“Any time is a good time to start a company.” – Ron Conway, Noted Startup Investor, SV Angel
Is generating more income your resolution for this year? But, you have little or no money. If this is bothering you, then don’t take too much stress. In this article, I would provide you the solution for your problem. You just need to have confidence and other matters will fall into place.
How to start a business with little or no income
Tip 1: Build your business with what you have
Instead of experimenting the areas where you lack proper skills, try to set up your business around your area of expertise. This would reduce your level of dependency upon others. Remember, the more self-dependent you become, the less money you’ll require for your business. If you want to become a successful entrepreneur, then you must start your business with what you have and choose a field in which you’re an expert.
Tip 2: Inform everyone about your business
One of the important moves in setting up your business is to let others know about it. Initially, you can inform your family members, relatives, friends, and past colleagues about your business. Social media is an active platform where you can aware people about your new venture. Your band name would get automatically recognized once you’ve built up your business contact. You can take the help of the Internet for some smart marketing strategies for your business.
Tip 3: Stay away from needless expenses
When you start a business, you cannot avoid certain important expenses. You’ve to deal with plenty of expenses at a time. What you could do is to avoid overspending. Don’t indulge in unnecessary expenses. This would make your pocket heavy.
Being frugal would build your business gradually. But, it won’t cause a decline in your business. Remember the famous quote, “slow and steady wins the race.” Carry out your research skillfully so that you can optimize your expenses better. So, you need to chalk out a proper budget for your business before taking the plunge.
Tip 4: Do a monthly revision of your actions
Analyze your work on a monthly basis if you want your business to flourish. Check out what you’re doing and what you’re not. Review your actions and find out the loopholes that are creating a problem. Try to fix those issues and implement strategies that are good for your business.
Tip 5: Build up sweat equity
At the beginning, you have to do all the hard work to build up sweat equity in your business. It would save you more money, help you to build the brand name of your company and increase the value of your business. This is a cost-effective option for cash-strapped entrepreneurs for their initial venture.
Tip 6: Sell unused goods to earn money
Do you have lots of unused stuff? If so, then sell those to make money. Garage sales are also useful in selling unused goods. If you don’t have old and unused stuff to sell, then you can sell your services to earn money.
Tip 7: Don’t get covered under a credit card debt or loan
When you start a business, you require a lot of things starting from new computers, types of furniture, phones to other supplies, and much more. You must use your credit smartly to start your business and not for getting a credit card debt or loan. You can use your company’s revenue to fund your expenses. But, don’t get into a debt trap!
# A piece of advice: Always keep calm and count your actions before executing them. Remember, it’s better to “be safe than sorry.”
I hope these tips are helpful!
Your precious suggestions are always welcome.