Finance is said to be the lifeblood of business and it is generally the lack of finance which deters people from taking up entrepreneurship. If you are looking for business finance and are finding the prospect of taking a loan for business pretty daunting or have doubts about your ability to repay a loan then take heart from the fact that finance should be the least of your worries as an entrepreneur.

Here’s why…

business finance tips for entrepreneurs
Image by Alan Cleaver

Look for Low Cost Business Ideas

To begin with the importance of finance as a factor in determining business success is highly over rated. There are a number of low cost business ideas that you can use to make your foray in to entrepreneurship. Contrary to common belief you don’t need a lot of money to do business and with the internet this has become easier.

This is why you need to start right…begin with an idea that is low on investment and high on potential.

Dip in to Your Personal Savings

The best person to finance your business is you! If you don’t like depending on other people for finance I would highly recommend dipping in to your personal savings to kick start your business. That way the only thing you have to worry about is being successful…not repayment schedules.

Borrow Only if Necessary

Following this principle helps. Borrow only if and when necessary. That is the best way of avoiding liabilities and the burden of interest.

Use Online Platforms

The web empowers you with information, resources and networks where you can realize your entrepreneurial dreams. Platforms like Kickstarter help people across the globe pitch their ideas and creative ventures to others. The result? Publicity, promotion and funding for those who believe in you ideas.

Fiverr is a platform which will help you get the services of people in branding, writing, advertising, photography and what not at just five dollars. Bootstrapping was never so easy for a small business!

Take the E-Commerce Route

Setting up shop and finding retailers is passé take the e-commerce route to setting up your small business. If getting a website and an online store is way too expensive then you can always sell online at Etsy, Aniika, Shopo…depending on where you live and the kind of products you make and deliver.

If you are a service provider then sites like Elance are the places to set up profiles and look for projects that help you use your skills, experience and expertise.

Crowd Source to Get Ideas

Ideas are powerful yet in these times good ideas might not be very easy to come up with especially if you are doing all the thinking. Use crowd sourcing on Twitter, Facebook and Foursquare business pages to mobilize the power of the crowd for your business. Be it getting brand names, slogans, logos or developing products…everything is possible on social networks!

With these 6 ideas…finance should be the least of your worries as an entrepreneur! Time to start your small business without money woes.