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March 27, 2009

Starting a Business with Very Little Money

How to start a business with very little money

This is an interesting question that many people have asked. This blog subject is not about how to raise money but about methods to get started if cash is limited. So whether you have recently lost your job, are seeking additional income, or looking to invest your early retirement monies, you will want to post this to your computer. For simplicity sake, the method below is in list format and is by no means the only way to start a business with very little cash. The Entrepreneur’s Advisor™ strongly recommends that you understand your cash position before you engage in any venture. If you would like additional details or would like us to review your idea and plans, please subscribe at http://www.theentrepreneursadvisor.com

1.     Do not spend any money before you have thought through you idea. Please make sure you read the prior blogs and comments on “The Role of Passion” and “Are Business Plans Necessary”.

2.     Determine your cash position. The unfortunate reality is that starting a legitimate business requires money. Someone has to pay for the business registration, license fees, and utilities and so on. The good news is you can do much of this yourself and in most cases for less than a few hundred dollars.

3.     Review your plan to determine what is a “must have, would like to have” and “wow – wouldn’t it be great if”. For example – do you absolutely need to have a web site to start? How long can you put off purchasing business cards, goods and services? Prioritize your needs.

4.     Review your needs for items that can be: bartered for, purchased used, or outsourced.

5.     Talk with friends and family to discuss if they can assist you. You might find an unused computer, a friend who develops or hosts web sites, a vacant building needing repair, consignment items, or even a partner.

6.     Start networking and then continue to network. Networking is time consuming but generally not expensive. There are numerous free networking internet sites and virtually all communities have local networking groups. Do your homework and do not be afraid to ask for help.

7.     Based upon the preceding information, you now know how much money is truly available and where you may go for help. 

8.     Decide if you are going to pursue your opportunity full time or part-time. Keep in mind the less time you spend on your business the longer it will probably take to achieve a positive cash flow

9.     Complete your planning.

10.                        Start with passion and determination and remember “Cash is King”.

Subscribe today and receive additional information on how to save money on start up costs and when to outsource.

http://www.theentrepreneursadvisor.com