Of course, money is the life and soul of the business. To start a business of any scale, whether online or offline, you need capital and cash flow. But, it is a presumption that you need a lot of capital to start a business. But, let us tell, you don’t. Yes, You can set up your business with little or no funds.
If you have limited funds, then you can open a storefront where you can sell your products, like handcraft gifts, paintings, flowers, cakes, anything and publicize it by way of the month with friends and family. Then, you can improve your services and build trust through feedback. Slowly, you can sell them to third-party companies or collaborate with portals dealing with the same products. After that, you can design your website where you can provide the customers with online gift delivery in Pune, Mumbai, Delhi, and other Indian cities. This way, you can capture the pan India market.
However, if you have no money or funds, then here are a few ideas to help you out.
- Look For Things That You Can Do and Get it Done For Free: Starting a business is not easy, especially when you have no funds. Lack of funds makes you look at the number of obstacles rather than the opportunities in your way. Reflect what’s essential for your business. Do you need a custom-designed website to sell online gift for husband and wife, or could you do with creating a Facebook page to promote your business? Other essentials could be manpower. Can your business operate with one or two employees or you would need a handful of employees, etc.? Because of lack of funds, look for ways where you can get the work done for the free or titular amount. Say, creating a Facebook page or Instagram id is free. There are a lot of free resources on the internet to create a website for people who would do it for you in a small amount.
- Have Savings For At Least Six Month Expenses: When you are designing your business plan and put into the action the first step mentioned, you can clearly make out at least an estimated idea of the expenses and revenue you would be generating. Be realistic about how long it will take to see the profits. It will take about six months to get the cash flow in. Make it a goal to save for at least six months so that you can cover the expenses and make your business idea work. Stay dedicated, and work towards it.
- Ask Your Family and Friends for Financial Support: Do not ask your family members or friends for money by telling them a vague idea. Show them your business plan, get started with things, and when they can see the possibilities of your business growing or working at like a very small stage; they may be willing to help you with finances. It’s not the charity; you can always pay them back. Then, there are crowdfunding platforms to encourage people around you to motivate their networks to pitch in for your business.
- Apply For a Business Loan For Extra Cash: If you need more capital or are running or shoestring budget, apply for a business loan. Several banks and online lenders offer different kinds of small business loans to entrepreneurs for extra cash flow or investment funds.
When facing financial issues, this is how you can start or keep your business afloat. Never give up on your dreams; if there is a will, there are ways!