It is the main issue every entrepreneur has when they are setting up a business, money.
With the difficult economic climate rearing its ugly head in places again, the large money lending organisations are seemingly reluctant to lend money to start-ups if it’s deemed to be a big risk.
This is the way of the world right now. However, it doesn’t mean that you can’t set up your ideal business. Here are a few things you can do which require little to no finances but can still push you in the areas you are desiring.
Make The Most Of The Immediate Resources
Every successful multinational corporation had to start somewhere, and now with WiFi in every single cafe or bar, it’s effortless to have a library of information at your fingertips.
It’s not what you know it’s who you know, and if you know the right people such as influences in your chosen industry, it’s a great way to get your foot on the ladder without having to invest lots of money into promotional materials, marketing, etc.
Build Up The Image You Need
With many online tools at your fingertips, it’s even easier now to create buzz and anticipation for a business without an excessive marketing campaign.
Likewise, it’s also very easy to give the impression of being a large business when you are, in fact, running the company out of your home to save on costs.
A lot of startup companies use virtual offices to maintain their sense of professionalism, and there are plenty of organisations that offer their services, such as Office Answers, where you can pay a minimum fee every month for a virtual receptionist or an automated answering service.
Sourcing Your Equipment For Free
For businesses that haven’t got two pennies to rub together, again there are many community websites where you are able to source free equipment.
One man’s junk is another man’s treasure, and if you have nothing to build your empire on at the start, then you’ve got nothing to lose by sourcing some free computer monitors.
There are even plenty of free tools online to help you build your website such as Wix, and never underestimate the power of social media, the greatest free online marketplace!
Covering Your Expenses At The Start
By asking customers to pay you up front or as a worst case scenario half up front, it means that you are able to cover essential costs, keeping your business ticking over.
Other ways to cover your expenses at the outset is to replace the fixed costs with variable costs by linking these to sales.
Instead of paying money for a meeting room for a whole day, pay by the hour instead and use services as and when you need them rather than paying a huge amount for things that you might not end up making the most of.
It is certainly possible to get started with limited funds, but it requires a lot of grit and determination especially if you are starting with nothing.
But as every self-made entrepreneur will attest that you need to start from nothing to make something of yourself. It’s just about being efficient and making the most of what you have at your disposal, which is quite a lot when you look at it!