Never Say Never - Launch A Business With Little Or No Start-up Funding
If you thought you could never, in a million years
, start your own business because mostly due to your finances ... think again!One of the biggest challenges of starting any type of business is coming up with the necessary business start-up funding, because no matter what kind of business you choose, an initial investment is part of the mix.
Also, if your initial business idea is based on a traditional business model - such as auto repair, small shop or a franchise investment - the challenge gets even greater because these types of businesses not only require a large amount of business start-up funding, but they also bring a lot of expenses with equipment, employees and location.
To begin with, you need to change the way you look at your new business. Forget about equipment costs, employees and location and think about flexibility, simplicity and profitability. Approaching the idea of a starting a new business through a non-traditional business model can mean the difference between wasting time and money, and doing a lot with very little to no start-up funding.
Now, what non-traditional business models can you move toward that will not drown you in the sea of problems that traditional business model can?
There are many, but here are the top three: 1) online trading, buying and selling; 2) internet or affiliate marketing; and 3) e-commerce.
All three of these businesses have four things in common: They have unlimited profit potential, they can be up and running in no time, they demand little to no business start-up funding, and all you really need to start is a computer and an internet connection.
Here are some more tips for launching your new business with little or no business start-up funding:
- Work from home - this will help you avoid location costs such as rent, electricity, etc.
- If you really need a location, seek out another small business to share costs with.
- Economize - Do you really need a brand new computer, office equipment and furniture? Try looking for businesses that are moving or - God forbid - going out of business. They could possibly donate or sell you equipment cheap.
- Jump on the "free advertising train." There are many free, online sites you can advertise your new business on. Even the Yellow Pages offer a free basic listing.
- Try and get mentioned in the press - this can be easy if you offer something that might interest a journalist or local TV news station.
- Get help from your family, friends or anyone who owes you a favor! Family and friends might have "connections" that can bring customers to your new business door.
- Attend local business functions - it's all about networking! Your local Chamber of Commerce has great sources to find events that will get you noticed! And finally ...
- Keep track of your budgets and goals; try to exceed them every month.
You can never fail if you work hard, think responsibly and have the guts to try. Good luck with your new business!
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