You’ve been sitting at your desk worrying if your job is secure. You’ve been sitting at your desk dreaming about starting a business. You wake up wondering what it would be like to work in your PJs. So what is stopping you from exploring this what if,
I can’t start a business I don’t have any money to do that! This is one of the top 5 reasons individuals never pursue their dreams & passions of starting a business. So today we are going to expose some of the myths to the financial side of starting a business.
The concept of starting a business used to mean months of reserves in the bank, strong credit, a physical building and a lot of money out of your pocket. Today the opportunity is much simpler to obtain, less costly and much more fun. With the invention of the internet small businesses & corporations have been able to generate thousands of dollars without leaving their home or place of business. The most challenging part of launching a business today is determining what kind of service or product you will provide.
There are SBA (Small Business Association) Loans available to you if you qualify, however keep in mind those have to be paid back and can not be written off if something was to go wrong. It is harder today to qualify for a SBA loan than in previous years and in some cases the interest rate may not be worth the convenience. My suggestion identify places where you may be spending excess and apply those monies to your new business, for example; spending $200.00 on a new purse or shoes or adding $200.00 to your new business, your call.
The cost to start a business today can run as little as a couple of month’s worth of Starbucks & lunches! Yes you read it right if you spend $4.00 a day on a cup of coffee (x 31) and $8.50 a day on lunch (x 31) you could launch a business! This is basically the cost of a website to get you out in the web. Additional things you might want to consider:
Hiring a Business Building Expert Coach to help you move forward effectively & rapidly: Cost around $1200.00 for 8 sessions
Banner or logo design for marketing
Product (E-Books & CD’s cost of production $50.00 per hour) or products such as consumables would vary depending on supplier.
Business Cards (Vista Print will give you 250 for free, you only pay shipping) or print them at home for the cost of toner & business card stock. Many printing companies will print simple one sided B&W cards for as little as $29.00
Be sure with your website you own it and can modify it
Email address: DO NOT USE A YAHOO OR GMAIL OR HOTMAIL email, you need to be professional. Most hosting sites for your website offer a free email package so your email will match your website.
You want to be sure you are presenting yourself in a professional manner even if it is just you working on your bed with a laptop! If you do it right up front you will not have to try and mend things later, build a strong reputation from the beginning and you will be amazed what can happen. Now you are ready to begin the amazing journey to being an entrepreneur! Even if you did everything listed above (which is strongly suggested) you would have only spent about $2,000.00 to start your own business (minus product), so where can you add this to your current budget and eliminate this reason for not starting your own business.