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How to start a business with very little money
Lack of money shouldn’t stop you from pursuing your dream (if your dream is to start a business). If you have a business idea, don’t let the lack of money stop you because not all successful businesses started with a lot of money. Some examples of companies that started with limited resources include MailChimp, Shopify, Shutterstock, Wayfair, GoFundMe, GitHub & so on. Here is how to start a business with no capital.
Keep the job you currently have
If you’re thinking of starting up your own business, you should always have a backup plan in place for if by any chance your idea fails. Keep the job that you’re currently in as it’s a source of income and you will be more secure if you need to take risks. Even though juggling a job as well as starting up a business can mean extra hours and time spent working hard, once you are ready to go from an employee to a business owner, the transition will hopefully be a bit easier.
The money you earn from your job will follow you through this hopefully smooth transition so you won’t need to worry as much.
Start a business in an area you know
Building a business using the skills you possess makes the process somewhat easier. If you’re artistic you could be a decorator or if you can speak a different language why not teach it or become a translator? You can turn your hobby into a business. If you can use your skills to build a business, this automatically puts you at a big advantage in front of those who aren’t using their skills or don’t possess the same as you.
Sell products or services which people need
The product or service that you’re trying to sell needs to be something that the customer values and something that they want to buy. If you’re a product based business, you might want to consider starting with the low-cost products first before you jump straight into selling expensive products depending on your market.
Make the most out of free online resources to help promote your business
Promoting and marketing your business is more important than it ever has been before, especially in current times. Explore the cheaper options such as creating a website through WordPress or Shopify and marketing through social media. Take advantage of Instagram, making a Facebook page, signing up to Twitter and joining LinkedIn. Base the choice of your preferred platform on where your target market spends most of their time.
Explore crowdfunding
If you haven’t really heard of Crowdfunding before, it’s a method of raising money through the collective effort of friends, family, customers and even people you’ve never met before, who are investing into your business. Kickstarter is a popular Crowdfunding site where entrepreneurs can raise money to fund their new business.
As well as raising funds, crowdfunding can also help with marketing exposure, as most of the businesses on the sites are fairly new and need to get their name out through marketing.
