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1. Provide stock options

If you can't yet give them money, offer them stock in your firm. This is how many nascent ideas got their start. Consider Facebook and how Saverin has become a multi-billionaire as a result of his Facebook shares.

Most brilliant individuals will not take stock options as remuneration unless they sincerely believe in your concept. The significant advantage is that, once on board, such team members will work more than the usual employee since their success is linked to the success of the firm.

2. Hire interns

"The greatest kindness you can do for someone is not to share your wealth with him, but to disclose his own." Disraeli, Benjamin

Recruiting interns is an alternative to hiring paid team members if you have excellent work to give and time to coach and assist others. A good number of interns are eager to work for free if their effort will assist them improve their résumé and progress their future career.

Instead of spending money on these interns, you will invest your time and efforts in making the job enjoyable and assisting them in their development. To begin recruiting interns, contact your local college and university career offices and request that an internship notice be posted.

3. Employ contractors, part-time workers, or students.

If you cannot afford the pay of a full-time team member, you may substitute contractors, part-time workers, or students.

Contractors are fantastic since you can select how long the working connection will endure and structure it based on your budget, demands, and happiness with their job outcomes. You also won't have to worry about paid time off or other typical perks that permanent workers enjoy, such as health insurance. Upwork, Guru, Fiverr, and Freelancer are popular venues to find contractors.

I've recruited over 50 workers via freelancing websites. After learning some key lessons about remote management, I've assembled a formidable team of engineers, assistants, writers, and designers.

You may also hunt for skilled part-time workers who are ready to forego full-time salary in exchange for the flexibility to work part-time. These might be stay-at-home parents with children or retired professionals who have had enough of the 9 to 5 grind and wish to explore other hobbies and interests.

Students are another option to explore since they are typically motivated to work hard for a lower wage. You may locate students on websites such as StudentFreelance, Barefoot Student, and Wayup.

4. Postpone compensation

Deferring compensation might be difficult since you must be cautious with the language in your offer letter to avoid breaking any regulations.

This is the stage at which you negotiate with a prospective team member to postpone remuneration until particular milestones or achievements are met. For example, you may agree to postpone compensation until sales goals are met or the firm achieves a specific amount of revenue or profit. When such goals or accomplishments are met, you may reward them with a monetary incentive. Back pay may also be included.

5. Service exchange

Look for someone with the talents you need who has similar work values to you at networking events. If they value what you have to give, you may reach an informal or legal agreement to swap services for no price. For example, you could come across an accountant who is eager to contribute his or her financial knowledge in return for your assistance in administering their social media platforms. You may agree on an exchange rate or price, or you could keep it casual.

Meetup groups, Eventbrite events, expos, seminars, workshops, and conferences are all excellent venues to network. There are other websites where you may trade services with people all around the globe. Simbi, for example, enables you to trade your abilities in return for someone else's. You may also gather "simbi" cash to use as payment for any services you need from others.

6. Enlist the help of close friends and family.

When you have no other option, you may have to seek assistance from family and close friends. These folks typically want to see you succeed and may be prepared to offer their time and energy to assist you in getting your company up and running.

It is no secret that some of the most successful firms, like Walmart, the Trump Organization, and Mars, were founded by family members.

6 Steps to Creating a Strong Team

7. Motivate others to join you.

"You can't inspire others if you're not inspiring yourself." —Robert Reich

If you lack funds, you must have a compelling vision that will inspire and drive people to join your cause and assist you. Your goal is to establish a devoted following of people who believe in your vision. v