If you do not have enough money to invest, but have a strong will to come up with a startup, here are some tips that should help you serve the purpose.
Look for available resources
There are so many resources available around you; some of them are available for free while some have a price tag attached to it.
List them down separately and check whether you can use them or not.
For example, if you are planning to start a blog, you might need a place to spend time with your laptop or tablet and create interesting posts for your blog; you should look for a local café or library near your place and spend time in there.
Free sources are available in abundance. Use them properly and you will be able to save money.
Know your skills
If you are good at something, you should polish your skills. This will allow you to start preparing a platform for self with minimal time and money investment.
For example, if you live in New York and you can speak Spanish fluently, you can build on that skill and teach Spanish to people living in close proximity.
Know your market
Continuing with the same example, if demand in your area is for Italian, Spanish won’t help you generate extra cash.
In this case, you should opt for online tutorials. With online one-to-one tutorials, you can expand your base and get more students who are willing to learn Spanish over the Internet.
Note: Look for what people need and not what they want.
Upfront payments will allow you to stay away from the cash crunch.
Some people feel that if you ask your clients to make upfront payments, they may be reluctant to take up the service. However, this is not true. There are many people who are willing to make upfront payments if the service provided by you is worth buying.
Having said that, the next point is important too!
Marketing is important because you want to reach out to people and let them know that you have something good to offer them. If they do not have adequate knowledge about your service or product, they will never knock at your doorstep to opt for your service or buy your product. So, marketing your service or product is important. You can use our guide how to think outside the box.
Consulting your clients, even before they buy your product or invest in your service, is important.
Here, offering consultation for free is appreciated by the masses. However, if you feel that your consultation is exclusive and should be valued by the clients, you should charge some dollars for your consultation.
Reduce fixed costs
Fixed costs like rents, salaries, etc. should be reduced.
Replace them with variable costs and you will make an expense only when there is some income to compensate the expense.
With a new business flourishing, you might need a number of products. Buy them at online stores like Kohl’s and get discounts on these purchases. Look for kohl’s 30 percent off coupon code, and get additional discounts and save more while shopping for these items.