Many people experience a strict budget when they start a business. However, that does not leave them without any options. The possibility to run a business with little money opens widely. All you need is the right combination of skills, work ethic, and marketing strategy. Here are the 3 options to fund your business, cited from The Entrepreneur.
1. Create Something
Making something takes an initial cost in supplies. But these products can be sold for many times over their actual cost. What you decide to make is up to you.
Besides, now, we have various online platforms to sell it, such as Etsy, Bonanza, or eBay.
Many business owners sell their products on multiple platforms to get the most exposure possible. It is important, however, to make sure your inventory stays updated on all sites you have a storefront on.
Read also: 3 Ways Startup to Compete With Established Brands
2. Re-sell Something
You may not want to make anything (or you don’t consider yourself a creative person). Don’t worry, many business owners have grown large businesses just be reselling products that have already been made.
You can do this in two ways, dropshipping or opening a thrift store or garage sales.
To do a drop shipping you need to set up an online store and partner with drop-shipping companies that will do all the order fulfillment for you. Meanwhile, if you want to open thrift stores or garage sales you need resell things online or in your local community for more than you purchased them for.
Read also: 3 Things To Do Before Launching A Startup
3. Sell services
One way to start a business with little to no startup capital is to sell your services. There are a variety of services you can offer, depending on your background and interests.
However, because you are selling your services, you will need a branding plan to make sure your name and company get in front of the people who may need the service. Besides, it’s also useful to have a website to show examples of your work, list your experience, and blog about your industry to draw visitors.
