If you dream of starting your own business, you may feel you can't because you don't have a significant amount of cash. This can be discouraging, but many business have been "bootstrapped" into realization. That is, others have started with virtually no cash. What cash they did get was obtained using non-traditional methods. This can be you!
You will hear stories about people who started their business with cash advances from their credit cards. Once you get a federal employer identification number, you will be bombarded with these credit card offers. Don't do it! Many of us manage business credit poorly, like we do our personal finances. Look for other ways to get started!
To create a business plan and research your idea, most of the information you need can be found for free online and at your public library. You can also find entrepreneur or small business groups in your area where you can discuss your ideas. This allows you to learn from the success, and failures, of others.
In the beginning, much of what you need can be accomplished via "do it yourself" (DIY). So long as all of your materials look and function professionally, you can use free online templates to create inexpensive brochures and business cards. There are templates to help you set up your initial Web site and blog and you can also design a logo using online software!
One easy way to get your marketing plan off the ground early and free is to take advantage of social media. Don't wait to start this. Begin networking on sites like LinkedIn, Twitter and Facebook, establish pages or profiles under your business name where you can. You can start interacting with others, picking their brains, sharing your ideas and building a community and interest early on.
Don't start hiring staff when you get up and running. You want your business firmly established before you take this step. Instead outsource many of the tasks you would hire for. This can include a virtual assistant to handle to your administrative details, much of your marketing, your IT needs and graphic design. You can replace these professionals with staff when necessary, or keep using them long-term.
Keep your IT costs down by using "the cloud" (free online applications). Many office software packages are very expensive and purchasing them, and the required licenses, can cost you in the thousands. Instead use online applications for your word processing, spreadsheets, presentations, and graphic design. You can also use free bookkeeping/invoicing applications and an additional benefit is secure online storage of much of your information.
Angel investors are wealthy men and women who invest in startup companies. Many of these individuals will band together to form a network. Consider approaching an angel network with your business idea. Normally they provide these loans in exchange for partial ownership or future stock options.
It is hard to release a product or service out to the world when you don't feel that it is perfect. So long as it is good enough, get it out there and fine tune as you go along. You want to start generating a cash flow as soon as possible. Combine this with keeping your expenses low and you can get your business up and running sooner.
