How to start a business with less money
Every now and then, we come across many young entrepreneurs who keep crying about the lack of money as one of the prime reason for the failure of their startup venture. Having no capital is indeed a problem. But an entrepreneur with innovative concepts and out of the box thinking can certainly find a way in their quest to lay the foundation of a strong startup company. The entrepreneur needs to have a bit of money depending on the scale and nature of the business.
The question arises is how to minimize the cost incurred on several key aspects such as licenses & permits, supplies, office space, machinery, operating expense, subscriptions, legal fees and employees etc. An entrepreneur needs to introspect whether he or she can manage without one or more of these. There are several popular business magazines in India such as Business Connect where one can find the solutions for many such problems by the helpful articles of our Managing Editor Mr. Abhishek Dubey. He has pointed out some of his valuable insights which are mentioned below.
Curtailing needs is the first and foremost part to commence a startup. An entrepreneur can change his business model so that its utilization could be done in the minimum needs possible. For an instance, in the primary stage, one can cut down the employees cost. If a work doesn’t really require employee or employees, then one must avoid hiring.
Mr. Abhishek Dubey further adds that rather than delving deep into a typical business, one can start with small things. An entrepreneur can create a blog to introduce his or her unique idea to his followers. From here one can create a pool of clients.
Also Read: Low investment Business Ideas
Outsourcing is the best solution to attract investments. One should not avoid several sources such as friends, family and angel investors. Mr. Abhishek Dubey puts in that angel investor are not tough to find but they are most likely to demand partial ownership. One should not hesitate much while dealing with them. Quite often, they are people with huge experience.
So, these are some of the few tips a young entrepreneur can follow to gain initial advantages.