Successful entrepreneurs are creative. From finding the right niche to innovating marketing techniques, thinking outside of the box is often the difference between those who make it on their own and those who fail. That creativity is necessary from the start. An enormous number of would-be entrepreneurs claim to have a great business idea but NO money to fund the startup. You cannot launch a successful business with NO money, but you can find creative ways to find the cash you need to succeed.
In our experience, those who claim to have no cash or access to cash haven’t really looked that hard. The first thing to do is look at your current income and expenses. There are ways to cut costs – eat out less, cut out the premium cable channels, reduce the minutes on your cell phone plan. If you just can’t see any way to cut, you aren’t looking hard enough. Keep track of everything you spend for a week – you’d be shocked at how much cash is spent outside the things you actually need. What if your salary was cut in half today? What would you cut out then? If you are serious about starting a business, take a long, hard look at your current expenses and develop a plan for cutting costs. That’s right, set an actual budget, with money set aside for your startup, and stick to it. If you can’t find the drive to do that, running your own business properly will be too much.
Once your budget is set, consider what you would do if your car blew up or your television broke…where would you find the money to fix those? If you have a way to cover those expenses, you can find the money to plan your business the right way – the way that reduces risk and all but guarantees long-term success. Look around your house for things you don’t need. Craig’s List and Ebay offer great opportunities to unload your junk and make a little cash. Think about your own skills. Are there any side jobs you can do to bring in extra cash? What about a part-time job? Can you fit a night or two per week into your schedule to earn money for your startup?
Entrepreneurs have all kinds of stories about the great lengths they have gone to scrape together capital. One former business executive was so dedicated to going out on his own that he mowed lawns during the planning stage to stay afloat. Another provided tutoring to a few neighborhood kids. One family held a yard sale and traded everything they did not use or could replace for their company’s seed money. Still another asked every person he knew to lend him $100, to be paid back in one year at $110. Not only did he raise enough to buy the tools to plan his business the right way, he also found an amazing support system of people who wanted to see him succeed…and ultimately one of the $100 investors decided to fully finance his well-planned, viable startup!
If you have a great idea and are serious about starting your own business, you will find a way to get it done. Every aspect of a startup requires creativity, commitment, and sacrifice from the entrepreneur, and the first steps are no different.
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