Can You Be A Business Entrepreneur And Start A Business With Little Start Up Costs?

 

The number one road block that prevents people from starting a business and realizing their dreams is the startup costs. This involves both the money that you will need to create and promote your business and offsetting the lost wages that you will be forfeiting by focusing on your business rather than logging more hours at your old 9 to 5 job.

 

How to Start a Business with little or no Capital

 

Securing a Business Loan

 

This is the most common route people will take to finance their new business. A business loan will typically allow you to carry out every financial cost that you will need in order to get your business running the way that you need to. You won’t have to cut corners if you are able to secure a business loan. The down side is that the loan will have to be paid back. You will often be forced to put up collateral in some form against the loan. If your business fails, you may not be able to repay the loan.

It also puts a time frame on your business. If you are not able to grow your business enough after a certain amount of time, the debts you incur may force you operate differently that you otherwise would – which can then lead to the business suffering as a result. Although business loans are the first choice of many entrepreneurs, you should avoid them if you can.

You can avoid or minimize the loans that you will need by doing some of the following:

 

Save Money on Advertising

 

Explore less traditional avenues to promote your business. Rather than spending big money on a highway billboard advertisement, look into advertising online. Rather than throwing a large budget at online paid advertising, focus on social media. It’s is free.

You can use your community to help spread the word about your business and even your own customers. Ask your customers to leave a review on your company’s Yelp.com page. If your business is good, the reviews will show it and bring you additional customers. It’s a viral effect.

Increase Sweat Equity

What is sweat equity? Sweat equity is the work and time you spent on your business. Hire a few less employees and make up that missed labor with your own time. Put in 14 hour days instead of 8. Although it is demanding to do, it will save you a ton of money and it will certainly pay off in the long run.

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Jo Ann Hammond-Meiers, PhD, Reg. Psych (AB)

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