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Be a Debt-Free StartUp
For many people who have an entrepreneurial dream, there is no established nest egg or savings to start a small business. Don't be discouraged! Many people before you have started a business through "bootstrapping". You can get plenty of businesses started with very little upfront cash, and the cash you do need can be sought in unique, non-traditional ways.
You will hear stories about people who started their business with cash advances from their credit cards. Once you get a federal employer identification number, you will be bombarded with these credit card offers. Don't do it! Many of us manage business credit poorly, like we do our personal finances. Look for other ways to get started!
You can do plenty of research, for free, online and at the library. Whether you are researching ideas or the actual nuts and bolts of starting a business like writing a business plan or whether to incorporate, most of the information can be found online. You can also join entrepreneur groups in your area to discuss you idea and to pick the brains of others.
In the beginning, much of what you need can be accomplished via "do it yourself" (DIY). So long as all of your materials look and function professionally, you can use free online templates to create inexpensive brochures and business cards. There are templates to help you set up your initial Web site and blog and you can also design a logo using online software!
Social media should be incorporated early and often. Start building an online community early and often-for free! Sign up for Twitter, Facebook, LinkedIn and YouTube and start interacting with other members. Share information about your company, offer to help them and before you know it you will have a team on your side.
Don't start hiring staff when you get up and running. You want your business firmly established before you take this step. Instead outsource many of the tasks you would hire for. This can include a virtual assistant to handle to your administrative details, much of your marketing, your IT needs and graphic design. You can replace these professionals with staff when necessary, or keep using them long-term.
Keep your IT costs down by using "the cloud" (free online applications). Many office software packages are very expensive and purchasing them, and the required licenses, can cost you in the thousands. Instead use online applications for your word processing, spreadsheets, presentations, and graphic design. You can also use free bookkeeping/invoicing applications and an additional benefit is secure online storage of much of your information.
Angel investors are wealthy men and women who invest in startup companies. Many of these individuals will band together to form a network. Consider approaching an angel network with your business idea. Normally they provide these loans in exchange for partial ownership or future stock options.
Don't wait for perfection in your product or service. Get cash flow going as soon as possible. Good enough (not fatally flawed) is fine in the beginning and you can tweak your business and products as you get established. But the first order of business is definitely generating an income while keep expenses low.
About the Author With 30 years of consulting experience, Steven Schlagel offers training and coaching for startups, entrepreneurs and small business owners. Check his site for more articles to increase your success!
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