Sometimes you have to get into the trenches and make it happen.
Funding sources are everywhere. Traditional entrepreneurship philosophy dictates that, to be successful, you should stick with one thing and not deviate from it. But desperate times call for desperate measures.
If you are having trouble finding access to funds, there are a number of creative things you can do, such as the following:. Use current resources in new ways. Like most young companies, we encountered a cash flow crunch at PC Care Support. A few employees in the tech support department stepped up and offered to develop software for other customers. Then a few in the marketing department offered to develop websites. This got investors interested in our company, and it enabled us to have the cash we needed to get back to our core services.
Get a credit line. It is not uncommon for most startup businesses to rely on a line of credit. Some banks or credit institutions offer credit designed to allow growth in the early stages of business. A word of caution: to keep from getting bogged down in debt when you are trying to expand a business, keep purchases to a minimum.
Use an Incubator. If you believe you have a solid idea and a workable business plan, you may want to consider a business incubator. Upon acceptance, these programs provide funding designed specifically to financially assist a startup company. Sometimes they offer office space or shared administrative services. Find an Accelerator.
However, an accelerator expects a rapid response to its investment. Small things make a big difference. Once you get to a million dollars in revenue, your odds of funding increase exponentially. Banks, for example, look at funding strictly from this perspective.
If you have some revenue coming in but need an extra boost to get to the million-dollar mark, make sure to consider every possible way that your company can differentiate itself. Do you have a letter of commitment from a notable investor? Do you have some revenue or a contract to get some revenue?
And, beyond that, there are certain types of businesses you can start with almost no cash. So, which types of businesses can be started without a heavy financial burden in any of the above areas?
Read on to find out. Sites like Fiverr offer a great opportunity for writers, editors, photographers, artists and videomakers to book gigs from businesses with an assortment of content needs. The amount of money one can generate will vary greatly on a person's drive and talent. First off, there are personal creations, like arts and crafts. If you have a specific skill, you could use your skilled labor as the main revenue driver for your business. Learn about opening a Handyman Connection franchise here. The idea behind resale is simple: You acquire products and sell them to other people.
You can use dropshipping or wholesaling to acquire these goods.
Many workers think about becoming entrepreneurs only after getting several years of professional experience under their belt. Consulting is a service that costs only time to produce but can be highly valuable as a career opportunity. Of course, you could also piece together your own miniature business through micropreneurship and shared-economy opportunities.
After you get your business started and start earning revenue, your lack of startup capital will become less of a problem. You can reap the profits from your venture and reinvest them, or use them to start an even bigger business. In fact, you can start one for almost nothing.
You just need to know what types of businesses work best in that model. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners. The table below describes in more detail the data being collected.
Thinking about opening a business but have no cash? Home; Marketing taken the right steps to starting a business, money shouldn't stop you. You may also join various online forums on social networking sites where worked extensively on creating content for small and medium sized enterprises. 50 Home Based Business Ideas You Can Start With No Money You can set up your own blog online for free using a platform like WordPress.
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