The path toward entrepreneurship can be trying. One of the most common frustrations aspiring business owners encounters is capital. How can you cover the cost of day to day operations and build a staff? Should you fundraise? Should you take out a loan? How can you fund a business without giving away shares in your company? There are many questions you’ll need to ask as you start to get your business of the ground.
Stretching your dollar will become a crucial part of running your new business. Here are a few hacks that will help you budget, creatively, and make the most of the money you have.
Rely on the internet for foot traffic
This logic is the crux of all following concepts. The internet is the best resource for any business owner, we all know that. Building your social platforms, your website, using public relations tools will all benefit your business. If your marketing budget is small learn how to maximize your marketing efforts solely on your internet competency. Register on Google places and Yelp. Learn about SEO. Do everything you can to become internet-business savvy. The more you know, the more doors will unlock for you.
Spend time researching free resources
There are plenty of resources available for business owners, and often they are free. Resources might include joining a networking event, finding a digital tool to help build a website, maximizing your social media marketing. There are plenty of ways to get free exposure and advice if you know the correct places to look.
We are conditioned to believe a spend-and-receive (capitalism) system is the only way to acquire good. That mentality is wrong. There are ways to be creative. Bartering items or, trading services or goods with another person or organization without swapping money, is a great way to build creative capital.
Don’t go for the perfect employee right away
If you’re strapped for cash but you need to bring someone on board to help with the day to day operations of your business, pick your employee wisely. The less experience your hire has, the cheaper they will be. Often inexperienced hires are hungry for experience – they need a resume builder and connections in the business world for recommendations. Embracing these partnerships will be mutually beneficial.
What tips can you share from your entrepreneurial journey? Did you find ways to cut your budget? If you could advise a future business owner on the most and least important expenses in a business, what would you say?