It may sound impossible to start a new business with little to no capital, but it is always a possibility. Every time you turn on the news, you hear about a millionaire or wealthy entrepreneur starting a new business. You rarely ever hear about an individual with limited funds starting a small business.
It’s true that some media outlets see small businesses as irrelevant, especially when they do not have a lot of capital. However, small businesses are valuable to the community and can lead to bigger business ventures, if they succeed.
To help you in getting started, here are some tips that can help you in starting up a business on the right foot – and, of course, with little to no capital.
1. Do Not Venture Out Into Uncharted Territory
When the experts warn about venturing out into uncharted territory, they are telling you to build your business around your knowledge and skills. If you are familiar and have experience with what you are going to be offering consumers, your business will have a higher chance of survival. If you are not familiar with what you are going to be offering, you will need to hire outside assistance or consultants. These services could end up costing you thousands of dollars over a short period of time. So, why would you want to add this expense to your limited budget?
Stick with business ideas that you are familiar with, you will not need to call on a third-party for help. For instance, if you have experience in planning events, such as weddings, birthday parties and corporate dinners, you may want to consider becoming an event planner. With your skills and expertise, you will be able to building your business from ground up, without the need to hire any third-party professional.
2. Spread The Word
Once you make up your mind to start a business, you should immediately start spreading the word. You can do this through social media networking, family, friends, co-workers and past colleagues. The more people that are familiar with your business venture, the more likely you will be able to build a larger audience in a shorter period of time.
By spreading the word early on, you will be a step ahead in the process of marketing your brand. Take advantage of everyone you are acquainted with, because they can help spread the word about your brand.
3. Avoiding Unnecessary Expenses
If you have equipment that needs to be relocated to your new business location, you will need to conduct a search inquiry for movers near you. These professionals will help you move your equipment, regardless of size to the new location within a few hours and help you set it up. While the moving expense may be a necessity, there are some expenses that are not always a necessity.
For instance, business cards are a great way to spread the word about your new business they do not need to come from a printing company. In fact, you can create your very own business cards right from the comfort of your own home. To complete this task as home, you will need a computer, printer, Internet connection and business card printer paper, which can be purchased at any office supplies and retail stores.
You can create up to 500 business cards for only $10, if you choose this DIY route, verses $500 from a commercial printing company. Avoid additional expenses, even though some of them may only seem minor. Every cent counts and will add up to substantial total over time.
4. Avoid Credit Card Debt
Millions of people are drowning in credit card debt, including business owners. While credit cards are very tempting, because they give you the freedom to purchase items without delay, they are very risky. It is okay to have and utilize a credit card for emergency purposes.
One of the biggest mistakes consumers – both business and individual – make, when utilizing a credit card to purchasing branded products over the store-brand or generic product. They’re often the same exact product, the extra cost is only for the logo. By buying smart, you can save upwards of 30% on most purchases.