nothing.
9. Have a primary and consistent source of income to invest
If you have tried all the above options and seem none of them working for you, then depend on yourself only. See if you could try doing something that pays you consistently and invest in buying a new business.
Here are legit and feasible ways on how to buy business with no money in Canada. If you know of any other ways besides these, do let us know.