Two of the defining purposes of Innov8tiv is to encourage entrepreneurship and make technological and other industry-specific knowledge and resources more accessible to diverse self-starters across the globe. Talking about the semantics of starting up your own business is naturally a key component of our mission. But over the years of compiling resources for our readers, there’s been one question that really never stops being asked: how do I get enough capital to start my enterprise? The answer? The capital you have now should be more than enough. Here are just a few reasons you don’t need a lot of money to start your business.
No HQ? No problem!
With the rise of digital start-ups, it’s becoming increasingly common for entrepreneurs to conduct their operations from non-traditional office spaces. Whether you’re conducting business from a home study, shared building, co-working space, or even a virtual office, the majority of start-ups don’t actually require a whole lot of real estate to get the ball rolling. The only real benefit of having a defined office is simply to project legitimacy or professionalism. In actuality, the disadvantages of having a defined office greatly exceed the advantages. Your budding start-up could do without the burden of the costs associated with not only maintaining but also fitting out your office space to be equipped to personally suit your organization.
So, what are the advantages of non-conventional office spaces? With co-working spaces, you can reap the benefits of sharing your workspace with a myriad of other highly qualified and mobilized young professionals. Which brings us to our next point.
The foundation which we must lay in order to build a successful business is incredibly varied and multidisciplinary, to say the very least. Entrepreneurs usually find themselves independently researching odd topics and painstakingly learning a jumble of skills throughout their days, with the intention of being able to do as much as they can all on their own. But one of the most valuable skills all young self-starters come to learn is the ability to identify jobs that are better off being outsourced.
Some notable examples here are web development and design, administration, and potentially even financial management. If you’re an entrepreneur who’s privileged enough to possess a network of peers with a variety of skills, be sure to take full advantage of that fantastic resource and see if you can outsource whilst minimizing the hit to your capital. If you don’t have a highly varied network, you’ll still have a plethora of important tools at your disposal in the form of business management software.
A major preconception that most young entrepreneurs seem to have is that there aren’t many opportunities for either them or their business to gain visibility without spending capital. In reality, we make our own opportunities. That’s why they call it self-starting. The best thing that you can do for yourself in the beginning stages of your business, is to simply never stop thinking or talking about it, lay the infrastructure that you can, and consistently seek out and create your own opportunities using the resources that are around you. Manifestation is a simple yet elegant tool that can be at your disposal simply if you allow it to be so, and oftentimes all it really takes to get the ball rolling is some focused conversation between driven and passionate individuals.
If this article has given you some food for thought, be sure to check out our piece of the most common pitfalls you’ll experience on your path to success. You won’t be surprised to hear that a lack of financial planning is a major plague to new businesses, which raises a more important question: how far can we go on just money alone? Money is worthless without a solid plan, and if successful people know anything it’s that you won’t attain success if you don’t plan for it.