Most people think that business is their leap for a brighter future ahead, but most of the time people don’t dare to put up a business because they do not have enough money to start. Every individual often has an amazing business idea, but be honest that you hold due to start it because of the lack in capital. You always assume that their idea will never get far off the ground.
First, you have to know why you need to have money in putting up the business. Consider the following uses:
- Licenses and permits
- Office space
- Office furniture
- Associations, subscriptions
- Operating expenses
- Legal fees
- Employees such as freelancers
With that having said, you have two paths of starting your business with less money; either lowering your costs or increasing the available capital outside sources.
Ways on how to pursue your business:
1. Reduce your needs
The very first option is to change your business model to demand fewer needs as listed above. In some case, you are planning to start a company of consultant or freelancers you could reduce your “employee” expenses by being the sole employee of your business.
You get fund from outside sources.
Here are some of the potential sources for you to pursue your business:
- Friends and family
- Angel investors
- Venture capitalist
- Government grants and loans
- Bank loans
3. Build your business around what you know
Instead of venturing off into uncharted territory, make sure you put up a business around your skills and capabilities. The less you rely on outside source or idea beyond your idea the better.
4. Tell everyone that you know what you are doing
Inform your friends, family, and past colleagues about your new business. Call, send emails and make your new business venture known on your social media accounts it is a plus point!
5. Don’t get buried in credit card debt
Make use of your cash, because having a credit card debt is a suicidal way when you are putting up your business. Eliminate the stress and load of debt.
6. Take advantage of free advertising and marketing
Make use of your social media, it is a powerful way to gain exposure and engage with your target or potential customers. That way you can also reach the local media and offer your expertise.
7. Get ready to start
Hard work is a necessity when you are starting your business with a little to no capital; prepare yourself in dedicating it with everything you have to do into making your business successful.
Always remember do not let limited capital or finances hinder your dream business. Believe that your ideas are greater than the doubts running from your mind. Yes, it will be difficult, it will be stressful, but hey it is part of your business journey.