Start a Business for Little or No Money

Business on a Budget: How to Start a Business With Little or No Money

May 2018May 2018

Looking to start a small business but don’t have a large amount of money to do so? It’s possible to start your own business on a budget by following these tips. While you may still need some income depending on what type of business you’re starting, these tips can save you a large amount of money. 

Know What Options Are Available for Those Who Want to Start a Business

There are a number of different options to help fund your new small business so that you don’t have to shoulder the entire financial burden. Small business grants and loans are available for those who meet the requirements. Grants are the better choice since you don’t have to pay them back, but they do often have very strict requirements.

Here are some places you can look for grants from the federal government
  • The Small Business Administration
  • The Small Business Innovative Research Grant
  • The Department of Agriculture Rural Development Program
  • Your local state and city government websites and offices
What About Crowdsourcing?

In recent years, crowdsourcing or crowdfunding has become very popular thanks to websites such as GoFundMe, Kickstarter, and Indiegogo. You may be able to use one crowdfunding to help raise money to produce a product. Generally, these sites host projects that do end with a product, film, or other items you can provide to your backers. Many do have particular guidelines you must follow and will not allow projects that aim only to raise general funds for a business. You will need to research these sites to determine if crowdsourcing is right for you.

Use Existing Equipment

One of the biggest expenses you’ll incur when starting a business is one-time equipment purchases. If you already have or can borrow this equipment, you can save a good amount of money. In fact, you may not have to spend any money on equipment at all.

These are just a few ways you can find funding & reduce your business startup expenses. Call us today to schedule your free consultation!

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