Running your own business is the dream. You get to work for yourself, on something you’re passionate about while providing useful a service to others. No more working hard to earn lots of money for a big corporation, instead, you can work hard for yourself and reap the rewards. But starting up in business is hard, and there are a huge amount lot of costs to consider.
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Tips For Bootstrapping Your Startup Business
If you don’t have a whole lot of money in the bank, you might wonder if starting a business is just a pipedream, even if you have a good idea for products or services which you know people want. But no need to cast your dream aside, there are ways you can reduce startup costs and get your business up and running (and turning a profit) within a year. Here’s how you can go about it.
Start Small
You might not have the money to hire a huge office space and employ lots of employees. You don’t have thousands to spend on a web designer and advertise your business. If this is the case, why not start small? Many of the world’s biggest companies started in garden sheds, bedrooms and basements so it’s proof that it can be done.
If you have a spare room at home, turn it into a home office and begin selling right from here. Instead of investing in a website (and the cost of promoting it) right away, how about creating a store on an online marketplace like eBay or Amazon? As you begin to grow and your business picks up speed, you can think about hiring an office and taking on employees, upgrading equipment and everything else. By that time, you know that your business actually works and is making money, so there’s less risk.
Rather than sink a load of cash into it, and it doesn’t do as well as you thought. If you are working from home, getting a cheap postal address is one way you can get your business to look more professional. You have a physical office address people can send things to, and the postal company can either forward things on or scan and upload documents to you via email.
Rent Equipment
If you don’t have the funds to invest loads of money into equipment for your business, how about hiring it instead? If you’re a budding printing company, for example, you could hire a professional printer instead of having to find thousands right away to buy one. If you’re a DJ company, you could hire lights and speakers, or if you want to teach music, you could hire the instruments needed.
Whatever you do, chances are there will be a company out there who specializes in hiring the exact equipment you need. Again it gives you the opportunity to see if your business works before spending thousands, and if all goes well, you can buy your own.
Search For Investors
Once your small business is already up and running and doing well, you could search for potential investors. Not only will they have the funds to allow you to expand your business, but if you’re a new entrepreneur then can give you valuable advice too.
They will want a percentage claim in your business, but if it means properly getting off the ground, then it’s generally worth it. 🙂
