You might assume that launching a business inevitably comes with steep startup costs - but today, this couldn’t be further from the truth when done right. We are not saying this is the case for every business. The nature of certain businesses will require steep investments in things like inventory, equipment, licenses, space, etc. That being said, with research, persistence, and sweat equity there is a multitude of businesses you can launch without a huge startup investment. These resources will show you how to nab low-interest rates for small business loans, advertise with a minimal marketing budget, and more.
Affordable Operating Strategies
No matter your business model, you’ll have to cover some fixed costs - but these tips can help you keep your overhead low.
● You can easily build a business around one of these ideas without spending much money.
● By running your business from home, you can avoid paying rent on a brick-and-mortar space.
● Try negotiating with potential suppliers to secure lower prices for essential materials.
● Make sure you’re not undercharging for your products and services.
Explore Alternative Funding Options
Your personal savings aren’t your only potential source of funds. Here are a few other options you can investigate.
● Research small business grants that you might qualify for and submit polished applications.
● Get in touch with lenders to learn more about taking out small business loans.
● Focus on improving your credit score - you’ll be rewarded with lower interest rates on loans.
Build a Budget-Friendly Marketing Plan
Be smart about your marketing spend while still attracting plenty of new customers. Likely you will want to speak to an experienced marketing team about your business and get recommendations for your launch and growth strategy. The right partner will talk through where you are, your budget, and where you are looking to go. Figure out a phased approach for strategic marketing spend and pair that with what you can commit to doing yourself.
It is tempting to try to save money and cut corners here and we all understand there is only so much money to go around, but also remember that sometimes you have to invest in certain items to let experts execute what they are great at so that you can focus your valuable time on what you are. For example, you could invest in a strong brand identity package, website, and social media presence, but help self-promote via a few of the ideas below:
● Encourage your customers to refer others to your business and leave testimonials.
● Through content marketing, you can reach customers across multiple advertising channels.
As these efforts begin to pay off, likely, you will continue to hand off more of these items to focus on other areas of the business, but in the beginning, it is very common to be juggling many hats to work within a budget while getting the word out there.
With a little creativity, you can build your startup with a bootstrapped approach. By referencing these resources, you’ll be ready to boost your credit score to qualify for loans, choose a realistic business idea, and spread the word about your company.
Ready to kick off your marketing strategy? Strategy Driven Marketing can help you make strategic and impactful marketing decisions.
Meet the Author
Clarence Wilkins has wanted to be an entrepreneur since he was a kid. He started his first business -- a neighborhood lawn mowing venture -- at 13 and hasn’t looked back since. He created Bizz Pop to offer advice and business growth and development resources to other entrepreneurs.
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