Can you start a business on a budget that is less than $1000 in our today's economy? Of course, that may seem impracticable but it is not beyond the realm of possibility. The truth is, many have successfully built flourishing businesses starting on a shoestring budget.
In this post I want to highlight a few tips on how anyone starting as low as $1000 can creatively build a business from scratch.
1. Your Choice of Business
Starting a small business on a budget or $1000 or less will greatly depend on the type of business you are going into. The fact is that there are some businesses that demand a whole lot of capital. If you are going into a business that requires thousands of dollars to start then jumping in when you don't have the capital will amount to digging your own grave.
So, if you’re considering starting a business on a budget you definitely need to choose the right type of business.
2. Have a Strategic Plan
Starting a business on a shoestring budget is indeed a tasking Endeavour. Every ounce of your mental and physical power will be needed to make things succeed. To avoid being a wreck along the way you will need to have a plan that will not only allow you to work smart but also ensure that the money start flowing in as soon as possible. If you are offering a service you must make sure that clients settle your bills as soon as you complete your job.
3. Go Lean
There is always the tendency to have a big office when you are starting a business. Of course, this is good as you will want to look professional and successful to potential clients. However, if you want to make a success of your business on a shoestring budget then you must avoid that temptation. You can however start from the comfort of your home but then design some good looking and professional business cards. Use your home phone as your business phone but ensure that you present a professional appearance when communicating with clients and customers. To ensure that you do not fall into situation where you forget what you are doing, set up a separate corner in the room for your business dealings. This way, you will always beware that you are in business.
Related Reading: How to make money online on a shoestring budget!
4. Use No-Cost Advertising
Advertising your business is a must but you don’t have to spend hundreds of dollars to do so. Seek out free advertising mediums for your business. Use online community boards, free advertising websites and possibly personally deliver business fliers in your community, if your business is targeted at your locality.
Whatever your target market there are other no-competing businesses you can partner with to exchange leads. You need to be creative in this. Look at the type of business you are running and consider other non-competing business that share similar customer bases with yours. Reach out to them and strike some form of partnership so you can directly refer customers or out-rightly exchange business leads
6. Get a Website/Blog
A website is one of the cost-effective ways of marketing your small business in today's virtual economy. You can get a domain name and reliable webhosting anything from $10 – $30. If you lack the competence to setup your website, there are places online that you can get someone to do it for a very small fee. Most importantly, do not forget to add a blog to your website. This will allow you to use content marketing to drive consistent traffic with ease. Check this offer to see how you can have your blog set up for your for free.
7. Maintain a Positive Mindset
Attitude is everything. This is something that many take for granted. The fact that you are starting on a low budget can bring up a lot of challenges. These challenges could be so daunting that sometimes you just want to throw in the trowel. The only antidote that will help you in times like this is your mindset. Being able to positively motivate yourself no matter the situation will help you keep moving despite the challenges.
Going into business with enough money to drive your ambition is really great but where you have the right business idea but you are short of the cash, you can always start on a budget. If you’re thinking of taking this route, the above tips will definitely come handy. Though you may be starting on a low budget never lose sight of the fact that you will be trading your time for this shortage in capital. So, true is, your time would be the capital you will be investing. So what is your time worth to you? The value you put on your time will determine how much work you will be ready to make your shoestring startup succeed!