Are your aspirations, ideas, and plans for a startup business greater than your current cash flow? Are your dreams of going into business for yourself bigger than your available resources? If so, don’t worry; you don’t need to put those plans on the back burner indefinitely just because you don’t happen to have venture capitalists and investors lining up outside your door.
In fact, you can begin a new business venture with a budget that can best be described as “seat of your pants”. You’re in good company; the article “5 Financial Tips for Starting a Business” cites a report that says over 60% of small businesses are started with $10,000 or less.
Here’s five ways how to do it.
Be Stingy With What Money You Have
At least at first! While it may be tempting to make a splash and go all out to get nothing but the best when it comes to tools, supplies, and extras, rein it in. Do you really need expensive furniture? Does the size of your business truly warrant a business class Internet/phone package, or can you get by with a simpler, consumer-based plan? Why are you getting an expensive coffee machine when a cheaper model is readily available at your local department store?
When the business is a smashing success and you’re positively flush in cash, okay, then you can splurge a little. Just not at the beginning, okay? And speaking of saving money …
There’s No Shame In Working Out Of Your Garage
If it was good enough for Bill Gates, it should be good enough for you. Forget about starting a garage band; start a garage business! After all, anyone who’s ever had to work with a budget or take care of monthly household expenses knows that housing is the biggest expense you have to contend with. Of course, if the garage is too disgusting, take it to the cellar or at least a room in the house put aside for such a purpose. Also, having a place in your house that you use exclusively for your business will pay dividends when you file your taxes and itemize your business expenses.
In God We Trust; All Others Pay Cash
Money makes the world go round, and also keeps businesses afloat. The sooner you can get some liquid assets in your hands, the better. When you start attracting customers, have them pay some of the money up front.
Some Quid Pro Quo
Let’s say you’re opening up your own landscaping business, but you couldn’t build a website to save your life. Meanwhile, you know someone who lives and breathes websites, but whose yard resembles the Amazon rain forest. See where this is going? Try doing some creative horse trading, a little of the ol’ “you scratch my back, I scratch yours.”
Go For Dirt Cheap Exposure
These days, just about any yahoo can go online and shout their opinions from the rooftops, including on Yahoo! So why can’t you do that for your business? Social media is a cheap, easy way to start making inroads into the online community and spreading the word about your business.
So there you are: five valuable tips for starting your own business for a mere pittance. Now, get out there and start making that dream come true!