According to Chris Guillebeau, author of The $100 Startup, “To succeed in a business project, especially one you’re excited about, it helps to think carefully about all the skills you have that could be helpful to others and particularly about the combination of those skills.”
You might be limited to a strict budget when you want to start a business, but that doesn’t mean you don’t have any options. It is possible to start a business with very little money, if you have the right combination of skills, work ethics and marketing know-how.
Follow these simple guidelines to start a business when you have little to no money.
Use your knowledge
Knowledge and the expertise are a great asset for you if you are thinking of running a low cost business. It is always wise to run a business with your skills and knowledge than to venture into the dark. You should be self reliant because, if you rely on outside help, you have to pay for every service. In the opposite case , if your business is based on the complete knowledge that you have, you cancel out the possibility of paying the consultancy charges. Now this is where you can call yourself an entrepreneur.
Use the free marketing facility
These days there are a lot of ways to make business with the limited financial resources. The rise of social media has helped many a businessman generate business. It can help you in getting connected with your customers in no time and also help you in tracking the need of your potential target group. But along with the social media, you should also use the local media and develop contacts with them. The use of free marketing and advertising effectively will help you if you are thinking of starting a small business.
Avoid unnecessary expenses
If you are running a low cost business, remember that you will have plenty of expenses. These will include some which are necessary. You should avoid overspending. Track your expenses and with the help of a consultant you can plan your finances. You should be very careful when you spend. Try using business cards. You can use a traditional business card that will cost you a few dollars rather than the customised one which will make you spend a few hundred dollars and get you the same results.
Don’t get buried in credit card debt
If you are looking for a smart way to use credit when starting a small business, then this is it. Instead of purchasing everything at once , you can use your company’s revenue to finance your expenses. Won’t it be great if you reduce your expenses a bit. That will reduce the stress and burden of debt will greatly increase the chances of creating a successful business.
Burn the midnight oil
You should accept the fact that the hard work is the need of the hour if you are starting a small business. You should be prepared to give your best to make your business a successful one. It might ask for anything- right from accounting to handling clients to getting business and increasing the sales. You will constantly find yourself on the toes and should be ready to do whatever that is required to make yourself successful. You will find yourself in multiple roles, but that is because you have to be one if you call yourself an entrepreneur.
Tell people what you are doing
Let everyone know what you are doing. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. Contacts play a major role when you want to market your ideas, business, service or even the product. This will be of a great help when you are starting a small business.
If you are looking for ways to start your business with low capital in Canada, B2B Connect Canada, has the best remedies when it comes to bootstrapping your business.