To start a business can be expensive. However, you do not have to be in a big debt or call for investors or venture capitalists (VC) in order to do so. Through VC funding, many people are always worried about securing this investment which can shift their focus away from their product. These people will be beholden to their investors and taken away by their expectations which often will be different from the formers ones. In addition, they will be eventually obliged to give control of their big idea to someone else.
Nevertheless, starting up an enterprise with minimal financial resources is always possible. If you in the beginning stages of doing so, below are some rules to help you.
1. Don’t Quit Your Day Job Until the time is right
You have of course heard from many people telling you not to quit your day job when you start a new business and to keep working until the time is right. Nevertheless, how do you know when that time is?
According to the owner of a web design agency, while he was working at a local print shop, he began doing freelance work at night and on weekends until he had enough business to spend more of his time doing design work than working at the print shop. In addition, he built up his clientele before he quit his day job, only making the move once the scales were in favor of his new business.
Whether you have a day job or you already have one business and want to start another, try not to quit until your new work is far better than your day job.
2. Don’t Be Afraid of the Small Space
Before leasing any office space make sure it is really necessary to your business. Reconsider the idea of renting a space just because you think it will make you look more legitimate. Do not be afraid of starting on a small table in your house that can possibly be your kitchen table. As long as you are offering a quality product and great customer service, clients do not care where you are doing business from. Moreover, if you still have to have your office, you can become a member of a co-working space or rent an office from an existing business.
3. Scale Your Staff on an As-Needed Basis
When you are first starting a business, you think you need a staff to help you do the work. It is a mistake that so many young startups make because they will be scaling much too fast for their needs. However, in the beginning you really only need one or two other people to help you implement your idea.
Nevertheless, if you really need some extra helping hands who do not ask for high salaries, you can seek local college students for internships. You can also try out potential employees on a project or contract basis.