Lack of Capital Doesn’t Have to be an Obstacle to Business Success
Have you been thinking about launching your own business, but feel that it’s an impossible dream because of lack of access to capital? You don’t need to let this hold you back. Sure, it’s ideal to have some financial padding for your startup, but there are plenty of business fields you can easily enter even if you’re not well-funded. Or, if you have a business idea that does require capital, there are several different options for new entrepreneurs to access needed business funding.
Today, Entrepreneur Funding Experts provide some guidelines for would-be entrepreneurs who have great ideas but not a lot of cash on hand.
Some businesses you can start without a lot of capital.
There are a lot of businesses you can start without much capital, but not all are lucrative. But here are some ideas for businesses you could live on, and which don’t require a hefty investment.
- Freelance writing can be a great choice for a skilled wordsmith. It may take a little while to get a freelance writing business going, but once your name is out there and you’re getting your pitches accepted, or securing commissions, this can be a great source of income.
- If you’re good at tech and design, consider becoming a web designer. After all, you’re not the only one thinking of starting a business, and every business owner needs a great website.
- If you have a knack for organization, communication, and bookkeeping, you may be able to find great work as a virtual assistant, so long as you have a few reliable devices and updated software.
- Home and office cleaning are jobs that will always be in demand and don’t require investment in much other than a few basic products, and the right liability insurance.
How to access funding if you need it.
There are several options for new entrepreneurs who need to raise capital before they can launch.
- Look into getting a small business loan, either through the government or through private lenders.
- Or do some research and see whether you qualify for a grant for your business. Business grants are often specific to the geographical area, type of business, and entrepreneur demographic.
- You may also be able to get funding through private investors.
- Another option for raising cash for your business is to crowdfund – especially if you are creating a business that will offer a desirable service for your community.
Business-launch basics.
Whatever the nature or size of your business, here are the basic boxes you need to check, as you get it off the ground.
- Write up a detailed business plan, including an executive summary, market analysis and plan, and a description of products and services.
- Come up with a name for your business. A good business name should be catchy, easy to remember, and contain keywords that will make it searchable.
- Choose a structure for your business and register it as a legal entity.
- Register your business with the IRS.
- Start a business banking account.
- Purchase any products, tools, or materials you need to get your business running.
- Apply for and purchase any insurance, licenses, or permits you need, to operate your business legally in your community.
- Save money by advertising for free via social media.
- Supplement digital advertising with old-fashioned approaches like business cards. Use this free business card maker to generate cards you can hand out to potential clients.
The amount of preparation, work, and funding that goes into a business launch depends on a lot of variables. And you may not be able to launch your startup right away if you find it necessary to raise funds or do extra planning. But the important thing to keep in mind is that lack of access to capital is not an insurmountable obstacle if your heart is set on entrepreneurship.
Entrepreneur Funding Experts is a full service business finance and consulting firm. Through our marketplace, we offer a full suite of financing programs and small business services nationwide. Call 833-568-4712.
