There is one thing I will never tell you to do and that is incur debt to start a business. My first response is to bootstrap your business and save up $1000 to $5000 before launching to help you run your business. There are too many people who will say oh put that on a credit card. Literally, I was at a coffee shop and a Mary Kay representative told a girl oh its okay that you cant afford to buy the $1500 outright, I can show you some great credit cards to put it on so you can start. Getting debt is like quitting. Once you start getting in debt you keep doing. Once you quit you usually stay quitting things. Hard habits to break.
Launching A Low-cost Business
If you’re a service based business outside of your licenses, DBA, & Legal Entity you can start a business for less than $500. Yes, you can get a service based or content creator business up with less than a thousand dollars. You can create a website on Squarespace or WordPress in hours. There are people who now sell Squarespace themes you can buy. You can also find WordPress templates for less than $100. There are a plethora of website that allow you to use stock images for free or you can buy bundles of stock photos for $50 to make your website beautiful. You can even take a “professionisque” headshot using your phone camera (link).
Bootstrapping Your Business
If you are launching a product based business you will be coming out product more depending on what you’re product is and how invested you are in the being to do things right.
First, know how much its going to cost to launch your business right. Run the numbers. So many people don’t do the numbers before they launch and they run into “unexpected emergency cost”. Most times, in my eyes those aren’t actually emergency thats more ill advised planning and running the numbers. One of the things I still do before launching is open a spread sheet or notes and write what all is needed to launch xyz. Then I add 30% to the numbers. This gives me breathing room if something happens.
Part Time Job
So, first let me say I have nothing wrong with asking friends and family to support my business. Complete, strangers yes. I am not a fan of business crowding money for a $10,000 or less business. Too many people let their pride get in the way when it comes to flipping some burgers or delivering business. Honestly, if you took one year to work a part time business you could make around $9,600. Thats around $800 a month you could put in a savings account. Then Janurary first you can take all that money and launch your business. Trust, me one year sitting on the bench watching everyone play isn’t going to hurt your business. Think Jordan wasn’t immediately the king of the court.
Doing It Right Without Breaking The Bank
Was something I worked on with Brittney of Oh Honey Skincare from the start. I told her it would be more costly to change her brand later down the line. So, she order several jar and lid options for her scrubs testing out which ones where sturdy, beautiful and more. If she landed a deal with Wholefoods tomorrow her products would align perfect with other products on their shelves.
We as humans have enough stress in our lives putting a fancy Macbook air, Canon T6i Rebel Camera and other stuff on a credit card is not going to make our business owner night. Don’t accumulate debt just to launch or run a business. Find ways to do it within your budget.