Want to start your own business and have full control? No question of being accountable to any investor on your decisions, your products and others …
It is quite possible, if you have a certain budget and are willing to put in the effort to make your dream come true!
The companies concerned
Not every professional activity can necessarily be launched without investment. We have therefore selected the activities only concerned and having the possibility of developing easily without investors.
Save as much as possible
The best way to start your business is to be able to afford all the expenses without going into debt. As you prepare to start your business, you need to save as much as possible.
Collect money
Cash will be your first need to start your business.
So collect all your savings and put them in a chequing or professional account.
This precaution has two uses:
- Before lending you money, banks and other finance institutions will check how long your money has been in your account. Opening an account and investing your money from the start is therefore a positive sign.
- The money thus invested will be less tempting! If it remains available in your checking account, you risk tapping into it for unnecessary expenses.
Work part-time
Initially, the income from your business will not be enough to pay all of your bills and support your family.
To ensure additional income, work part time. This means that you may have to work nights or weekends, so as not to interfere with your own company’s hours of operation.
Sell what you don’t need
Do you have a car sleeping in the garage? Dozens of clothes that you haven’t worn for at least a year? Old furniture left over from your parents?
Sell all that unnecessary property to invest in your business or help pay your bills.
Borrow wisely
No matter how much you save, you may need to borrow money to get started.
You will have the choice between several types of loans:
- Guaranteed loans,
- Unsecured salespeople,
- SBA loans and personal loans.
For each option, weigh the pros and cons and be reasonable.
Do not borrow more than your needs and, above all, not more than your repayment capacity.
Save money on purchases
You can save money by buying second-hand furniture and other equipment instead of new.
If you need premises or warehouses, choose areas away from the city center to save on rent.
Even if you don’t start with the equipment of your dreams, your business will have more capital to support its launch. After making your first profits, you can then reinvest it in equipment.
Join the useful before the pleasant
Differentiate between what your business needs and what you want.
Are there things you can do without for a while? Can some items wait until you can afford them? If so, please be patient.
Take care of what you need first, then take care of what you want when you can afford it.
Train as much as possible
You will undoubtedly have to call on professionals for the development of your business, at some point in its expansion, for the creation of a website, for example.
Be curious and eager to get to know all facets of your business. You can then save by working on the SEO of your website yourself rather than through a professional.
Warning ! It is not about becoming an expert in all skill areas. But the more you learn to manage on your own, the less help you will need from an outside provider. Conversely, some projects will require real skills that will require you to delegate, such as web writing for example.
Starting a business with capital generated by your own income is possible, provided you have limited needs and know how to save. If it is not always easy to decrease your lifestyle, tell yourself that it is the better to increase it afterwards!