There is an adage that states, "It takes money to make money." While money is required to start a business, one doesn't necessarily need a lot of it. With careful planning and budgeting, a person with little income can build a successful business.
Make a list of skills and experience you have that can be applied to a business. Utilize what you know, and don't waste time or money learning something new. Consider offering a service based on a skill you can offer. Get up and running quicker by offering services such as child care, tutoring, administrative support or coaching, which tend to cost less to start than products.
Make use of what you own to start and run a business. Don't buy a new computer or expensive software, even if the ones you own don't quite meet your needs. Apply this same principle for other tools and resources you may want. Make do with what you've got before investing in something new.
Find free or borrow resources you need. Get free advice on creating a business or marketing plan through your local Small Business Administration or SCORE office. Network with people you know to see if you can use or borrow a computer, or visit a local library, most of which offer free access to computers. Obtain free business tools such as e-mail, Web hosting, blogs, fax services, conference lines and document creation software, if you can afford Internet services or have access to a free computer with Internet access.
Employ low-cost marketing tactics such as business cards, social networking, e-mail and press releases.
Don't spend your profit. Invest as much of your profits back into the business until its got momentum and generating a steady income.
- Low-cost and free marketing take longer to create and show results, but they often have a bigger impact because they give you more credibility than ads.
- budget, payment allocation image by Kalani from Fotolia.com