How to start a business with limited cash
Most people think all it takes to start a successful business is money. Well today we will debunk that view and show you how to start a business with what you have.
Plan
Time and money are as scarce as you will let them be. In truth what sets people apart is their ability to manage this two important resources. Having a clear plan of what you need to do and how allows you the comfort of making the most of the little you got. It boil down to a simple phrase my boss always keeps repeating to us each morning during those power meetings. Focus and execute-the power in this phrase is enough to put you on the right track.
Equity
Naturally humans want to have good things to themselves, sharing though a virtue is not that rampant. Many people have brilliant ideas but they remain that because of selfishness. The good book says two is better than one, well it’s so in many spheres if you approach it with an open mind. Compounding of efforts and resources helps ease the otherwise heavy burden that is startup capital. Talk to friends and relatives and make them share your vision. A co-founder would not only pump in money but also would there to offer psychological support.
Minimize costs and negotiate on each deal
Buy cheaper or second hand. Avoid travel if you can and in its place employ technology, Skype works well for video conferencing. If there are things you can do on yourself don’t hesitate to do. The simple idea here is to save each penny you can save and dedicate the savings to the core capital rather than side shows. The easy word to describe this is bootstrapping. Let your supplies know well in advance that you are running on a low budget and thus there is no need to waste time quoting crazy prices.
Skill swap
We are all endowed with different abilities, finding someone to complement your skills at no cost will do well for you. Here we suggest you co-operate with other entrepreneurs, this could be your friends or new contacts you meet in the line of business. Find something you can do for each other, say if you are an accountant and have a lawyer friend you could help each other.
Avoid pomp on your launch
Starting small means just it, don’t be too eager to impress. If you are sure about your product or service then find a cheaper way to get it to the consumers. Even the very successful of companies started small. Use social media to get word out there rather than employ a publicist. This helps you cut back on the advertising budget big-time. The multiplier effect is enormous if you are an economist that you should be.
