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Starting a business of any kind can be an uphill battle. You need to come up with a creative idea and more importantly, you need to fund it. While it may seem like you always require massive capital to get a business up and running, the statement itself is far from true. Many small business owners who have later grown into full-fledged corporations began with little. All you need is an entrepreneurial spirit, some creativity, and a lot of grit to make it happen.

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You have $0 in the bank: what now?

Just because you have no money — or very little money — in your bank does not mean that you’re out of luck in the entrepreneur game. Many business owners get creative with it. Whether it’s engaging in new business models like dropshipping or selling your services in a certain niche, there are ways to experiment with new business ideas and generating recurring income.

In this article, we’ll show you how!

  1. Reflect on what you can do for free
  2. Ask yourself what you can get for free
  3. Get planning
  4. Build up savings
  5. Look into small business grants and local funding opportunities

1. Reflect on what you can do for free

A surefire way to start a business with little cash is to tap into what you already have: your services. Even if you haven’t quite mastered a skill, chances are, if you enjoy doing it and do it in repetition, you will excel eventually.

You don’t need a strong set of skills to make it into a business. There are plenty of jobs out there that busy people often jump at the chance to pay for — simply because they don’t have the time.

These skills could easily grow into a full-fledged service-for-hire, including:

2. Ask yourself what you can get for free

Ask yourself: what exactly is essential to running your business? You might think: “I need a slick, custom-designed website to showcase my brand or sell my products”. When in reality, you could probably get away without a website in the first 6 months to a year of starting up your business.

Let the dollar value on your bank account grow by staying lean on:

While these are areas that you could potentially save in those initial months, business-critical areas like finances and accounting are absolutely areas that you shouldn’t skip out on when it comes to adopting technology.

3. Get planning

A business plan is the blueprint for how you’ll grow your business. The contents of yours will look different from others and depends on the low-cost business model you’ve chosen. But generally, it includes:

4. Build up savings

Tapping into your savings account is never ideal. Yet, it’s highly common amongst new business owners and entrepreneurs to do so or reach out to family and friends for help initially. As you design your business plan, be realistic with how much revenue you’ll bring in. But more importantly, be sure to forecast how much you’ll be spending in order to bring the revenue in. As you plan, make it a goal to save at least 6 months worth of living expenses so that you can devote that time and resources into building your new business.

5. Look into small business grants and local funding opportunities

Truthfully, there’s rarely free lunches in the business world. But with the right investigative hat on, you may be able to find small business grants that can help get your business up and running. Depending on where you business is, numerous grants and local funding sources are available. Most grants have specific eligibility requirements and application requirements. As a budding entrepreneur, it’s important to carve out time each week to identify local funding sources and grant opportunities, in addition to allocating time in your busy schedule to apply.

Tap into your creativity today

If money wasn’t an issue and your billion-dollar business idea was validated, what would you do with it? It sure would be time to execute on your plan. We recently wrote an article for new entrepreneurs on how to start a business — just because you have little capital, does not mean that you can’t get creative with it!

As you can clearly see, a big part of being creative as a new business owner comes down to being creative with your time and resources. After all, both equates to money. As you grow and acquire a few more clients, a way to automate bookkeeping tasks like invoicing and managing expenses will become increasingly evident. If that’s the case, then be sure to explore some of TrulySmall’s accounting tools. They’re made for small business owners by small business owners!

Start Your Business

Needing a little guidance when starting a new business? TrulySmall has you covered.

Did you know that using invoicing software not only helps you to get paid faster but also reduces your invoicing costs by 29%? Start sending invoices free today with TrulySmall Invoices!

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