Using a Shoestring Budget to Build a Business

Starting a business does not take as much money as we think. Depending on what you choose, you may already have the equipment or materials you need to move forward. During the initial startup, it’s easy to find yourself going through a compulisive buying phase when you start buying everything we “need/want” instead of sticking to the barebones minimum. This can be dangerous and leave you broke immediately, I know because sadly I have been there. To prevent you from doing down the same path I would like to share a few tips on how you can stop yourself from doing the same;

  1. See what and utilize resources you currently have. – You will be amazed what items you have laying around the house that can be used on your business.
  2. Use as many free resources as possible. – I am a big fan of utilizing free resources. I use things like social media and Google voice to advertise to and communicate with customers or vendors.
  3. In addition to professional appearance… work on quality of work. – Some businesses spend so much time looking the part that they tend to forget that customers are equally if not more concerned with how the work is done. Spending a ton of money looking professional can really bite you in the butt in the long run.
  4. Utilize free to low cost marketing methods. – Business cards and brochures are really affordable for most. If your not the creative type or can’t afford the design utilize templates. The goal is for you to get something nice out there first then perfect as you grow.
  5. Separate your needs from your wants. – Ask yourself twice… do you really need something or do you just want it? It is easy to buy something in the spur of the moment only to find out that you really don’t need it or already have it.
  6. Utilize your home office. – Renting/ buying a space can be pricey. If you have a home office it will be benefical for you to utilize that first then expand out to another location when necessary. it saves money and it can be possibly used as a tax write off. Double check with you current municipality to see if your business is eligible and how you can get started.

Try a few of these out and let me know your progress! Thank you for reading, stay strong, stay humble, and stay blessed!

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