Starting Your Business on a Shoestring Budget
You have the dream, but in the dream you always have enough cash to make it seem easy. In the waking world you need money to make things happen when you are starting up a new business. You may be wondering then how is it possible to start a business on a tight budget?
This query can be answered in any number of ways depending on where you are in the process. Specifically speaking, there are any numbers of fields that can be started with only a certification. From a hair stylist to an advanced degree at Hamburger University you are ready to open up shop independently or in franchise mode.
The assumption however, is that your dream has form and you already know what you want to do. You just need to know how to do it on a shoe-string budget and on a diet of Top Raman. Happily there is a solution for you as well.
A Tight Focus On Marketing…
The key to starting your start up and turning it into a going concern is revenues. Simply put, you need to get customers in the door or on your website. This suggests that a significant portion of your efforts will be going towards marketing, and that suggestion would be correct. Marketing is expensive however, so you will be looking for the biggest return on your investment.
Using the business plan mentioned earlier, turn to the page on demographics that targets your potential customers. Now aim your marketing arrow directly at the target. As an example, if you want to reach out to the real estate industry, target industry publication rather than a general newspaper. The former approach will generate qualified leads while the latter will prove an expensive and disappointing lesson.
A tight focus on marketing will get customers in the door and buying the product, or service that you specialize in. The dream’s still there, and now it’s time to tell people about it.
A Tight Budget Requires…
A tight budget demands foremost that you write a budget and stick to it. The budget will be your day-to-day guidepost to how you conduct your finances, but you will also want to prepare a strategic master plan for long range planning.
This master plan should take the form of an iron-clad business plan, which if done well will open up private venture investment funds, or government loans under the auspices of the Small Business Administration. Other options include dipping into your home equity, using low interest credit cards, and hitting up rich relatives.
A tight budget also requires being creative and finding resources that can help you in a cost-effective manner. Well, that’s where we come in. It’s exactly what we do. Our $39/month virtual service to help will bridge the gap and help you make the most out of your time.
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