Do you have a dream of starting something on your own? Do you have that spark in you? Are you in short of money to pursue your business? Always remember that most of the biggest companies were started on a very short budget.
If you have that passion in you, budget constraint won’t be able to stop you from winning, period.
Let’s discuss a few pointers you need to consider if you are starting your business on a budget
Paperwork is optional
Unless you are dealing with some legal way or something, it is not mandatory to get your business registered. Many of the small business were started without any paperwork done. Once they validated their idea, they proceeded to get their site registered.
I see guys getting into all the paperwork without even validating their idea. Later on all the effort of registration and paperwork is wasted if the business doesn’t turn out well.
You don’t need an office
Jeff Bezos started his empire from garage and same is with Larry Page. Don’t hesitate to make garage your office if required. You can always opt for those swanky offices once you run in profits.
As most of the businesses these days run on laptops and phones, you can also get this done sitting in the comfort of your home! I understand that some guys hesitate sitting in garage or home, but if you are really serious about the work, you will be able to do it no matter where you are sitting.
Be ready to make your hands dirty
While in corporate world, there is a specific task assigned to each of the employee. But when you are starting up, you have to do it all yourself. Sometimes you be the sweeper and sometimes a telecaller. Man, this is startup and you have to get into multiple roles unless you are a Ambani or Tata.
Similarly, get things like branding and website by yourself too. I have used Canva’s Free visiting card maker to get some awesome cards done within seconds and used DesignEvo to make logos. Want a website done? Get website builder and do it yourself. Similarly you can do a lot of things by your own.
Want a website done? Get website builder and do it yourself. Similarly you can do a lot of things by your own.
Save Save Save, negotiate where you can
A penny saved is a penny earned, right? Negotiate everywhere. Always remember you are on a fixed budget. Buying computer parts? Search for wholesalers in your area. Always look out for wholesale places as there are always such places where the prices are low.
Similarly, ask your vendors to give you credit for a month or so. This will help you keeping cash in hand. Also, keep a check on minute expenditures. These small ones look negligible but they might result in huge expenses collectively.
Learn new things instead of outsourcing
As I said before, you don’t have to get everything outsourced when you are starting up. Learning new skills helps a lot. I know many startup guys who designed their website, who designed their logos, who painted their office.
There will be times where you will need expert’s help. For that, there are communities related to every industry. Just be bold and ask your query. Yes this is time taking, but who cares? When you are moving, it is good, whether it’s slow or fast 🙂
Do a lot of networking
Once I met a developer who turned out to a great guy. We met at local dev meetup where I offered everyone free hosting coupons I got from a friend who just started his web hosting company. The developers were so impressed, one of them offered me help to create my blog.
In a nutshell, networking helps a lot as you can help people as per your expertise and they can help you as per theirs. This is a win win situation where no one has to spend money to get things done!
Starting a business is no doubt a tough task. I have seen many guys sinking and getting back to their 9 to 5 within months of starting up. Don’t let any constraint hinder your way, keep your will as strong as stone and dive into the sea of entrepreneurship. All the best!
About the Author
Prince Kapoor is a Freelance Marketing Analyst and Blogger. While not working, you can find him in gym or giving random health advises to his colleagues which no one agrees on :). If you too want some of his advises [on health or on marketing], reach out to him at @imprincekapur