- by Net Pro Referral
- 20 Sep 2018
Tips and ways to Start a Business with a Limited Budget
Phew! You have a hell of an idea in there! But where’s the money?
This is the most usual life cycle of a great idea. An awesome business idea pops up in an entrepreneurial head but gets dimmed out by the thoughts of lack of resources and fear of failure.
But it doesn’t necessarily have to be so. If you have an idea worth fighting for, you should definitely give it a try. Do not worry about scanty resources as here we will be discussing how can you start a business with a limited budget! And will also provide you with lots of best business ideas to start a business with very small capital.
Starting a Business with Little Money:
Okay, so you want to start a business, but you have little money. So, what you have to do is bootstrapping. That means using whatever resources you have currently in your possession. So, gather all that and jump in! While you are at it, follow these tips -
Be a miser. Try to bring down your personal expenses to as close to zero as possible. And whatever you spend on your business, do it very thoughtfully. Like, only if it is essential and will really contribute towards your growth, spend that dollar.
Work from Home. Wait until having an office is a must. As long as you are not directly having to meet with clients or customers, stay away from renting or buying office space.
Buy Used. There always will be offices going out of business. Look for such businesses and buy off essential stuff for a far lesser price than it would cost you if you bought them new.
Rent When Possible. Before thinking of buying any equipment, seek whether you can rent it from somewhere. Same goes true for expensive software.
Have Freelance Workers. Try to be a one-man army as long as possible. Only when you really need a helping hand, hire people. Stay dependent on freelancers instead of full-time employees to cut cost.
Try Crowdfunding. Crowdfunding has helped many great ideas to become reality. You too can attempt to get funds from crowds through the platforms like Kickstarter, GoFundMe and others.
Get Small Business Loan. Although getting loans is not advisable in all situations, but if you are confident that you are business is going in the right direction and a small loan would boost it further, you can go for it.
Best Business Ideas with Low Investment:
Now that we have got some tips on how to start a business with very small capital. Let’s have a look at some of the new business ideas with low investment.
Blogging and Social Media:
Every company needs to run their social media presence and do blogging for effective digital media marketing. So, if you know how to do it and have a creative flair at writing, you can start a local business centered around this. Setting up such digital media company will not cost much, and you can start all by yourself. Then, gradually you can expand your workforce by hiring suitable professionals.
Pet Care Services:
People who love and care for their pets often come across such situations when they are willing to give anything for the betterment of their pets. Moreover, when the situation demands that they must be away from their pets for some time, they find it very difficult to hand over their pets to unprofessional non-experts. So, if you can provide an offer of professional expert pet care services, you are going to earn a lot of cash without any significant amount of investment. It is one of the best profitable business ideas with low investment.
Setting up a consultancy business is one of the new business ideas with low investment. If you are an expert on anything then there are people in need of your expertise. You will just have to get noticed by them. In this regard, you will have to spend a bit on marketing and stuff. For the early days of your business, you can be a one-man army and do your business from home.
Homemade Food Services:
This is one of the best business ideas with low investment and high profit if you have a passion for cooking. There always will be high demand for homemade healthy food and you can cater to this need. Besides, you will also be able to offer a versatile menu at affordable prices for your customers.
With the growing dependence on on-demand household services via mobile apps or phone calls, there came another low budget business idea for you. By opening such a service, you will not only make an earning source for you but also for all the people you will involve providing the services. Start networking with people who are already doing household services and bring them under your umbrella.
There is a fortune in the waste, if you know how to find it. Through waste management and recycling you can create various sorts of products and sources of revenue. You can also collaborate with your local authorities on waste collection to minimize efforts on your part. If done right it is one of the best profitable business ideas with low investment.
Setting up a food cart can be a humble yet rewarding beginning for you as a businessman. A food cart is really one of the best business ideas with low investment and high profit. Food carts can be placed anywhere depending on your needs and crowd presence. You can also hire people to make your business into a food cart chain.
If you have an organizing spirit, event planning and management can be a very rewarding business. Start with small parties and once you have your line of supplies and contacts ready climb up the ladder to arranging corporate programs.
There are so many other low investment high-profit business ideas available there that we could not accommodate here in the limited scope of this article. But you can find those yourself. Just look around you. Wherever, there’s a need, there’s a business idea that can fulfill it.