Money – it often gets in the way of the things we really want to do. Whether it is that dream vacation we have been eyeing up for years, a home with the perfect walk-in closet, or a little business we would love to call our own, financial issues can hinder us from taking the next step.
That being said, if you are sensible, plan ahead, and know what it is you want to achieve, you can make it work.
This is especially true for creating a small business, with the idea (and hope) that it will pay for itself in the years to come. So, with that being said, let’s have a look at how you can finance your new small business from very little.
What Type of Business?
No business is created equal, and you can sure feel the sting when someone can set up a company from their home and a laptop as opposed to the large land or space you need with a bunch of costly overheads. The truth is, if you are in the latter group, it will be more difficult to finance your business from very little. Not impossible, but difficult. However, if you are the former group and are looking at something a little more on the smaller scale of things, it can be much easier to get the ball rolling. There is nothing to say that you will not be able to do your idea, whatever it is, but it is worth understanding the cost differences and pros and cons upfront first.
Get Second-hand Thrifting
It is one thing to buy a secondhand printer, and it is another to buy a secondhand tractor, but whichever way you look at it, secondhand items in good condition usually cost you far less than items that are purchased brand new. Depending on what items you need will depend on where you purchase secondhand goods from and also whether it is just worth investing upfront. That being said, you can still buy secondhand goods which also come with a warranty or guarantees from a reputable company, which can often be the best of both worlds!
Take Out a Loan
While this is not necessarily from ‘little’ in the long run, it is a great option for those who want to start now and also cannot afford to wait years to save up. As long as you have a budget and a plan, taking out a loan can be an affordable and easy option for setting up your business as soon as you are ready to get going. Just be sure to borrow from a reputable lender such as Sachem Lending, who are also great for offering a fast turnaround in payment.
If you are lucky enough to have supportive friends and family who are behind you on your new venture, then draw on them for that support. Depending on what you need, they might have items they do not want anymore that you could use or skills they would be willing to share with you for free in return for a product!