Got Little or No Cash? No Matter- You Can Start Your Business Anyway
Entrepreneurs often put their ideas on hold because they just don’t have the cash. Thinking their start up will never take off because they don’t have access to major funding, they tack their ideas to their dream board and drudge on with whatever is keeping a roof over their head at the moment.
There are a number of ways to start a business with little or no capital. Yes, it will mean hard work and some sleepless nights. Yes, it will mean your fair share of stress. And, every great idea deserves a chance; every entrepreneur with passion and drive enough to make their move can make it happen with the right strategies in place.
Here are 7 secrets to getting your idea off the ground with little or no money:
1. Build your business around what you know and feel passionate about
Don’t go off and try to start the business you think will make you money- just because it will make you money. Go after what you know and go after what you feel passion for. The more you know about what you are doing, the less you will need to rely on sources outside your own expertise.
2. Avoid unnecessary expenses
Taking a frugal approach at the start can make or break your business before you even get out the gate. Really take into consideration the difference between what you need and what you want. Chances are you can save considerably on overhead. For example:
You probably don’t really need an office just yet- a corner in your home, or your garage, may do just fine.
That kick ass website you think you’ve got to have, may very well not be needed at the start. It is important to consider the “why” behind the website. If you are building a site because “that’s just what you do”, think again. It’s important to consider what your objective is. You might just need a squeeze page to capture leads.
Business cards? In today’s digital world, they are nearly obsolete; you probably shouldn’t waste the money.
3. Credit card debt should be avoided at all cost
There is a smart way, and a suicidal way, to leverage money when starting a business. New computers, office furniture, phones and supplies all add up quickly. Never use high interest credit cards and, if you must borrow funds, do what you can to borrow at low interest rates. There are numerous loan programs for small businesses and start-ups.
Also, consider putting together a crowd funding campaign.
Finally, whenever possible, hit up Craig’s List and pay cash.
4. Barter for what you need
Bartering is not a thing of years gone by; in fact, it is a full and flourishing activity, and is a terrific way to get the goods and services you need without spending a penny.
Seek out other start-ups that have what you need and need what you have. They are struggling to make it just like you, and likely need to save money too.
5. Take advantage of free advertising and marketing
Social media is a terrific vehicle for generating exposure. Likewise, network locally and create local media contacts as much as possible; reach out to your local newspaper or magazine to pitch your story or offer a guest post or article. These strategies can lead to you becoming known as a local authority, thus generating free press for your business.
Finally, partner with non-profits that you care about. Yes, you will be giving your product or service away for free, but the public relation kudos you generate will help you reach potential customers who share the same beliefs and concerns that you do.
6. Tell everyone you know what you are doing
Let your friends, family, acquaintances, and business network know what you are up to. Use social media to make a splash about your new business and ask everyone to spread the world. Grassroots marketing like this can help pioneer your company and get the word out to an audience at large.
7. Get ready to hustle
You will wear many hats and put in many hours in order to make it. Hard work is always a necessity, but when you are starting a business with little to no cash, you’ll need to be ready to handle pretty much everything on your own.
Limited capital should never prevent you from taking that great idea and winning with it. Yes, it will be challenging; but then again, that is one of the beauties of entrepreneurship.