You really want to start your own business, but lack of financing is holding you back. Don’t let your dream slip away because you think you can’t afford it. Of course, it can take a lot of money to start a business, but you may be able to get going for less.
Carefully research your business idea from top to bottom. Is there a way to bootstrap your way into your business?
How Small Can You Start?
If you are looking to start your own business, look for the least expensive way to do so. Starting small can be the way to get your company going now instead of having to postpone your plans for several years while you seek out the funds.
For example, a few years ago a man and his wife in my town started selling barbecue sandwiches from a very small trailer used for hauling that he had modified very cheaply. The couple would hook the little trailer up to their car and drive around town. They stopped in shopping centers and sold barbecue and the trimmings in the evenings, just when people were getting off work and doing some shopping. It was a bare-bones operation, but it worked quite well.
It wasn’t long before the people in my town began searching for that little trailer in the evenings to get some of the hot, fresh barbecue to take home for a fast and easy dinner for the family. The business grew, and in a couple of years, the enterprising couple opened their restaurant. Their plan, from trailer to brick and mortar building worked! Not only did they open their restaurant, but they already had loyal customers and the startup money from their little trailer enterprise.
Take Your Business Plan and Pare It Down
It would have taken the barbecue-selling couple many years of diligent saving to open a restaurant if they hadn’t come up with their barbecue trailer. Borrowing money to start a restaurant is notoriously hard, and the couple found that out in their extensive research. They discovered they needed to start very small and build their business slowly to get that brick and mortar restaurant.
For your own business, do some investigating and see if there is an alternate way for you to start your company with less money. Network with others in your field or niche and search on the Internet to see how other people have started their company for less. Explore alternate ideas with an open mind and consider all logical possibilities.
If you work a full-time job, don’t quit. Start your business on the side to see if your concept will work for you first. Do you have the knowledge it takes to run a successful business? If not, you will find out quickly on a small scale without risking a lot of money if you start part-time. If your knowledge is lacking in some areas, you can get some training to help you achieve your goal of owning a successful company.
“Remember, wealth has nothing to do with money, success has everything to do with failure, and life is as simple as you make it!” – John Dessauer