When we get a business off the ground we should certainly have big dreams. No one ever gets anywhere by thinking and acting small. Thinking small, however, is essential when it comes to your business overheads and operating expenses. Successful entrepreneurs, however, don’t become successful by squandering what limited funds they have.
Start small, work hard and spend wisely
If you have a brilliant idea but a tiny budget, you can start your own business. But you’ll need to start small, work hard and spend wisely.
Here are some 6 lessons that successful businessmen learnt that will help you start your business on a shoestring budget and yet succeed:
- Think hard before taking on all of the expense that an office would incur. Many businesses start-ups can be operated from home. You really don’t need a fancy office to handle business. Emails and phones would be just fine.
Nobody needs to know how small you are. You don’t have to announce to the world that you’re working out of your bedroom. Nobody needs to know that you’re a 16-year-old or a 60-year-old. Sound professional and deliver the goods as promised. That’s what really counts.
- The day will arrive when office space and employees will become a necessity. Stay frugal and search fora low budget but decent building. You can pick up good quality second-hand furniture and equipment at bargain prices. Don’t go out to impress anyone.
- In the early days you might have to handle all kinds of responsibilities. You might have to be the CEO, CFO, and COO, all rolled into one. You will handle everything from sales to marketing, public relations to if there’s anything to go in the mail—you’re the shipping department, too. Working without an army of people can be difficult but will help in long run. One of the benefits is that you’ll be forced to gain an understanding of all the other functions which will be invaluable when you are a large enterprise with hundreds of employees.
- Obviously, whatever business you launch will need to be something for which you have a passion. But be clear-headed: make sure that there really is a demand for whatever it is you have to offer.
- When you’re up and running the business carefully, you’ll be lucky to be able to take some salary. Try to keep it that way. Avoid the temptation to take your first big check for shopping because at the end it will be your business and you’ll need to plough most of the profits back into sustaining its growth.
Don’t let your dreams go away even if you don’t have enough funds. Have confidence in yourself and in your journey and go for it. Put your 100% to whatever you do. Take risks and you will be a winner one day.