You’ve probably heard at some point how it takes money to make money, and although this is true to an extent, there are plenty of highly successful businesses out there who started with next to nothing in terms of finances and who went on to start making a lot of profit.
The thing is, starting a business is something that’s quite unique to everyone, and there isn’t just one universal way of doing it or making a success of it.
Of course it’s wonderful if you have a lot of money saved up or have investors who are willing to back you, but the reality is that these scenarios are often the exception and not the rule.
What it typically looks like when trying to get your business off the ground is a lot of late nights, early mornings, 18-hour days, and plenty of strong coffee.
That’s not to say it will always be like this. You will obviously be putting in the work in the beginning with the goal of getting to a place where your business is making enough money that you can hire people and scale the business, but there will be no reward without work.
Now that we’ve given you a realistic idea of what to expect when starting a business without a lot of money, we’re going to give you some practical things you can do so that your business will start to see traction sooner rather than later.
Look at financing options:
Just because you don’t have the money already doesn’t mean you can’t acquire it through other means (nothing illegal or unethical, of course).
For instance, you could approach your bank for a small business loan, and if this isn’t an option for you, although it’s not always the easiest to find business startup loans with no credit check, it’s also not impossible.
If you want to avoid loans altogether, you could look into crowdfunding, or even take an extra job that you could use to put towards some of the costs of your business, such as office space or even a virtual office space like yourvirtualofficelondon.co.uk or even towards your marketing and advertising costs.
Invest in social media:
When we talk about investing in social media, we’re not talking about a financial investment.
Although it’s always an option if you want to use things like Facebook ads or Google AdWords to grow your business, you can invest time in growing your following and see the same results.
The only downside is, it can take a bit longer to grow this way, but it’s definitely a viable option if you need to tighten the purse strings.
Create valuable content:
Even if you have a lot of money to spend on your business and marketing, creating content is still going to be at the forefront of everything, so if you want to see growth then one of the best things you can do is start creating high value content that builds trust and authority.
This can include social media updates, live videos, webinars, blog posts, podcasts, and even guest interviews or speaking engagements.
If you want to grow a successful business, especially one that’s based online, then one of the things that will help you grow quicker than any other strategy is simply showing up and being consistent.
You don’t need things like complicated funnels, lots of tech, or even to reinvent the wheel each time, but if you want to build trust and give people confidence in buying from you, consistency is what’s needed.
The one thing that you absolutely need is to get educated. If you would provide training to your staff, then you need to get training for yourself. Your business will benefit from GDPR training and you will, too. Yes, it’s an investment, but it’s one that’s worth it no matter what! If you understand how you can keep your business safe and protected, then you are going to be better equipped to run your business the right way. This, again, will be how your customers will be able to trust you – they’ll know that you have their best interests in mind at all times.
Hopefully these tips have enabled you to see that, although money can certainly help you get started, it’s more than possible to create a successful business without a lot, or even any money as long as you stay focused and consistent.