Starting A Startup With Low Funds
Not all businesses cost greater amounts than the average person has had at one point in their life. Believe it or not, many entrepreneurs who have started with low funds usually only had $5,000 or even less, and then would let their profits help fund the growth of their business. So you don’t need friends in high places to make your own business from scratch.
Put these statistics on for size: about out of all the most recent small businesses, about half have started from home. The same magazine that found that statistic also found out that the average startup for many of the companies in the magazine was $25,000, and plenty of them didn’t even spend nearly that much to start their huge successful businesses.
When you want to start a startup, don’t quit your job. This allows you to keep an income as you work on your startup. This allows you the funds to experiment with what works best and may leave you with more funds then you started with. But keep it part-time. You do not want to be working full time while you are trying to start your business. All this does is drain you physically and mentally, and you need your energy for your business.
Take on a new spending habit. You will need to live a little different, so don’t spend on things you don’t need, it is time to mature out of that stage so that you business can grow. I would also suggest that you don’t spend more then you have. Save up until you got a good amount and can feel comfortable living off that saved amount as well as funding your startup.
Danny Wong is a men’s dress shirts entrepreneur, and his company specializes in slim fit dress shirts and fitted dress shirts for the new male.