Want to start a business but have very little to no money? That's no excuse! 💪🏼 Those that want it bad enough will make it. I started my business at 23, trust me, I had no money. Here are a few main tips on how to start:
1. As I always say. Have a part time job that covers your basic life expenses until you business can take over.
2. Build your business around what you know, your skills and knowledge. So you can eliminate consultants & assistance.
3. A service-business can be started from your home. By yourself. With little investment. Think about that!
4. Spread the word. Inform your family, friends, business contacts, past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your first clients are more likely to be referrals and existing contacts.
5. Avoid unnecessary expenses. Keep it simple. Start with a simple web, simple business cards. You don't need a new computer and office furniture. EXPAND AS YOU GROW. Being frugal in the beginning can be the difference between success and a failed business.
6. No. Don't get buried in credit card debt! I personally didn't use credit cards (aside from for credit score purposes, with small monthly expenses).
7. Make sure that your payment policy is well thought out. Can you remain above water with net-15 or net-30 terms? Have clients pay upfront for services and make your business operate successfully.
8. Get ready to hustle. When you are starting a business with little to no capital then you must be prepared to dedicate everything you have into making the business a success. Cold calling, dealing with billing and accounting... You will wear many hats and it will require the majority of your time and energy.
9. INVEST IN YOUR KNOWLEDGE. Always keep learning. By reading, researching, attending workshops... whatever it is. Any time & money investment that goes towards learning new skills and strategies to grow your business is worth the money! Remember I offer online business coaching sessions, read more about them here.
Don’t let limited capital prevent you from taking a great idea and running with it. Will it be difficult and will you have some stressful situations? Of course, but that is part of entrepreneurship.