Sat. May 18th, 2024

Expert Advice On How To Start A Business With Little Or No Money

by: Jaime Catmull

Starting a business is a dream for many people, but investing a considerable amount of money can be daunting. However, starting a business with little or no money is possible with the right mindset and approach. Since March is Women’s Month, I interviewed celebrity publicist and entrepreneur Cathy Cardenas and asked her how she started three successful businesses with little or no money.

 

Create a Service-Oriented Business

First, service-oriented businesses are great if you have little money to start a business.” The start-up cost for a service business is low, and sometimes, the only employee you need is you. Also, before you start any business, you need to research and analyze the market demand for your product or service while considering how your business can help people. Businesses that help people in some way are far more successful than ones that don’t.”

 

Create a Business Plan

Secondly, you need to create a business plan. “Even when starting a small business, having a plan will help you stay focused and organized. Your business plan should include your goals, target market, marketing strategies, and financial projections. You can use online resources like the Small Business Administration (SBA) or SCORE to create a comprehensive business plan.”

Leverage Your Network

Third, you need to leverage your network: Contact friends, family, and colleagues who can help you with your business. “With my first business, I knew I had a great idea and needed a website, so I went to a friend who did websites and said, “Listen, I don’t’t have any money, but I’ve got this great idea. Can we figure out something where I can give you a little deposit and then figure something out each month?” He said, “absolutely,” and he loved my business idea.” I’m telling you, talk to people and tell people what you’re doing to see who’s willing to help and support you. You will be surprised at how many people will rally around you if you have a great idea.”

 

Barter Services or Skills

Fourth, if you need more funds to pay for services or products that your business needs, bartering allows you to acquire the services or products you need without spending any cash. Example: “I’m not a graphic designer, and I needed help designing a logo, so I exchanged doing PR work for help with the design. It was a win-win for both of us. ”

Start Small

Fifth, start small: “The problem is so many people think they need to go big in the very beginning. That, to me, is one of the biggest financial mistakes you can make when starting a business. You don’t need the most expensive stuff. If it’s a good idea, it will work. With Cathy Cardenas PR, I spent very little money when I started, and 12 years later, I’m one of the top PR people in the country. I didn’t need a fancy office and lots of money to create a successful company. I just needed to deliver on my promises and work hard to get my clients publicity. I worked on building strong relationships with people and really listening to them. These are things that money can’t buy.”

 

Passion and A Strong Work Ethic

Sixth, ” A strong self-belief and desire to work hard is one reason my businesses have succeeded. Somebody else might have a lot of money, but they never had as much passion and desire to work as hard as I did. A person with passion and a strong work ethic will always beat someone with just money. People feel other people’s energy. When you believe in yourself and your business, others feel that and want to work with you. Money can’t buy that.”

Consider Alternative Funding

Seventh, you need to consider alternative funding options. “Instead of relying on traditional funding sources, like bank loans, you can consider crowdfunding platforms like Kickstarter, Start Engine, or GoFundMe. You can also explore grants and loans from government agencies, non-profit organizations, and private foundations.”

Finally, be resourceful and flexible. “Starting a successful business with little or no money requires hard work, a positive mindset, creativity, and a willingness to adapt to changing circumstances. Remember, every successful entrepreneur started small and faced challenges along the way. Never let a few hick-ups keep you from accomplishing your dream.”

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