One of the biggest things that hold people back from starting their own business is the subject of money. This is quite understandable as entering the business arena on your own could be quite a risky thing. However, starting up a small business does not mean that you have to go totally broke. Neither does it mean that you have to have tons of money. Here are some ideas which could help you start your business without going broke.
Donâ€™t leave your job
I had a separate post recently about this point. I just want to emphasize that you can actually start your own small business without totally giving up your regular wages. If you are lucky enough to have a flexible schedule at work, then you might be able to manage working full time while starting up your business. If this is not feasible, you can slowly ease out of your work. You can ask to go part time for a period of time and then completely resign when the time is right.
Find another source of income
If going part time is not an option and you really have to leave your day job, you might want to consider looking for another source of income to sustain you while you wait for your business to take off. One example would be to freelance.
If there really is no other option for you and you cannot wait to start your business, then I suggest that you consider borrowing money. You can do so from people you know or through a financing institution.
Originally posted on February 23, 2011 @ 11:31 pm