A lack of funding can really hamper a new business in a variety of different ways. In his article on Entrepreneur, Jonathan Long states that having little to no capital can be tough on a new business, but it’s not necessarily a deal breaker.
“Have a great idea but very little money? Don’t let that stop you! Yes, there will be ridiculously long days with little to no sleep. Yes, you are going to be stressed. But those that want it bad enough will make it” he writes.
According to Long, there are 8 things you can do to help you get your business off the ground with limited funds:
1. Build your business around what you know.
2. Tell everyone you know what you are doing.
3. Avoid unnecessary expenses.
4. Don’t get buried in credit card debt.
5. Make sure your receivables policy won’t sink you.
6. Build up sweat equity.
7. Take advantage of free advertising and marketing.
8. Get ready to hustle.
To read the full article on Entrepreneur, click here.