Everyone wants to be an entrepreneur these days, you might have a really great idea that you think can change the game or you just might want to have your own business and be your own boss. Either way, chances are that you won’t actually end up doing something because you don’t have the money. However, there are always ways to get around that problem and actually start a business with no, or very little money!
Below are some tips that can help you get moving in the right direction:
1. Use the Resources at Your Disposal
You can literally start a business with the resources you have at hand. It could be anything at all which you already possess. You own a car or a pickup truck? Well then you could rent your car or even start a delivery business! Have a kitchen and you can bake? Then you could easily start a business all by yourself and wouldn’t need any cash to start it up. [Rachel Bridge]
2. Secure a Small Business Loan
“Many governments offer loan programs specifically designed to get small businesses off the ground.“ Even some banks have programs for small business owners and startups in order for them to be able to raise some money for starting up their business. These loans are usually secured if you have a sound idea and good planning, plus may also give the benefit of lower interest rates.
3. Employ less, Do More!
Having a startup with low budget will require you to do most of the work yourself. If you have no money to pay for staffing, you have to be willing to put in a lot of extra work and sweat your way through to success. In the start, you should be focused on not having employees do work for you but rather do everything yourself or even getting part time college students and employing them on commission basis to sustain your business. As Ryan Westwood correctly puts it, “there’s no substitute for sweat equity”.
4. Start Slow
Jayson Demers suggests that sometimes you have to hold up all of your ideas and give your business a sort of ‘warmup’ period in the start. By doing this, instead of going full throttle with your entire business idea you’ll start with the basics and start with maybe one idea instead of all of them. It can be hard to finance entire business ideas and thus it could be easy for startup owners will little money to inaugurate their businesses with just one niche service in order to be sustainable. This will allow you to get off the ground and get a head start, you could probably run it on your own and thus be able to start slow and build your business from the ground up.