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How to start a business with little or no capital

How to start a business with little or no capital

Access to startup capital is undoubtedly the most common barriers to entry to business globally. Many people have some really bright ideas on businesses that could potentially generate million or even billions of dollars, but lack the capital to help them get started.

But the great news is that there are so many ways you can start your business even in the absence of capital. Yes, money is the tide that moves the wheel in business, but is not the only one. This article will go over 5 tips to help you start a business with little or no capital.

5 ways to start a business with little or no capital

1.      Eliminate all non-essential expenses

Bootstrapping is the idea of starting a business by only leveraging the resources that are available at hand. It is a common strategy that was the foundation for success for many multibillion dollar companies such as Airbnb.

Create a list containing all your business expenses and then identify which ones can be eliminated or substantially reduced with minimal impact on your operations. For example, if you’re renting an office space, you can explore the idea of working from instead. You can choose to work with freelancers rather than hire full-time employees to reduce your salary expenses.

2.      Focus your marketing on the internet

Browsing the internet is a lot of people’s favorite pastime activity. Fortunately, it is also the cheapest and easiest place to acquire customers.

You can use platforms such as Wix or FreeWebDesign to get a free business website that allows your business to be found through the search engines. Many people’s purchase journey starts by doing a Google search. If you can get your business in front of them, right at that moment when they’re researching, then you’re likely to win their business.

Also make sure that you have active social pages on all the popular platforms, including Facebook and Instagram. Social media marketing might by time consuming but it’s the cheapest way to acquire customers.

3.      Build an email list

Email marketing is still one of the most effective marketing strategies. As a matter of fact, it has an ROI of roughly 4,400%, which is significantly higher than most other channels.

You can easily start building your email list by capturing people’ contacts on your website using an opt-in form. You can even offer freebies such as coupons and ebooks to get them to fill the form.

 

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