Are you getting sick and tired of your 9 to 5 job, and just want to be your own boss? The problem is, starting a business requires money. You need capital to buy the things needed to start the business.
If you do not have the funds necessary for a business venture, do not despair. You can still start your own business with little capital. Here’s how.
Start small – If you love doing arts and crafts and would love to have a storefront for all your unique designs, you can initially start your business by selling them online through various social media platforms – Pinterest, Facebook, Instagram.
You can also offer them to friends or people in your circle at your child’s school. If they like your product, they will recommend you to friends.
This business design usually does not require you to spend on advertising because using various social media platforms for product promotion is usually free.
You also do not need money to offer your products to relatives and friends.
Your business cost will only be for your materials as well as the cost of fare or gas when you purchase them.
Make a checklist of available resources you can use to start your business – You may already have items in your house that you can use, without the need to buy them. See what those are. It is also best to create a list of what you actually need, and check it against the items you already have.
Remember that there are a lot of materials available on the internet that you can use for free. If you want your own website, there are numerous sites that you can use for free like WordPress, Wix, and Weebly. You also do not need to hire a web designer to create your website because they come with designs and tutorials that will teach you how to improve your site.
Use your savings – If you have exhausted all your free resources, it’s time to use your savings to buy things you need but do not have. Keep your expenses to a minimum, and only buy what you really need.
Ask for financial help from family or friends – Your family members are your fallback for possible financial support. If they see your venture as a worthy investment, they will not hesitate to lend you financial assistance if they have some money available. Good friends will also lend a hand if they see that the money will be put to good use.
Search for local business grants or funding opportunities – You will never run out of opportunities from these sources because there are a lot of charitable organizations that are willing to give away money for worthy causes. Some do not even require much — sometimes submitting an essay about how you would use the money is sufficient.
Check out small business loans – If you need more funding than your family or friends, or foundation can provide, it’s probably time to research providers of small business loans in your area. Small community banks or online lenders often offer small business loans to startups for capital use. Read through the fine print, especially when it comes to interest rates and payment terms. You wouldn’t want to accumulate huge debts when you cannot afford to pay it yet.