Starting Your Biz From Scratch
Entrepreneur Daily:
Starting a new business is never easy, but it’s twice as difficult in uncertain economic conditions. Bankaholic.com came up with a list of 5 ways you can start your dream business – even with a meager bank account:
1. You’ll need more than an idea.
Once you’ve created your business model, you’ll have to develop the skills necessary to make it in this nitty-gritty world of the unknown. Pure smarts aren’t enough to be successful. You need to rely on determination, guts, tough skin and confidence. You’re sure to encounter many roadblocks along the way, and you have to be ready to face them head-on.
2. Scrape together your dough.
You have to assess how long you can get by with little or no income. Aside from turning into a frugal being, you have to be completely honest with yourself when it comes to your personal finances. Make sure your credit is in good order–this will come in handy when applying for bank loans.
3. Cut corners.
As much as you’d want to have a luxurious office, you have to be reasonable. Work out of your home and set up an office that has all the amenities, minus the rental costs. If you need space for conferences or meetings, then ask friends to share their space at a discount.
4. Make do with what you’ve got.
A new computer system could cost upwards of $2,000, so maybe what you’ve already got could be sufficient. If you need a new system, then lease.
5. Think outside the box.
There are many ways to be frugal without looking cheap. Search bargain outlets for office materials, scour the internet for deals and keep your eyes and ears open for opportunities as they come knocking.
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