Have you ever dreamed of owning a business? I can’t blame you. The advantages, after all, are crystal clear. Mainly, you get to be your own boss, set your own hours, and make a living off of a passion.
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Because of this, it’s not surprising that about three in five Americans (61 percent) have an idea for starting a business, and about a third (34 percent) have had more than one idea.
Despite this, it remains a dream to many due to funding constraints. In fact, according to Zapier, 63% of Americans haven’t followed through with starting a business due to a lack of funding.
To be fair, that’s a valid concern. After all, it costs money to start a business. And, if you’re already on a limited budget, this could further complicate matters.
There is some good news though. A business can be started, or even expanded, for free if you think strategically and utilize available resources.
Take advantage of what you have.
Let’s say that you love pizza. Who doesn’t? But, you’re such an avid pizza fan that you want to have your own pizzeria.
Even if you actually know how to make a mouthwatering pie that people would line up for, you need a lot of money upfront. Besides a physical location, you need key equipment like pizza ovens. Simply going the food truck route would also cost a pretty penny.
Another option? About taking your passion and knowledge and sharing it with others through a blog. Believe it or not, you can set up your own blog via Blogger or Medium. So, that means you’re only investing your time. And, eventually, when you get a following you can make money with ads and affiliate marketing.
That’s just a long way of saying that when starting a new business consider what you have at your fingertips.
- What unique skills do you currently possess?
- Do you have any past experience?
- What areas are you knowledgeable in?
- Identify your relationships with others, map out your network of contacts, and consider how your connections can assist you in using what you have to your advantage.
- What are your resources and what can you access?
Consider what you have available in greater detail than what springs to mind immediately. And, you should also document your findings so that you take stock of what you already have and how that can assist you.
Focus on businesses that require little upfront capital.
After considering what you have at your disposal, are there any low-cost business ideas that correspond? Again, if you’re a pizza aficionado, then starting a blog is an obvious business idea that requires little capital upfront.
In fact, the number of businesses you can start today requires little or no money initially. Particularly, service-based businesses.
A service-based business is one in which you sell services as your primary product. Due to the fact that you won’t be selling products, you won’t need inventory, a shop to manufacture the goods, or a warehouse to store them.
Almost any service business can be started on a shoestring budget. Online businesses, especially, are well suited to this. Often, you need nothing more than a computer, an internet connection, …….