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Tips On How To Start Up A Small Business Without A Loan

In What You Need To Know About Small Business on April 13, 2018 at 9:15 am

It can be extremely hard to set up a small business without any capital but that does not mean to say it is impossible. If you are prepared to learn new skills and dedicate yourself to making it work, you can succeed and realize your dream. To be able to do this mammoth task there are a number of things you should consider. In this article, I will talk about the different tips that will help you get your business off the ground.

#1: Business Plan

All businesses no matter the size need to start with a well thought out business plan. By doing this you can work out in theory if your business model will work or not, the setup and overhead costs, marketing strategies and more. Without doing this you are working blind which will lead to mistakes being made and possible failure of the business.

#2: Learning New Skills

Once you have completed your business plan you will have a full breakdown of all of the work required to get yourself off the ground. The only way to get a business up and running without taking a loan out is by learning all of the different aspects yourself. If it is an online business you will need to learn about SEO, WordPress, plugins and digital marketing so that you can run all these campaigns yourself without having to pay for external help. It is a difficult task to undertake but one that will be extremely rewarding and give you an understanding of your business that is unrivaled.

It is not important to know answers, it is more important to know questions. Google and online video courses sites like youtube are packed with expert advice and free training video so you can learn any skill in the world as long as you are willing to dedicate some time to learn it.

#3: Crowdfunding

You do not need to get funding from a bank to get your business up and running as now there are hundreds of amazing crowdfunding websites that you can use to raise startup capital for your business. If you are creating a product you could offer incentives such as free products once they have been produced in return for investing in your business.

#4: Action

Dreams only become reality by taking action and without taking the required steps to get your business off the ground it will remain a dream inside your head. The key is starting and even if you just allocate 30 minutes per day to try to get an idea off the ground, you will find in no time it will be making its first sale. Once you have achieved that it will give you the confidence to focus full time on the project and take it to the next level.

Conclusion


Do not set up your own business if you think it is a way of providing you with an easy life. It is packed with stress and if you do not have a lot of capital it will greatly enhance the stressful situation. If you are considering taking out finance to set up a business, make sure that you have proven that the model works first before taking on financial commitments. If you do end up taking out a loan do not offer any personal guarantees if possible as you will be personally liable should it fail.

To read about how using Business Canvas Model can help your small business check out this Floship article.

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