Bankaholic: If you count yourself as one of the masses that is sick and tired of the daily grind of your mindless job, then getting out and starting your own business is a real possibility. It may seem like a daunting task; but you can get into business on your own with as little as $5,000.

Erase the notion that you need hundreds of thousands or millions of dollars to make it on your own. If you can get your boss (read: spouse) on board then you’re on your way to a liberating experience. Here are some tips for you to get started on opening your own business:

1. You’ll need more than an idea.
Once you’ve created your business model you’ll have to develop the skills necessary to make it in this nitty-gritty world of the unknown. Pure smarts aren’t enough to be successful. You need to rely on determination, guts, tough skin and confidence. You are sure to encounter many roadblocks along the way and you have to be ready to face these head on.

2. Scrape together your dough.
You have to assess how long you can get by with little or no income. Aside from turning into a frugal being, you have to be completely honest with yourself when it comes to your personal finances. Make sure you credit is in good order as this will help you when it comes to applying for bank loans.

3. Cut corners.
As much as you’d want to have a luxurious office you have to be reasonable. Work out of your home and set up an office that has all the amenities minus the rental costs. If you need space for conferences or meetings then ask around friends and see if you can share their space for cheap. Remember you will have to have some face-to-face meetings, so plan accordingly.

4. Make do with what you’ve got.
A new computer system could cost upwards of $2,000 so maybe what you’ve already got could be sufficient. If you need a new system then lease instead of buy.

5. Think outside the box.
There are many ways to be frugal without looking cheap. Search bargain outlets for office materials, scour the internet for deals and just keep your eyes and ears open for opportunities as they come knocking because the best deals aren’t advertised but are found out through word of mouth!

5 Ways to Start Your Business With No Money! [Bankaholic]

• 2 Comments

  

Comments

Great post. I especially like the part about cutting corners and making do with what you have. Too many entrepreneurs worry first about their office and letter head. Unfortunately they never get to thinking about the customer, their needs, and how they can make the customer's life better. Then they are surprised when the business goes under.

 Posted by: B Smith @ Wealth and Wisdom at June 9, 2008 1:29 AM

Definitely need more then an idea alright! Most people have no idea of the exact scope and enormity of the types of things they will be doing to keep their business running.

This is especially bad for those that are on their own. You often have to be the techinical expert, marketer, salesman, PR person...all in one!

 Posted by: Nick Grinberg at June 10, 2008 2:03 PM

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