Whether your goal is to start and stay a one-person business that operates out of your home or your dream is to one day run a huge company that employs thousands, you likely need some capital to begin.
Even if you just have to purchase seemingly small things, expenses can quickly add up. Sometimes to the point where you’re tempted to just give up your dreams because your bank account isn’t big enough to support them.
However, there are a few things you can do to prevent a lack of capital from squashing your entrepreneurial dreams. Here are three to consider.
- Be Resourceful
In a recent interview with The Oracles, business coach and consultant Russell Ruffino shares that a lack of capital was the biggest challenge he faced when first starting his company, Clients on Demand. Ruffino believed that his business should be self-funded, which he said ultimately made him more resourceful while also providing benefits that were “life-changing.”
In fact, Ruffino teaches these same tactics to his clients, helping them succeed at “making sales while staying as lean as possible.” One way he does this is by encouraging them to offer one service that is higher in price (like in the thousands-of-dollars range). This enables them to earn enough money straight out of the gate to keep them afloat.
What type of higher-priced option could you offer your customers to increase your working capital immediately? At the same time, what are some ways you can reduce your costs until you’re able to bring in some real money?
- Be Curious
In addition to being resourceful, it also helps to be curious enough to always want to learn more about how to create and grow a successful business. This keeps you updated on all of the latest tips and tricks that others are using to establish thriving companies.
With the Internet always at your fingertips, it makes it easier than ever to find the information you want or need to know about business-related matters. The key is to choose reputable resources so you obtain data from those who know certain topics inside and out.
Fundera shares that the best small business blogs include Evergreen Small Business, Smart Passive Income Blog, ProBlogger, and Blog Tyrant. Developing a well-rounded education in small business matters can give you the framework you need to build your company until you can afford to pay others to do these things for you.
Commit to learning something new each day. The more you know about topics such as these, the better decisions you’ll make when growing your small business.
- Be Disciplined
Do you know why grocery stores and retail stores place certain items by the checkout counters or in the middle of the aisles? It’s because they know that these types of items are compelling to consumers, whether on their shopping list or not.
The last thing you want to do when building a business is make an impulse buy and blow your budget before you even get started. Therefore, the more disciplined you are with the cash you do have, the lesser the likelihood that you’ll find yourself in that type of position.
U.S. News indicates that staying financially disciplined involves setting financial goals, challenging yourself to save where you can, and seeking support from those around you to help you make financial progress. Stay on track with your money and you’ll have more for your business needs.
Starting a business does take cash, but being resourceful, curious, and disciplined will get you one step closer to your business ownership dreams.
Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.