Advice When Starting a Business with Low Capital
Starting a business is always worth giving a go, especially when you see the results of your hard work. You don’t have to be rich to start a business, as determination and diligence will make you a success. So, don’t hesitate in pushing through with fulfilling your dreams.
Here are some advice to help you kick start your business with a small capital.
- Hold off on Buying an Office
Unless you’re in retail or will meet customers, it’s best to hold off buying or renting an office space.
As a startup, you should focus first on gaining revenue since opening an office means extra expenses. Once you have generated enough money, then you can go ahead and buy or rent an office space.
- Buy Second-Hand Equipment
You don’t necessarily need to buy new equipment. There are tons of places where you can buy second-hand equipment, which will help you save money.
You can always speak to your business banker, as they might have assets from previous businesses that were liquidated, and purchase their furniture and equipment instead.
If you don’t have a choice and need to buy brand new equipment, you can always bargain. Make sure you get the best deal for your business by negotiating and paying a price you’re comfortable with.
- Control Your Expenses
A business can take a while to gain a big revenue. So, be wise on your expenses and try not to spend at all unless deemed necessary.
You will need the money to cover employee salary, utilities, inventory, and other miscellaneous expenses.
- Hire A Few Employees
For now, you can hire at least 2-3 employees or consider freelancers and outsourcing. You should concentrate on producing quality output to attract more customers first.
Also, the less there are working for you, the more you can control their output. You won’t have to pay them that much just yet.
These are just a few tips that can help you when starting a business. Always remember that it will take time before ROI or bigger revenue comes in. So for now, continue to work diligently, and with the right amount of effort, you will achieve your dreams!
To our success in all areas of life,
Argel Tiburcio, CIS, RFP Graduate Member
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