Starting A Business On A Tight Budget
First of all, with any new or expanding business, money can often mean the difference between success and failure. Those who have a full time job may one day decide to quit and start their own business with little capital and may find themselves in financial hot water before the business actually gets off the ground. Even if the business requires little or no capital up front, personal daily living expenses must still be paid and your personally finances will suffer without a steady income.
Obviously, with little money you will not be able to start a franchise business for a major corporation that often requires an investment of several thousand or even hundreds of thousands of dollars. In the beginning you can keep your sights set high but in the short term starting small and building gives you best opportunity to start your own business with little cash.
It may be best to begin your own business while hanging on to your day job until the business income will sustain your living expenses. This can be tough to accomplish at times, especially if you are used to getting home exceptionally tired from a hard day at work. If you decide to begin a business part time while continuing your regular job, be prepared to lose your free time and time spent with family and friends. There will be no extra time while you are essentially working two jobs.
If you work in an industry with which you are familiar and already have all the tools of the trade, starting a business with little cash can be easier. If you already have everything you need to perform the functions of the business as well as the experience, the only thing missing will be customers who take advantage of your business. Even with nothing left to buy to get your business growing, there will still be expenses involved.
While stationary and envelopes and other office supplies may not be important to get you up and running, your time and work is going to be a major expense that will need to be covered from the beginning. Many contend that running their own business is payment enough for their time and labor, yet the grocery store and utility companies may not see it that way. If you have a family, starting your own business will also affect their quality of life and should be taken into consideration when making the decision.
Many online companies have affiliate programs that you can run on a part time basis while still working your regular job. This gives you the opportunity to start to earn extra money while building your plan to operate your own business. There are also numerous online franchise businesses that you can buy into with little cash, enabling you to start your own business. The type of online business should be determined by your interest and willingness to spend the time necessary to make it successful.
Obinna Heche: Los Angeles- California
Delivering the best home based business ideas,
opportunities and resources so you can work at home successfully..
http://www.homeincomeportal.com/obhmy365
2 comments:
Interesting post. I'm a budding entrepreneur, so this is very helpful. I'd love to buy a business, but having enough capital to support myself during the beginning would be great. I've been looking for businesses, but I haven't found any that truly interest me. Do you have any suggestions? Thanks
Amy -- Have you looked into your local small business groups? They should be able to help you and direct you to the right people. Plus, it's always good to network.
I also highly recommend checking out BizTrader.com, which is an online global marketplace for budding entrepreneurs like yourself. You can invest in, buy, and sell a business there. They also have a service where you can find a lender or find a broker to help ease the process. There a bunch of businesses, so I'm sure you'll be able to find what you're looking for. Check it out and good luck!
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