Starting a business with minimal funds

Starting a business with little to no personal capital will be challenging, but it is not impossible.

Luckily, if you think creatively, there are a number of ways you can start your business without having to spend big. Below are some strategies you can try:

Crowd-funding

One way to get some money behind you is to crowd-fund. Crowd-funding involves putting your business idea out there on a platform such as Kickstarter and, if they like it, people will donate money to help fund your venture. This is a great strategy because people can offer advice and critique your business model, which can help you fine tune it before you begin. You can also gauge how popular your idea is and how many people would actually pay for what you are offering.

You may also be eligible for specific government grants and loans. It would be wise to look into what you can claim from the government to help you get started.

Cutting costs

There are a multitude of ways you can tailor your business model to cut costs. You do not have to rent an office space and buy various computers, all equipped with expensive software. You can save costs by starting off with a very small team and expanding only once the business calls for it. Allowing the people you hire to work from home means you save costs in renting an office, paying bills such as electricity and internet, and buying equipment.

Ask for help

When starting a new business, the people in your network of support will want to see you succeed, which is why you should ask them for help when you can. For example, if you have a sibling or friend that knows how to use InDesign, ask them to do your business cards. You can repay them by babysitting their kids one Saturday night. These kinds of opportunities for cashless transactions are everywhere and will help you get your business off the ground; you just have to think outside the box.

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