Have a great small business idea but not much money? Don’t let stop you!
Don’t let little (or no) money stop you from starting your small business.
Not all start-ups are lucky enough to have large amounts of cash to get started. But it is possible to start a small businesses with little or no money.
So what can you do?
Here are 5 tips to start your small business with little or no money
1. Don’t quit your day job … just yet
OK so this WILL mean that there’s less TV time at night, maybe not hitting the snooze button in the morning and perhaps cutting back on your social life a little. You’re going to build your small business using sweat equity. Keep your 9-5 job and start working on your small business before or after work and on the weekend. When things start to gain some momentum but you’re still not ready to work full time on your small business, then you can try out tip #2.
2. Work part-time
Work part-time to give you some financial security while you get your small business up and running. This way you can relax a little knowing that there is still money coming in but it will also give you the time to work on your small business and to network. The benefit of this option is the sweat equity feels much less than juggling full time work with a starting your small business.
3. Let all your networks know what you are doing
Tell your friends, family, colleagues and all your networks about your new small business. Tell people over coffee catch-ups, family functions, sporting events, school pick up and don’t forget to put updates on your personal social media profiles. Your networks might become a customer of yours and they can also help to spread the word about your small business.
4. Avoid unnecessary business expenses
In the excitement of starting a small business you might want to get that swanky office with modern furniture and fancy embossed extra pearl business cards. But you know as well as me, that isn’t necessary. Start simply. The corner in your living room is a good place to start your business and the plain business cards will suffice. Be careful to not overspend, sure there will be necessary business expenses, but ‘necessary’ is the key word here.
5. Reduce your living expenses
Reduce your living expenses as much as possible. Skip getting your nails done, colour your hair at home and ask yourself before buying if you really need another pair of shoes. Invest that money into your small business instead. Print professional flyers, pay for your website hosting, run a facebook ad and get those plain business cards. You get the idea.
Don’t let little (or no) money stop you from living your small business dream
Fortunately the internet, digital technologies and social media certainly has made it much easier and cheaper to start a new small business. Still, there are financial risks to starting any small business, being careful and frugal in the beginning of your business venture will lessen the risk.
It might feel frustrating if you still have that regular job, that you can’t fully throw yourself into your small business and reaching your goals seems even further away. But you will get there. You get to learn those important business lessons along the way without the financial risk and more importantly, you won’t give up on your small business too early so you are increasing your chance of business success.