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Entrepreneurship is in nowadays and everyone wants to start their own business. Whether you have firsthand experience at building a business from the ground up or you're completely new to the idea of entrepreneurship, the first hurdle to tackle as an aspiring entrepreneur is learning how to start a business with almost no money.

Broke, but Building a BusinessPhoto: simpleeconomist.com

Entrepreneurs with little to no capital start small businesses all the time. If you're wondering how you can build your new business with no money, read on.

1. Limit Yourself to the Bare Necessities

By focusing on the bare necessities of your business, you'll be able to cut out any superfluous costs and stick to the bare bones. At the very beginning of your new business, keep everything as simple as possible. Wait to hire any employees, try to buy recycled or used office supplies, and only produce items that are within your budget.

While trying to cut back, keep in mind that you will need to cover a few legal expenses. Look into the cheapest options for handling any licensing fees as you set out to create your business. While these expenses are unavoidable, microbusinesses can be started at just $1,000.

2. Start with Self-Employment

You don't have to make the jump to "business owner" immediately. Consider running your new business as a self-employed individual. This time would act as a "warm-up" or buffer period, allowing you to avoid many of the initial costs of starting a business. As you start to pull in some revenue, then you can begin to legitimize your business by filing the necessary paperwork.

3. Outsource and Crowdfund

Outsourcing and crowdfunding are greats way to help you cover your startup costs. With outsourcing, you'll be able to raise capital for your new company relatively easily. Start with people that are close to you like your family and friends to see if they are willing to donate to your new company.

Similarly, you can approach angel investors by offering them stock in your company for startup capital. Venture capitalists are another option as well, as is crowdfunding through the Internet. Applying for grants and loans from the government and banks is also a great funding alternative to consider when looking for capital.

4. Teach Yourself the Basics

Any business today must have the basics of a website, social media, and blog. While you may be tempted to reach out to a professional web designer, you can do all of the basic startup stuff by yourself. With tutorials on the Internet, you can learn the best language for web development and create a stunning website on your own.

5. Start a Business While You're Still Employed

While your burgeoning company may eventually require you to quit your day job, don't do it right away. Keep earning money at your current job as you work to build up your small company. Though it may be difficult to burn the candle at both ends, it will be worth it when the time comes to throw yourself entirely into your new company.

6. Apply for a Credit Line

Many startups combat any initial costs by getting a line of credit. To make this option work for your company, try to find a card that allows for a 60-day payment term rather than the standard 30-day term. Similarly, when using a line of credit for your business, only by the bare necessities to avoid starting your new company off with debt.

Entrepreneurship is challenging but it doesn't always have to be costly. Use these six tips to help you successfully navigate your way through starting your new business with a shoestring budget.

Dawn Castell is a budding entrepreneur. After graduating with her MBA, she spent a few years working in the CPG industry and a few more working in the business tech industry before she set off to start her own business. She has been consulting with businesses, large and small, on the side ever since.

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Photo: simpleeconomist.com