10 Ways to Start a Business on a Budget

It is impossible to start a business with a tight budget in hand…or is it?

Even a hundred dollars can start a good business. It may sound crazy, but a lot of successful entrepreneurs today had started with even barely a hundred dollars in hand. All it takes is the will to believe, a clear mind, and these 10 great ways to start your business on a budget.

1. Draft ideas. Start by writing good business ideas on a piece of paper. Write down as much as you can, no matter how silly or difficult the idea may be. Later on when you’ve already listed down the potential businesses you have in mind, sort out which ones are possible to start with a fixed budget in hand.
2. Start small. Choose something that you can handle with the budget you currently have. For example, you want to put up an internet shop. Consider beginning with 5 computer sets in total and eventually, when all is well with the shop, you can add a dozen more.
3. Do what you love. A relationship with whom you do not love would not last long—and the same thing goes with your business. What is your passion? In your donut business, for example, you’d have to bake them fresh every day, choose the right ingredients for satisfactory taste, and other things you need to do to sell your donuts. If you do not have passion for baking at the first place, the business would meet its end.
4. Limit your personal expenses. Of course, when you’re in a tight budget, you would have to temporarily cut off those monthly gadget upgrades or credit card billings which you do not necessarily need. Instead, save the money and use it to grow your business!
5. Consider borrowing. If you feel like you would be needing more, borrowing a little would not hurt. Before you do this, though, assess yourself on whether you would be able to pay or not. As much as possible if the budget you have in hand is enough to start with, borrowing would be your last option.
6. Know what’s in. What is popular nowadays? Be sure to be in with the crowd and know what they like. For example, you’ve put up a clothing store. You cannot sell long skirts when miniskirts are in. It is good to be able to show the crowd that what they want is in your store.
7. Awaken your creativity! Add some spice. Make your store look so tempting that even those who are in a hurry would definitely find time to know what you’re selling. Come up with gimmicks that would enhance the presentation of your business.
8. Know your customers. Who are your target customers? Are you selling to the youth? Musicians? Businessmen? When you know who you are appealing your business to, it is easier to achieve your goal and earn.
9. Spread the word. Advertise! Make an impression. Advertising could be cheap. A lot of online websites are offering advertisements for low costs. Try giving away brochures to let the people know about your business.
10. Keep the cash flowing! When the business is booming, remember to keep the money flowing. The business then lies on how you keep the cash rolling for your business to grow.

The word impossible exists only in the minds of those people who do not have the drive to succeed.