By Charlene Roth
Being strapped for cash can make it a bit challenging when it comes to business start-ups. Fortunately, though, there are ways to streamline the process and boost your chances. Today, Sedona.biz shares some tips, tricks, and resources to help you get established.
Budget, Budget, Budget
When you’re short on cash, having a realistic budget in place is essential to success.
- Write a business plan to help you create an operational strategy that includes identifying startup costs.
- Apply for a small business grant or loan.
- Seek out angel investors to support your company’s potential for growth.
Build Your Network
Your business has a better chance for success if you have the right people in place to help you grow.
- Instead of hiring full-time staffers, go with the less expensive option of utilizing professional freelancers on an as-needed basis.
- Find a mentor in the form of a former employer, colleague, or someone you trust in your industry who can help you make wise decisions. SCORE is another place to look.
- Join networking groups and industry associations to meet people and make organic connections.
Make Smart Investments
Even while you’re watching your money, there are some necessary expenditures that are worth the investment.
- Hire pros to handle key start-up functions, like a website designer, graphic artist, social media manager, and accountant.
- Purchase or lease equipment and software that will help you be more effective, like customer relationship management or project management programs.
- Save money by using free online programs whenever possible – like this tool that will let you merge PDF files. That’ll come in handy if you have a lot of instructions or promotions you need to send at once.
It’s absolutely vital for a startup venture to differentiate itself from its competitors. Part of your market research should include finding out what others in your industry are doing right and wrong. You need to define your position in what can sometimes be a crowded marketplace and focus on delivering superior products, services, or prices. This will position you to take sensible business risks that have strong potential for a payoff down the line.