Start a Business – Do Not Ask for Permission, Skip the Bank Account

Doing business, relying on your own abilities and talents to make a living, shouldn’t be so hard to start. But unlike the times when almost everyone was a farmer, a craftsman, a merchant, basically a businessman, in today’s realities overreaching state regulations, initial capital needs, unhealthy competition from the bigwigs in an industry, often present insurmountable entry barriers for the average, hard-pressed, sometimes heavily indebted, wannabe entrepreneur.     

Also read: Malta Sees No Issue With Unlicensed Crypto Firms

Practical Steps Towards Economic Freedom

It Takes a Global Village – Like in the old days, and that will probably never change, you need a bazaar to sell your merchandise, regardless of the specifics of the project. In modern times we call it Internet. An online enterprise must get you in touch with many potential buyers, customers and expand your world of opportunities. So you would likely need a website.

Keep It Simple Stupid – You don’t necessarily need a pricey page, however. You’ll be surprised to find how many of those fancy websites you visit every day are based on free, open-source CMS platforms. Go for WordPress, Joomla, Drupal, or any similar… Pick a nice template from Themeforest, Template Monster… For money sake, you can even get a decent free one… just google it!

Ask for a Favor – Everything seems to have a price tag nowadays and we tend to forget some things are priceless. Need a hand with the website? Look around, call a friend. Choosing a domain, a hosting service, simple SEO optimization, basic tuning of the template and so on – a treat, maybe some satoshis should get you through this stage. Here’s a favor – if you need decent free pics to dress up your website, check out platforms like Rgbstock.com, Pexels.com and many more.

No Bank, No Pain – Following these simple steps should put your business online, most certainly without the need for borrowed capital. The next smart step would be to find ways to get by without lending your own capital to an institution that would only hand you a contract with lots of small letters and catch-22s in return for your precious cash. Go crypto! Preserve your Privacy!

Make Crypto! – Undauntedly, business is no charity, you need to earn money out of it. Whatever you want to be selling is going to be a product of your time, effort, ingenuity. If you don’t want to lose large part of your hard earned reward on fees, commissions, chargebacks, double taxation, duties and so on, and you don’t want to make your clients spend much more than what they get – make sure to integrate crypto payments on your platform. And yes, you can spend your crypto profits in many ways, for example through services offered by companies like Wirex and Paytomat.

Here’s a tip – Say you built a simple online store with WordPress, there’s a bunch of useful extensions that would allow you to charge your customers in cryptocurrency. In your admin panel, go to extensions, search for bitcoin and a number of suggestions will pop up – click “install” for the one you’ve chosen after carefully reading its description and follow the instructions. You’ll be prompted for your FTP password and then you have to set it up. Need a crypto wallet – here’s our suggestion. Many of these plugins support a number of popular cryptocurrencies. Here’s another tip – not all cryptos are born equal. Bitcoin cash (BCH) for instance offers low cost, fast transactions compared to other cryptocurrencies. The next tip has to do with, well, tips – note that some of these add-ons are free of charge when used for crypto tipping, while extras like accepting orders and payments, displaying prices and exchange rates may be included only in their premium versions. The example comes from a plugin called Cryptocurrency All-in-One but you can also choose extensions offered by established processors like Bitpay.

A Permissionless Solution – Thinking about business, a company comes to mind right away, but you actually don’t need to be “Incorporated” or “Limited” – farmers and craftsmen didn’t need to be, remember? Setting up a firm, even in jurisdictions with favorable business climates, may often require opening an office, having a fire extinguisher in it, paying more for electricity and phone, enduring multiple inspections, and at the end of the day – getting a zillion permissions. In many countries, however, an individual entrepreneur can skip those time consuming and expensive steps, without breaking the law, by simply registering as a self-employed person. This is a low cost and almost permissionless solution that saves you a ton of paper, money, red tape and still gives you some of the benefits of being a corporate entity.

Have you thought of starting a business without government permissions and bank accounts? Share your thoughts on the subject in the comments section below. 

Images courtesy of Shutterstock.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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