Launching a business can be expensive. But who said you had to endure debts or call for investors and venture capitalists (VC) in order to realize your dreams. Through VC funding, many people are always worried to secure 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 will often be different from the investors’ ones.
Nevertheless, starting up an enterprise with minimal financial resources is always possible. If you are in the first stages, below are some rules to help you.
1. Don’t Quit Your Day Job until the time is right
You have surely heard from many people that quitting your day job when you start a new business is a bad idea and that you should wait for the right time. But how do you know when that time comes?
According to the owner of a web design agency, he began working on freelance projects at night and on weekends while he was working at a local print shop 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 quitting his day job, only making the move once the scales were in favor of his new business.
Whether you have a day job or already have a business and want to start a new one, try to hang in there until your new project is far better than your day job.
2. Don’t Be Afraid of Small Spaces
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 working 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 launch a business, you think you need people 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.
But 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.