Got a great idea for a business, but not much money to get started? Perhaps you’ve designed something incredible which you know people will get used out of, or have spotted a gap in the market that your business can address. Maybe you have a passion and can use this to help and provide a service or product to others. Starting a business isn’t cheap, but there are ways you can get off the ground, survive your first year and start turning a profit without much money. Here are a few things to take into consideration.
Many of the world’s biggest companies such as Amazon, Apple, Disney, and Google started in as tiny home-based businesses, so there’s all the proof you need that it can be done. If you don’t have tonnes of upfront cash for premises, lots of employees and equipment then start where you are with what you have. If you have a spare room at home, turn it into a home office and begin your business venture here.
Whether it’s creating things, buying and selling, tutoring, offering services or whatever it is your business plans on doing, start with this. If you’re very short on cash, you could head to KingofKash.com and take out a loan. This would allow you to purchase the equipment you need just to get off the ground and you could pay it back over a number of weeks and months.
Rent Instead of Buy
In the long term, renting equipment does cost more than buying it yourself. However, renting is the smart choice for bootstrapped businesses without a lot of funds. Not only do you have access to better equipment than you could afford to buy up front but if anything goes wrong with it (providing it’s not your fault) then the company you’re renting on pays for maintenance too.
You can hire just about anything these days, so regardless of what your company does/ will do, it’s a great way to get started when you don’t have much money for startup costs. Once you’re making money and doing well, you can invest in the equipment you need and will save money in the long run. But this doesn’t have to be right away.
Search For Investors
If you have a great business idea, are offering something different or believe there’s a good chance your company could make a lot of money then why not search for investors? These will give you money to get started in return for a share in your company. They often also act as business mentors and can help you with contacts and networking so having this kind of help on board is more valuable than just the money.
The competition for investors is fierce, so you do need to have something good to offer. Have your sales pitch perfected, you need exact amounts, costs, estimated profits and a clear pitch of your business plan to capture their interest and show that you are serious.