How to Jumpstart a Business Using Minimal Financing

Nowadays, it’s easy for just about anyone to run a business. This has come about thanks to new innovations have made it easier to handle nearly every part of running a business. Efficient new innovations make it simple for amateurs to market products and services, purchase the necessary documents and set up the needed operational infrastructure.

Thanks to these innovations, everyone has the opportunity to try to become the next big startup to break away from the pack. Naturally, this isn’t always easy. There are still great challenges that budding entrepreneurs need to overcome. One such challenge is a serious lack of resources. In fact, at least two-thirds of startups reported facing financing challenges in 2016.

If you have a bright idea in mind, you need to make sure you build a strong presence in your niche. To be able to do that, you will need to have enough funds to jumpstart your business.

In a way, the biggest challenge of starting a business is still the same as it has always been: having enough to get going. It’s not as if a lack of resources should stop you from building your dreams, though. Come to think of it, most successful brands that we know today started out from nothing with minimal financing. There wasn’t even social media back when Starbucks first became popular!

Now, imagine what you can do with the present-day tools you currently have at your disposal! Your problem isn’t a lack of resources, it’s a lack of a drive for success. You will need a lot of ambition to make things happen – that, and a dash of creativity and resourcefulness.

The good news is that with even just a few dollars in your pocket, you can create a brand that’s destined to dominate your niche. Give yourself some time to apply these tips to start charting your way towards success.

1. Set up overall and short-term goals

Whether or not you have experience in business, it’s a no-brainer to set up goals before you begin building your operation. Your planned destination counts a great deal. So it’s important to create goals that can provide you with massive payoffs later on.

To be sure, create goals that are realistic and reflect your overall business philosophy. In this sense, you might want to create an overall goal: something that should define the reason you are setting up the business in the first place. Becoming an industry leader, for example, is an objective that can define how you choose to build your business.

Next, you need to chop up this overall goal into workable short-term goals. Go to the objective you have set for your business, and determine the activities that will help realize it. List the things you need to do to in order to become a leader in your industry. You can nurture a loyal customer base, provide innovative products and services, and provide thought leadership to a startup audience.

Once you have these sub-goals in place, you can break them down further into tasks you need to accomplish. That way, you will eventually have a good list of productive tasks that are crucial to helping you reach your overall goal.

2. Get the right minimal financing for start

Now, let’s get to the main problem. A lot of people, especially young adults, have wonderful ideas to offer to the world. Social media is a good vehicle for good ideas. However, even though social media networking sites have supposedly made it easier for anyone to run a business, securing the right amount of funding remains a critical problem.

Fortunately, there are a ton of ways you can start finding the funding to build your dreams:

Find the right loans for each aspect of your business

Borrowing funds from a lender is obviously a great way to start financing your business. It’s only a matter of finding the right deals for the projects you want to pursue.

For instance, if you’re looking to buy a car for your food delivery startup, you can actually get a title loan from the right lending companies. The best part about this is that it’s possible to get a loan with no credit score on your record. This will help you secure the right vehicle for your business.

You can also find loans specifically catered towards business startups. It’s only a matter of finding lending institutions servicing your industry.

Apply for startup grants

Private companies offer grants to business startups. Innovation, after all, has become an important goal for both the private and public sectors to pursue. With so many options like the Small Business Technology Transfer programs and the Idea Cafe that provide funding for startups, it’s likely you’ll find a loan for the products and services you are developing.

It’s only a matter of fine-tuning your proposals and creating a pitch that’s irresistible. You only need to remember that these organizations can only provide funding for innovative solutions. So it’s best to provide highly detailed descriptions of the projects you are developing. Make sure that they are aligned with the grant’s objectives.

Use crowdfunding platforms

You can access funds from people who are willing to donate through crowdfunding platforms such as Patreon, Kickstarter, and GoFundMe.

For this, you will have to set up a landing page for your proposal and create a highly engaging story that communicates your startup vision. You also need to prepare the right visual and written material that can support your crowdfunding campaign.

Raise venture capital

Venture capital or VCs are funds that are offered by larger corporations to potentially successful small businesses. They provide financing to startups and get a share of the equity in return, depending on the final agreement.

Although VCs can play an active and leading role in your enterprise, being able to access a large fund for your startup is the best benefit you can get. VC contributions are typically larger, making it possible for more ambitious expansion to take place.

3. Set up your marketing and sales funnels

After setting up your financing and the structure for your business, you can then move on to setting up your active marketing and sales campaigns. This is similar to the process of getting funds for your startup, as planning your promotional activities also entails a great deal of expendable resources.

Social media marketing should form the initial part of your campaign. For this, it’s important to create messages that reflect your brand’s mission. You also need to research current trends and use these trends in order to optimize your business’s online visibility.

Invest generously when creating your company website. One thing’s for sure, 83% of small businesses that have working websites feel that they can compete with other brands in their markets, according to GoDaddy. It’s only a matter of going the right way in terms of creating a website design that’s engaging, then crafting messages that are bound to result in conversions.

You can also initiate a blogging campaign. For this, you will need to budget some effective keyword research. Using tools such as Wordstream and SpyFu, you can get a good list of phrases and terms you can use to improve your SEO and enhance your site’s visibility.

Still, in terms of getting leads and converting them into sales, it’s always a good rule of thumb to outline the value you can provide to your target audience. This will definitely help you grow your business regardless of how much you have in your pockets at the start. So having minimal financing shouldn’t discourage you from starting your own business.

Conclusion

Indeed, all you need is a bit of creativity and resourcefulness. Add in a little hard work and you will establish a startup for little less than what you currently have, with a minimal financing for start.

Catherine Park
Catherine Park is a professional Content Writer and a blogger with full of energy and positivism. She is expert in writing exclusive contents on business and technologies that are helpful for large enterprises, SMEs and business startups. Follow her on Facebook and Twitter.
Catherine Park

Latest posts by Catherine Park (see all)

Let's be inbox friends!

Let's be inbox friends!

Drop us your email to receive a weekly digest of our latest blog posts right in your inbox.

To confirm your subscription, please check your email.