Small Business Start Up – What to Do If You Can’t Afford to Start Your Own Business
Want to start your own business but think you can’t because you just don’t have the funds?
It is possible to overcome this small obstacle and grow the business of your dreams! How? By starting smaller and systematically building towards your dream business.
For example: If you want a restaurant, start a catering company first. Can’t afford a catering company? Sell baked goods from your home to a local café to start building your experience, contacts, and cash reserves until you are ready to take that next step.
Want a clothing line? Start by selling your designs to local retail shops. Not ready for retail? Sell your designs online on your website and through sites such as eBay.com or etsy.com.
Want a retail shop? Start by selling goods online or to local retail shops. Not sure if you’re ready to keep up with retail? Sign up with an established retail company such as Avon to get you started.
The most important thing to remember is that when you earn money it needs to be reinvested in “your business,” either by reinvesting in the smaller version to help it grow or by putting the money away to invest in the bigger version when the time is right.
Also important is to put your plan for growth in writing so you won’t lose sight of where it is you are heading and what you are ultimately working for. Create a nice graph depiction of your business goals for growth and post it somewhere you can review it every day. Also notate the thresholds for moving to the next stage. For example, if your ultimate goal is to own a restaurant and you are starting with selling baked goods to a local café and then moving to a catering business, note on your plan when these changes will occur. You could decide to move from selling to a café only to also catering to one event per month when your cash savings have reached $500. Then, when you get to the point that you can cater say, five events a month, you may wish to stop selling to the café.
Just make sure that your plan is detailed enough that you know exactly what your next step is and when to take it. But keep in mind that your plan should be flexible; you may need to change it as you go.
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