Here Are 7 Basic Rules For Starting Your Business With Limited Funds
Many of us have great ideas, which still need to grow due to a lack of funds, thinking that achieving success with an initial investment is possible. Bootstrapping is the technique (or, more precisely, a current of thought) that allows you to start your startup without an initial investment.
We hear a lot of talk, and I often talk about it too, about startups that receive million-dollar loans, but what we don’t hear about, because it’s less newsworthy, is how many times this money happens to be badly spent and when the company finances burn any possibility of growth and independence. If your idea is good and your development plan is well-studied and structured, you can start your business without large sums of money. Sure, it takes guts and many sleepless nights, but anything is possible.
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Do What You Know How To Do
Build your business around what you know. Instead of venturing into uncharted territory, focus on what you know well, what you love, and what you are passionate about. The more you avoid the need for outside expertise, the more you can save on the cost of consultants and support.
Shout to the whole world what you are doing. Talk to friends, family, and colleagues about your business. Send emails and messages and flaunt them on your social networks. Word of mouth can help you get business contacts and expand your reach.
3 Avoid Unnecessary Spending
You have yet to learn it, but you will have a lot of expenses in the coming months. Some are unavoidable, but where you can save, every euro makes a difference. For business cards, for example, we go from the very cool embossed effect for 1000 euros to the traditional 10 euro business cards. Think about it!
Make Sure You Are Marketable
Refrain from basing your future earnings on what you believe customers will pay. Make sure your price is right for the service you offer and that it aligns with the availability of your customers. It is essential to have a clear idea of what your earnings will be. You will know how much you can spend on your business.
It’s Not Just Liquids
You’re working like crazy, day and night. The earnings are there, but the company does not take off. It does not matter. Remember that you are not just building a company that makes money. You are building a brand that has value. And this can mean capital in the event of the sale of a share in the company or the hiring of a partner.
Today, there are many ways to advertise your brand for free or cheap. Social networks allow you to reach your potential customers directly with just a few euros. Go to the companies near you, knock on their doors and expose your service. You will hit many doors in the face, but a single contact is enough to repay the effort made.
Study And Learn
When starting a business with little (or no capital), you must be prepared to devote all of your time to your business. You must handle contacts, customers, billing and brand development to avoid unnecessary expenses. Get ready to run. Don’t let money stop you from growing your big idea. Sure, it will be bloody hard, you won’t sleep, and you’ll be stressed. But that’s the entrepreneurial spirit!