Starting a business without a loan? There are many people who have great ideas but fail to show the world what they can do because they don’t have enough capital. This is, no doubt, a great discouragement for entrepreneurs young and old. If you think about it, how can you introduce your innovative idea when you don’t qualify for a loan from banks?
Don’t let money be the reason why you can’t push through with your amazing business idea! After all, most great companies nowadays have had humble beginnings. Hence, here are a few ideas to help you make your business and start-up dreams come true – even without the big bank account to back you up.
1) Cover all bases. If you can do it, you might as well do it yourself. If you’re starting from scratch, you’re going to have to work from the bottom to the top, even if you’re the boss. Whether it’s manual labor, promoting your business via social media and keeping a good, clean record of all your transactions – you have to be 100% hands-on in the early stages of your business. This also means you shouldn’t hire too many people at once. This will save you money and you will gain tons of experience from this process.
a. Be creative. If you want your business to flourish, you have to really invest in something you love to do, something that you will want to keep doing no matter what happens. If you believe in your product, it wouldn’t be hard to inspire all your colleagues and employees to feel the same.
b. Be flexible. Gone are the days that you always had to stick to your guns. Always think outside the box in terms of maximizing your resources without having the need to resort to getting a credit line you would be having a hard time repaying. For instance, if you’re having a hard time maintaining utility costs and rent, try implementing work from home days to save money and office space!
2) Discover the benefits of bartering. Knowing you can’t have everything you have all at once when you start from nothing, bartering allows you to trade services for something you need. For instance, you will offer your advertising services in exchange for another company’s cleaning services. You’ll be hitting two birds with one stone with this one: you’ll be saving costs and gaining more connections! Remember, however, to conduct these transactions with a written contract to keep things clear and professional.
3) Try business incubators. If you’re wondering what incubators are, they are companies specifically meant to support start-up or young companies by providing the essentials—from office space to training, that will help them survive the first few months/years until the company is able to stand on its own.
4) Seek your angels. Money is out there, but you just need to know how and where to find it. Perhaps, you only need to get blessed by angel investors. They’re people or organizations who specifically provide a hefty capital for start-ups in exchange for their own conditions such as ownership equity or services from your business.
5) Focus on your loyal customers. When you’re only just beginning, you focus on the big market that really needs your products or services. You dabble on the mainstream market who needs you. Keep them demanding for more. Show-off what you can do and make them see that without you, they’re missing out. Do this and you can expect a steady cashflow in your business.
6) Tap into the SBA or the U.S. Small Business Administration. The U.S. government created this organization too, according to their website’s mission statement, “to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.” You can apply for different kinds of business grants and check your eligibility in the site itself. They offer online courses for those who want to further their knowledge and provide links to local assistance in different sectors of their department. This is definitely worth to look at if you want to gain twice the experience in establishing your business.
7) Take care of your employees. Be it you are partnered with your colleagues, or you’ve already hired new people to expand your little company, it’s best to always put their well-being into consideration. Reward them when they’ve done well, listen to their suggestions, and make them feel how valuable they are in your company. A happy employee means a happy company!
Are you still having doubts whether you should pursue your dreams or not? Then think of Hewlett-Packard. Starbucks. Subway. Mattel. These big four companies all started from nothing once upon a time! Who knows? With persistence, patience, and perseverance, your company might be the next big thing! Remember, there is no easy way to profit! Apply these wise tips and stand out from the rest.
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