Have you ever reached the point where you want to just quit your job and go into business for yourself? Let’s say you have a good idea, the motivation, and the needed energy to put into a new business, and do it justice. But there’s that little matter of starting capital.
That figures, doesn’t it? One way or another, it all comes down to money. But why should you let money, or the lack of it, stop you? It’s possible to start a new business with an amazingly small amount of money, and you’re about to read how, with five handy tips.
Stick With What You Know
Have you ever watched any of those reality shows like “Kitchen Nightmares” or “Restaurant Impossible”, where a famous chef with some sort of British accent visits a failing eating establishment and screams at them in said awesome accent until the owners eventually wise up and get into shape? Good times! Next time you watch, though, listen carefully to when the celebrity chef interviews an owner and asks them what experience they have in operating a restaurant. Often times, the answer turns out to be “None. I just always wanted to open my own restaurant.”
You’re a bloody awful businessman, and what’s more, your creme brule tastes like goat’s barf
There’s a technical term used to describe such a person and that term is “freaking idiot”. No wonder their restaurant is failing! Don’t do this. If you’re going to open your own business, then in the name of all that’s holy, make it something you actually know about. Not only will you stand a better chance of succeeding, you won’t have to pay anyone to help fill in your knowledge gaps.
Even better, your risk of getting sworn at by a celebrity chef drops noticeably.
Buy Only What You Need
If you’re just starting out, this is a bad time to buy resources that are either high-end or just plain unnecessary. Now is not the time to go nuts with an expense account. Rather, now is the time to check out yard sales for second-hand furniture and other gear. Remember, the whole point is to save money for starters, right? Keep your starting costs down, and you won’t have to worry about straining the delicate little starting budget.
Home Is Where The Business Is
While we’re on the subject of saving money, you can save a bundle by having the business start out at your home. Housing is everyone’s biggest monthly expense, and a business is no exception. Also, if you designate a tangible, measureable part of your house as a business, it will make itemizing your business deductions a lot easier, come tax time.
“Like” You On Facebook!
New businesses need a lot of exposure, and fortunately, social media provides you with a vast audience at virtually no cost. Create a page for your business on various social media networks, and get your name out there. Tell all of your friends and followers online about it, and have them tell their friends about it as well. It’s amazing how far the good word can spread online if you just commit to doing it.
Know When To Quit
Let’s face it; a lot of fledgling businesses go under. With that in mind, you should establish an absolute, concrete, “none shall pass” limit on how much money you’re willing to sink into a dying business before you decide to bail out. Don’t let your aspirations of owning a business put you in a big hole of debt.
Of course, there are more strategies out there, but this is enough to get you started. In fact, did you know that, according to “5 Financial Tips for Starting a Business”, 64% of small businesses are started with $10,000 or less? Now, if you happen to need that $10,000, you may want to consider something like crowdfunding. In any event, follow your dream, and good luck!