Start a Small Business on the Cheap

Some say you can start a business with no money, but the truth is you can’t. You’ll need some money, but it doesn’t have to be a lot. If you leverage the assets you have, plan and budget properly, you can start your business now.

There are many free or low-cost resources available to the new entrepreneur. High unemployment and a bleak job outlook have caused many people to look for alternatives to finding jobs. So, services for the new small business owner are widely available. 

It won’t be easy, but it’ll be worth it. It you’re willing to trade sweat equity and self-education for the convenience of hiring a staff, you can do it. And when you succeed, the experience will be priceless.

These are some of the tips and shortcuts I used to start my business while on unemployment.

Evaluate your current skills and assets
Take inventory of your talents. You may be able to market them to other businesses or people as a consultant. This is a great way to begin creating relationships and earning money.

Start writing blogs and articles to establish yourself as an expert in your field. These activities will also be useful in attracting new clients and customers for your business. Make sure you capture contact information from your readers either through a website or email auto-responder service like AWeber or GetResponse.

EzineArticles.com and SelfGrowth.com are good sites for publishing your original articles for exposure and building your mailing list.

If you’re currently employed, don’t say anything about your business plans to your current boss or co-workers unless they’re going to be your partner in your new business. Your entrepreneurial spirit may not sit well with your boss and co-workers.

Determine how much of your current income or savings you can comfortably invest in your new business
I say comfortably because the last thing you want to do is create more stress in your life by putting too much money in your business and not being able to pay your bills or support yourself.

Make sure your business plan includes a small allocation of money each month for things like web hosting, buying cheap services, buying supplies, etc. Maybe you can trade skills with someone you know to get certain services done for you for free.

If you’re still working, or are newly unemployed, I highly recommend starting your business as soon as possible while you still have cash flow. Don’t wait until your money is running low, or your unemployment benefits are about to expire.

It may take time before you’re making a profit. You can grow your business much faster when you’re not depending on it as your source of income.

Find free and low-cost resources on the internet
One of my favorite sites is www.fiverr.com. You can find every kind of service from the normal to the outrageous…for only five dollars! There are literally thousands of people offering to do almost anything you can imagine.

When you choose a provider, check their referrals to get an idea of the quality of their work. It’s a good idea to choose someone who has lots of jobs in their queue, even if it means you have to wait a few extra days for your job to be delivered.

Use Social Media to promote your business
There are hundreds of millions of people on social media sites waiting to do business with you. When used correctly, social media can be invaluable and will accelerate your success.

Join professional networking groups; this is the fastest way to connect with potential new clients and customers.

If you haven't already established business related social media connections, start building them as soon as possible. You must establish the relationship before trying to sell your products or services. People are more willing to do business with someone they already know.

For straight advertising, Craigslist and other free ad sites are great resources. Create flyers and business cards. They’re still excellent channels for telling people about your business.

Create your website, Facebook Fan Page and/or Group as soon as possible
If you can’t afford a website right away, create a Facebook Fan Page and Group pages for your business; they’re free. You can also advertise your business on Facebook and drive traffic to your fan page.

Comparatively speaking, Facebook ads are probably the cheapest way to advertise your business. Facebook offers options so you can target your particular market when you create your ad.

These are the basics of starting a business on a shoestring. All you need is a strong desire, a little knowledge, determination, patience and the willingness to commit to your dreams and you’re on your way. Here’s to your success!!!

-Lyn Williams, Author, Speaker and "Love and Happiness Mastery" Coach
http://www.thewomanexec.com