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When it comes to starting a business, often the big hurdle that most hopeful entrepreneurs will face is a lack of money.
However, a lack of funds shouldn’t be the death-knell for your business idea. After all, countless businesses have been started from nothing. The American Dream is all about bootstrapping a small business from an honest mom and pop to a mega-corp selling world-wide. And thankfully, with all the technology and communication tools available at our fingertips, starting a business with nothing but a business plan, your smartphone, and a strong work ethic is totally possible. Below, you can get 5 solid tips on how to start your business with little or no money out of your pocket.
Platforms like Kickstarter, IndieGoGo, and others, allowing you to target your consumer base to gauge interest in your product or business through real sales. What’s really great about these platforms is that you can create your own tiers of support, only offering physical rewards to supporters that you know will be possible.
Start as a Service
While you may want to start out as a software company that makes games or some other specific type of application, don’t be afraid to start as a service to generate capital. If you have a skill that can be sold to help build equity in the business, and you don’t have capital, starting as a service can turn sweat equity in equity-equity.
Find Partners with Money
If you don’t mind working, and have an investable idea, find yourself some investors. You do the work, they pay the costs, and everyone shares the profits. But just know, they may take a bigger share than you expect.
Get a Credit Line
If you are 100% sure your idea is going to take off immediately, then you may want to consider getting a line of credit to finance your new business. This is perhaps one of the riskiest options as small delays can result in massive financial penalties. Protip: Find a line of credit that has a longer-term, like the AMEX Plum card that has a 60-day billing period.
Find Your Whale
Sometimes, to get started, all you need is one big client, also known as a whale. Many small businesses have gotten their start thanks to one client needing a lot of work, and there is nothing wrong with that. Just don’t forget to save and market your business so that when your whale swims away, you won’t drown.