Risks are a part of life; there's not a single person who isn't faced with them. So why allow such worry to stand in the path of your dream? Every day someone else is working towards their dream. Someone else is starting a business with little nothing. With the resources out there today, it has never been easier do your own thing. You don't need a fortune to start, you just have to go about things the right way. Keep in mind if you are waiting for the perfect time you'll wait forever.
1. Decide on an achievable business. There's a lot of thought involved with choosing a startup business; you can't just see something cool and say, "I'm going to do that." You have to make sure you know the industry you're stepping into, you can supply the product, and it's something you can stick with.
2. Make sure your business is in demand. Research your market before jumping in. Is what you're selling something people need? If they don't need it, are they going to want it? Is it useful to them in any way possible? Are others making a profit from this business? Don't make anything a definite until you're certain you can succeed with it.
3. Know what you need to invest. You're going to have to spend some money to make money; how much you need to put forth depends on the business. Be aware of all expenses such as materials, shipping costs, and advertising.
4. Think before you borrow. It might cross your mind to get a business loan but remember it'll take time for your business to gain recognition and for you to make a steady, stable income from it. Don't dive right in before asking if you could afford to pay it back on time and be honest with yourself.
5. Opt for a home office. Does anyone honestly want another bill to pay? If your business requires more space than just a desk to work from, and if you have the room, open a home office instead of renting a studio.
6. Consider an online store: Choosing to sell through a site like Amazon is more cost-effective than opening your own shop because you're reaching a bigger audience than the local crowd.
7. Create a website. Having a website for your business is extremely beneficial. You can provide customers with more information on your product than you can fit in the description box on a distribution site. A great way to bring in more customers is to post appealing articles that have some sort of reference to your product.
8. Think before hiring. Unless you absolutely need assistance, reconsider getting an employee for now. If you can get the job done on your own, do it. Hiring someone leaves you with a smaller paycheck and until your business is extremely successful, this could lead to financial struggles.
Simply put, starting a business with a shoestring budget isn't so far-fetched. As Mark Twain once said, "Why not go out on a limb? That's where the fruit is."