So you have the next great idea, you image yourself in a black mock turtleneck running an empire like Steve Jobs. Whatever your business idea is, you are chomping at the bit to get going. Just one problem. You don't have the start-up capital you need.
There’s no denying that it’s easier to launch a business with money than without, but there are solutions for every problem. Big empires have been created out of nothing before, why can’t you be next?
There’s no denying that it’s easier to launch a business with money than without, but there are solutions for every problem. Big empires have been created out of nothing before, why can’t you be next?
Here are our 7 tips for launching your business with little to no working capital:
Know your numbers: Gain a firm grasp on what it costs to produce your project and where you need your margins to be in order to pay rent. This simple knowledge will help to guide your decisions and set your prices.
Know your numbers: Gain a firm grasp on what it costs to produce your project and where you need your margins to be in order to pay rent. This simple knowledge will help to guide your decisions and set your prices.
Know your market: Be realistic about your competitors. You have to know what you are up against, learn as much as you can about them and then do it better.
Plan: You don’t have much in the way of wiggle room, so make a detailed plan and stick to it. Be sure to set aside as much money as you can spare in case of unexpected expenses.
Hustle: Get out to every networking event you can find and don’t be afraid to be chatty. If you are selling products, look around your area to see what public markets you can find. Your goal is to get customers, so go find them.
Focus on referrals: Even in the digital age word of mouth is still king. Give each customer a killer experience so they will want to share with their friends. Without a lot of capital, word of mouth will be your main form of marketing, don’t make it negative.
Make sure your product has value: This is really a subset of the above bullet point. If you are no better than the next, your consumers will have a hard time bragging about you with conviction. You have to be valuable, the kind of valuable your clients want to tell their friends about, from the start. This means even as you work out the kinks. You figure out how.
Be an expert: The more you know about your industry, the more you look like you know. Inbound marketing is huge. Present yourself as an expert online and gain traffic. People are looking for solutions, give them what they want.
Congrats on your new venture. When you’re reading to add in bookkeeping and payroll services, contact us!
Plan: You don’t have much in the way of wiggle room, so make a detailed plan and stick to it. Be sure to set aside as much money as you can spare in case of unexpected expenses.
Hustle: Get out to every networking event you can find and don’t be afraid to be chatty. If you are selling products, look around your area to see what public markets you can find. Your goal is to get customers, so go find them.
Focus on referrals: Even in the digital age word of mouth is still king. Give each customer a killer experience so they will want to share with their friends. Without a lot of capital, word of mouth will be your main form of marketing, don’t make it negative.
Make sure your product has value: This is really a subset of the above bullet point. If you are no better than the next, your consumers will have a hard time bragging about you with conviction. You have to be valuable, the kind of valuable your clients want to tell their friends about, from the start. This means even as you work out the kinks. You figure out how.
Be an expert: The more you know about your industry, the more you look like you know. Inbound marketing is huge. Present yourself as an expert online and gain traffic. People are looking for solutions, give them what they want.
Congrats on your new venture. When you’re reading to add in bookkeeping and payroll services, contact us!
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