Starting a business is easy and straightforward. Most paperwork can today be filed online, and the process of creating a new micro-company can be completed in a matter of hours, at an average cost of $3,000.
However, when looking at how much running and growing a business will cost, we are looking at a whopping $30,000 to $40,000 just for the first year – a cost that is out of most people’s budget!
Nonetheless, if your dream is to become an entrepreneur and you have leadership skills, there are other ways to start your business venture without breaking the bank. Let’s look at these below!
1. Explore Low Cost Franchise Options
One of the best options to explore is franchise opportunities. A low cost franchise for sale in your field of expertise can help you set off on your career as an entrepreneur with very little investment capital. Plus, you’ll always be able to count on the visibility of the brand and a team of specialists ready to help and guide you as you drive your business forward.
2. Consider Crowdfunding
Another option to fund your own business if you have little initial capital is crowdfunding. The crowdfunding market is expected to grow at an annual rate of over 14% over the next 6 days, reaching a global value of over $3.6 billion by 2030. As more people turn to crowdfunding to afford projects such as starting a business, you’ll have several more options to launch a successful campaign!
3. Dream Big – But Start Small
Planning a grand opening for their new business is a dream of most entrepreneurs. But not everyone can afford a hard launch! Fortunately, there’s a lot more you can do to help your business successfully debut into the market – starting with a soft launch!
Sure, this involves building a customer base over time and keeping the budgeting market to a minimum. But if you are in no rush to leave your full-time job and are just setting yourself up for the future, this may be the best way to go!
4. Find An Angel Investor
Now, let’s look at the opposite scenario: you have a brilliant business idea and you are ready to leave your full-time job to become a full-time entrepreneur – but you need the money. This is one of the most common barriers for startups and entrepreneurs across the market!
Luckily, there’s more than one way to access the funds you need as fast as possible – starting with finding an angel investor! The number of angels providing funds to small and new businesses is rising quickly – just make sure to know where to look and put your idea out there!
5. Build Your Own Brand Through Social Media
If you are looking to create your own brand as an independent contractor, freelancer, or consultant, you may take advantage of social media to establish a trusting community! You can then even sell workshops and courses through your social media profile and develop your personal brand as a thought leader in the field.
As you’ve seen above, there are several ways to become your boss on a budget – but not all of them will be equally right for you, your budget, and your goals. That’s why working with a specialized career advisor may prove to be the most invaluable move in your journey. Get started today!
Business Venture article and permission to publish here provided as Contributed Content. Originally written for Supply Chain Game Changer and published on February 8, 2024.
Cover photo by Freepik.