Starting a business can be a daunting task, but it doesn’t have to break the bank. Here are five ideas for starting a business on a shoestring budget. All of these businesses can be created with limited financial resources, and most of them don’t require a lot of space or equipment.
If you’re unsure where to get your funding for your business idea, you can always approach governing bodies built to help aspiring entrepreneurs. For instance, if you’re a service-disabled veteran, you can seek help from the Department of Veteran Affairs (VA) and get your business certified as small businesses owned by service-disabled veterans.
Or, if you’re planning to operate your business within a HUBZone, you might be able to get federal assistance under the HUBZone program. Just make sure to do your homework and find out about the different programs that are available to you.
So if you’re looking to start your own business but unsure where to begin, these five ideas are a great place to start.
1. Start an online business
Despite what many people believe, you can start an online business for free. Sites like Blogger and WordPress make it easy to get your ideas out there on the web. You can create a professional-looking site for free with Google’s Website Creator by simply selecting which domain name you want, adding content, and customizing your site.
Online businesses are great because they don’t require a physical location and you can sell your product to customers all over the world. Plus, you won’t have to pay for a storefront or retail space, and many online businesses can be run from home.
2. Sell a product
Another way to start a business on a shoestring budget is to sell a physical product that you already have or can acquire cheaply, then find the right audience. You could turn something like handmade jewelry into an online business if you know where to look for customers and what to say to them.
Of course, this entails that you have a product to sell. If you have a hobby, this could be the perfect opportunity to turn your passion into a business so you can get more enjoyment out of it.
3. Launch a service-based business
If you have a skill that other people want, launch a service-based business. Cleaning services and lawn care are always in demand, but that doesn’t mean they’re the only service-based businesses you can launch.
Consult with your local Small Business Administration about what kinds of services people in your community need and how best to launch a business helping them. This way, you’ll be hitting two birds with one stone because you’ll be helping your community and starting a business at the same time.
4. Start a small business with friends
Starting a small business with friends can be a lot of fun, and it doesn’t have to cost you much. Most successful small businesses are started by friends or college roommates, and it’s a great way to ensure that the business is successful from day one.
If you’re going into business with friends, make sure you keep track of your contributions to the business — it could become a point of contention later on. This is because you could have different responsibilities when the venture starts to take off, so keep track of your side of the work.
5. Invest in yourself and pursue training or education
You may not be able to afford to attend a four-year university, but you can still invest in your future by getting training or education. If you’re passionate about a particular business idea, then sign up for classes and learning programs to get the skills and education you need.
Once you have the necessary training, then you can start your business. It may take a while for you to get your business off the ground, but it’s better to start now than wait until you have enough money to make the leap.
Starting a business doesn’t have to be expensive, and there are plenty of ways to get started without spending a lot of money. If you’re creative and motivated, you can start a successful business on a shoestring budget. With hard work and dedication, your small business can grow into something much bigger.
Additionally, you’ll be able to contribute to building a stronger community by offering jobs to people in your local area. This means that you’re not only helping yourself by starting a small business, but you’re also helping everyone else in your community.