How to Start a Business When You're Strapped for Cash
If you dream of starting a business, you might be worried about the costs. While most businesses do require some up-front investment to get off the ground, there's no need to spend all of your savings on this endeavor. Below, discover some resources from R. Viney Consulting LTD that can help you become an entrepreneur even if you're feeling the pinch financially.
Explore low-cost business models
Some businesses have larger startup costs than others. Here's how to keep things cheap.
Do your research into affordable business ideas, like translator, blogger, or baker.
Home businesses are cheaper because you don't have to pay commercial rent. You could do anything from running a doggy daycare to working as a virtual assistant.
Once you have a perfect idea, write out a business plan that details how the business will be structured and what startup costs it requires.
Look beyond traditional loans for funding
Bank loans aren't your only option for business funding.
Check your credit score to see how strong it is. If you don't have a great score, you can take steps to improve it, which will make it easier to get a loan.
Look at options beyond traditional bank loans, like peer-to-peer lending platforms.
Crowdfunding websites are another less traditional option, allowing you to turn to friends, family, and community for financial support.
DIY your marketing
Skip the expensive marketing agencies and try these techniques instead.
Use a do-it-yourself website builder to create your business website cheaply. There are many options available.
An online printing service can help you create marketing materials like t-shirts, business cards, and bumper stickers at affordable rates.
Prioritize affordable marketing techniques like social media when you're starting out.
Scope out local resources for help
There are many organizations that help entrepreneurs thrive. Here's a list for inspiration.
Scour online event listing platforms for area business events.
Talk to friends and co-workers about organizations they’ve used before.
You don't have to spend tens of thousands of dollars to become an entrepreneur. With the above resources, it's possible to start a business—without breaking the bank.
Written by our Guest Writer (Alexandra Teeter)