How to Start a Business With Limited Capital
Somewhere hidden in all of us is a businessperson waiting to step out and start up a business. The only problem is that said business person probably has no clue on how to get going and has a limited or shoestring budget too.
Things to do and know
The first requirement for a business is that you have a product that you want to sell. It could be a physical product or it could be a service. It must be one that you believe in; you have the skill for and you have the faith in yourself to make it work.
The second is that you must start up your business as a part-time one. Don’t let go of your full time job, if you are holding one, because the money coming in is what will take care of daily expenses until your own business becomes profitable.
Don’t get involved in hiring a room/office, employees, assistants and making other expenditures. Remember that you are on a low budget.
Write a business plan. A business plan is a written agenda of your proposed business, an evaluation to see if it will be a viable business or not. Putting it all down on paper gives it life. You can see your business shaping up so to speak.
A good business plan will help you if you are considering a small loan from investors or banks as it gives credibility to your venture. Your business plan should be able to tell the reader about your goal, your qualifications and experience that will directly influence your business. It should also include information on the market you are looking to tap in to and your thoughts on how to make it all happen.
Getting started
To start with make a list of the basic requirements for your business:
o A computer so you can network and put your business online.
o Legal advice so you don’t make irreversible and costly mistakes.
o Start with a sole proprietorship and add on once you settle down.
o Learn accounting basics.
o Look for cheap advertising options.
o Lots of determination, drive and perseverance.
o Start a blog or write into one that looks popular and post the link wherever you can to increase your visibility.
o Make a website where you can promote your business. There are lots of good domain names available so you may be able to cut costs by getting one of those.
o Make your own logo using one of the many free make your own logo sites on the internet.
With these basics in place, you should be able to get started. Your chief “friend philosopher and guide” here will be your ability to learn on the go, to surf the internet and learn as much as you can about increasing your visibility.
Starting up a business is not difficult but it does require hard work and time devoted to planning and organizing. Start slow; don’t get taken in by the many “get rich NOW” schemes. Plot your way through the many twists and turns and you will end up making a success of your business.