7 Ways to Build a Team With Little or No Money
Here are seven ways to build a team, even if you have little or no money.
1. Offer stock options.
If you can’t offer them money yet, offer them equity in your company. This is how a lot of fledgling ideas got off the ground. Think of Facebook and how Saverin is now a multi-billionaire because of his shares in Facebook.
2. Employ interns.
“The greatest good you can do for another is not just to share your riches but to reveal to him his own.” — Benjamin Disraeli
If you have great work to offer and time to mentor and guide another, hiring interns is an alternative to paid team members. A fair number of interns are willing to work for free as long as your work will help to boost their resume and advance their future career.
3. Hire contractors, part-time employees or students.
If you can’t afford a full-time team members’ salary, you can use contractors, part-time employees or students instead.
4. Exchange services.
At networking events, look for someone with skills that you need who has similar work values to you. If they also appreciate what you have to offer, you can form an informal or formal agreement to exchange services without fees. For example, you may find an accountant who is willing to share his or her financial expertise, in exchange for your help in managing their social media channels. You could negotiate an agreed amount of exchange or pricing or keep it informal.
6. Recruit close friends and family.
Sometimes, when you have no choice, you will have to seek out help from family and close friends. These people normally want to help you succeed and may be willing to donate their time and energy to help you get your business off the ground.
7. Inspire others to join you.
“You can’t inspire people if you are going to be uninspiring.” — Robert Reich
If you don’t have money, then at the very least, you must have a compelling vision that will inspire and motivate others to join your cause and support you. Your aim is to build a loyal following who believe in your vision.
The greater the change you can make in the world and the more inspiring you are as a leader, the more successful you will be in attracting others to work for you. A lack of resources is no excuse for a lack of success. What you really need is resourcefulness and the ability to inspire others to join you in your mission.