The July 2006 issue of Inc Magazine has an article that resonates well with our message — “How to Launch a Business for Peanuts.” It is ideal to have all the resources you need to start a business. But there may be instances when you, despite best intentions and even exhausting available options, simply cannot raise the funds you need to start yous business. So what are you to do? Bootstrap the business, of course!
It is possible to start a business with little cash — but you need to do a lot of work and put in tons of creativity to develop your product and reach your target audience. The article outlines the steps you can do and profiles specific strategies other entrepreneurs have used to illustrate the suggested steps.
According to the article, here are the steps that you can do to start a business even on a little budget:
1. Brand it creatively
2. Switch business models on a dime
3. Work from home
4. Get paid up front
5. Use cheap web tools
6. Get your suppliers to finance you
7. Get to know your customers really well
You may also want to read the articles
- 10 Rules for Starting A Business on a Shoestring Budget
- Bootstrapping 101
- 50 Free or Low Cost Ways to Market Your Small Business