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Start A Business With (Almost) No Money

history August 2, 2018

local_library 0 minute read

You have a business idea and you are going to open an online store on the Shopify platform but you don’t have much money, you can consult the following ideas:

Reduce your needs

Change your business model to demand fewer needs.

For example, you could reduce your “employee” expenses by being the sole employee at the start if you start a company as a consultant or freelancer. You can work from home and use it as the office space.

However, there are a few expenses that you won’t be able to avoid such as licensing and legal fees. SBA said that many microbusinesses start on less than $3,000, and home-based franchises can be started for as little as $1,000.

Bootstrap

This option invokes the idea of a “warmup” period for your business. You’ll start with just the basics instead of going straight into the full-fledged business model. To get a head-start you might launch a blog and one niche service, reducing your audience your scope, and your profit.

You’ll avoid some of the biggest initial costs if you can start as a self-employed individual.

You can invest in yourself, and build the business you imagined piece by piece when you start realizing some revenue.

Outsource

The last choice is getting funding from outside sources. There are dozens of potential ways to raise capital. Here are a few potential sources:

  • Friends and family. You can get help from your friends or relatives.
  • Angel investors. They are the wealthy individual They back business ideas early in their generation and invest in exchange for partial ownership of the company.
  • Venture capitalists
  • You can attract funding with a good idea and enough work.
  • Government grants and loans. Many state and local government agencies exist to help small businesses grow.
  • Bank loans. If your credit is in good standing, you can always open a line of credit with the bank.

In addition, when running your online store, you should take care of your customers well by using email with love and facebook help chat on https://autoketing.com/.

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