Small Business Ideas: How to Start a Business with Little Money

Whether your goal is to turn a side hustle or weekend job into your own small business, or launch your own online product store or blog, there’s never been quite as much potential for the average citizen to start their own company with very little capital. If you're able to turn your small size to your advantage and achieve slow but steady growth while keeping costs down, there’s no reason you can’t end up with a highly successful business – even if you're starting out on a shoestring budget or little money.

How to Start a Business with Little Money

Go with what you know and love

Startup capital might not be as important as it used to be, but lack of funds does mean you’ll have to satisfy yourself with slower growth than if you had lots of cash to invest in your idea. This means that staying motivated and putting in the hard work for very little return – at least at first – is going to be vital.

If you pick an industry, product, or field you're passionate about and know the ins and outs of already, that’s going to be a lot easier. A product you’ve picked just because it offers a decent profit margin, but doesn’t resonate with you, and/or involves a steep learning curve, is going to make staying enthusiastic through the initial slog that much harder.

Use your small size to your advantage

With all the challenges of starting a small business with very little capital, it’s easy to forget that you have several factors working in your favor too!
  • You're free to run the company in a way which aligns with your values.
  • You have the ability to connect with your clients on a much more personal level.
  • You can set your own hours.
Perhaps most importantly of all, as a small entity you're able to adapt and change far more quickly than a large business with a complex chain of command. Use that in your favor whenever you pick up on a new trend or appetite in your target market.

Run as much as you can online

When you're still a one-person show working from home, you’ll likely be running much of your business online anyway – but keep that strategy in place even when you start to turn a profit. By designing your business to run as a virtual office even when you bring new team members onboard, you can ensure that as much of your profit as possible is going into developing your intellectual property.

If you're running a product-based business or operating as a reseller, investigate your options for using drop shipping rather than having to spend money on premises to store your own inventory.

Know when to buy and when to lease

Starting out on a shoestring budget naturally makes investing in your own equipment difficult, and you may not yet be able to qualify for sufficient credit for a business loan or equipment financing. One option is to shop around for companies which rent out the equipment you need affordably, allowing you to serve your first few customers and get some cash coming in. Laptop, tablet and computer rental is one example virtually every business may need to consider – and offers additional potential benefits like the option to upgrade to newer models every few years as well as dedicated IT support should something go wrong.

Make use of freelancers rather than hiring fulltime staff

Taking on employees who depend on you for their livelihood is understandably daunting for any new entrepreneur – and isn’t wise until you're confident you can continue to pay salaries even if there’s a downturn in the market. This is where freelancers and part time remote workers can be a godsend, giving you the ability to outsource the tasks you need done at a pre-arranged, once-off price, or at an hourly rate which both parties agree on. And because you can work with freelancers from around the globe and in several different time zones, the potential is there for work to get done even while you're sleeping!

Work towards creating an expansion fund

Another big challenge faced by new companies without significant startup capital is an inability to ride out a few rough months or survive the loss of a major client. One of your first priorities therefore should be setting aside a portion of your profits into an emergency or ‘buffer’ fund, and firmly resisting the temptation to dip into it unless it’s absolutely necessary to keep the business afloat. Once your company has become more established, that money could be invested, used to purchase new equipment, offer new product lines, or any number of other business growth strategies.

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TechGlobeX: Small Business Ideas: How to Start a Business with Little Money
Small Business Ideas: How to Start a Business with Little Money
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