Everyone knows you need money to make money. Or do you?

If you have a great business idea but no money to put behind it, you probably assume your idea is dead in the water. However, not all businesses require a ton of cash. 

Even if you don’t have a lot of money laying around, you can get a business off the ground.

Strategic Voyages Business Consultants offers results-driven, client-focused strategies and support to take your business to the next level. Complete this online form to learn more!

Alternatives to self-funding a startup

Most entrepreneurs self-fund their startup, and more than half use self-funding as their only source. However, other options are out there. Entrepreneurs who don’t have the capital to self-fund can tap:

• Small business loans.
• Personal loans.
• Business credit cards.
• Startup grants and funds.
• Crowdfunding.
• Angel investing.
• Bonds.

How to bootstrap a business

A more conservative option is to bootstrap your business. Bootstrapping avoids taking on debt or giving up equity in your business and instead, growing slowly through careful budgeting and constant reinvestment. It’s not a good fit for businesses that require serious investment, but if your business idea is cheap to start, bootstrapping might be a good fit. You may even keep your day job for stable income while starting your business.

Improving your business acumen

If you lack experience running a business, you may want to further your education by earning a business degree. These types of degrees have real-world applications and will teach you invaluable skills before you launch your business whether you’re learning about business administration or accounting. If you earn your degree online, you’ll have the ability to work at your own pace and graduate faster. 

Finding your first customers

Whether you’re going all-in or growing slowly, you need customers to turn your great idea into a bonafide business. But how do you make a name for yourself when you’re new on the scene?

First, identify your ideal customer. Focusing on a niche makes it easier to make a splash as a small startup. Then, use cold emailing, free trials and freemium, pay-per-click ads, social media, and content marketing to reach your audience. Tapping your network is also an effective move for startup founders, especially in the B2B realm. Attending industry events and trade shows, getting involved in local business groups, and asking for referrals can turn your professional connections into cold hard cash.

When to hire help

Hiring staff too soon hinders cash flow and could cripple your business before it takes off. But at some point, you can no longer do everything yourself. When that happens, outsource to freelancers rather than adding to your payroll. With freelancers, there’s no commitment and no overhead costs.

Outsource low-cost, time-consuming tasks like bookkeeping, admin support, and customer service first. This frees up time without adding a major expense. Tech and marketing freelancers are also a big help in the early days when you’re building a website, designing a logo, and defining your brand.

Low-cost business ideas

Are you feeling the entrepreneurial itch but don’t have a business idea yet? With a solid business plan, there’s a lot you can do with just a little bit of cash.

Service-based businesses are the cheapest to start. When you’re selling your skills as a consultant, graphic designer, or other professional, you don’t have to pour money into inventory or real estate before generating revenue.

E-commerce is another area with a low barrier to entry, particularly for entrepreneurs who opt for dropshipping over stocking inventory in-house. Even working with a manufacturer can be affordable as long as you find a supplier with a manageable minimum order quantity.

Other low-cost business ideas include IT support and tech services, online course sales, event planning, marketing, caregiving, and education, among others.

Starting a business is no small feat, especially when you’re doing it on a shoestring budget. But with persistence, passion, and a scrappy spirit, you can turn your business idea into something great. And when it’s time to grow, Strategic Voyages will be here to develop a growth and business strategy that takes your startup to the top.