It used to be the case that you needed a large amount of money just to get a business off the ground. This was because you needed funds for premises, stock and perhaps even staff. You can also be charged by your accountants for setting the business up.
Fortunately this is no longer the case. You can now start a business with virtually no funds, all you need to do is follow these steps:
Find A Base
A business needs to be incorporated but you should seek advice when choosing a state to incorporate in. Different states have different rules and costs, it is best to choose the one that suits your business type and your limited budget.
The internet has made it possible to contact thousands of people and share your brilliant idea for a product or service. If people are interested enough they can commit funds via a crowd funding project. In return they will get your first production items or you may prefer to negotiate other terms.
Either way, you end up with the funds you need to get your business started, and they are happy.
The internet has made it much easier for you to start your business small and to continue working at your current job. This will give you the funds you need to invest in your business and to live I before your business is capable of trading by itself.
This is how many modern businesses start and go on to be very successful.
The conventional approach to starting up is to find someone, other than the banks, to lend you the funds you need. The easiest way to do this is to go looking for investors.
This means locating people or even firms that would be interested in your product and are prepared to take a risk and lend you the funds. Of course, they’ll want a slice of the profits or some other incentive.
Test It Out
Social media is a fantastic place to find potential customers and give them your product for nothing. Well, not quite nothing. They’ll need to commit to testing your product and entering honest reviews on line.
You can use positive reviews to sell your product to new customers on an order only basis. Any negative reviews need to be addressed promptly to show that you’re a proactive company which puts customers first. This will help you to win new orders even if the product needs improving.
If no options are available or have all failed then it will be time to considering taking out a small loan. You can ask your bank but you might want to check what loans and grants are available on government schemes; you might simply get given the money!
It is worth noting that it is not normally advisable to borrow money from family or friends; this can cause you issues in the future and ruin the bond between you; often over a tiny amount of money.