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Entrepreneurship

9 Tips for an Entrepreneur on a Budget

http://why-every-girlboss-should-invest-in-herselfAn increasing number of people want to say goodbye to traditional work and venture into the world of entrepreneurship. But the problem is that this desire is not always accompanied by a factor: money to invest. So, where does an entrepreneur on a budget start?

If you’re going through this, take it easy! You don’t have to give up your dreams or throw your ideas away.  It is possible to start an enterprise without a high investment, but this requires a good deal of determination, planning and creativity. Investment doesn’t always need money either, you can read more about investing in yourself and future here.

1. Build your Knowledge

With money or without money, seeking knowledge is essential and continuous for every entrepreneur. The more information you have, the greater your chances of building a solid business. 

But that doesn’t mean you have to take those expensive courses that are booming on Instagram. The internet is full of free and quality content for entrepreneurs. 

There are countless blogs, profiles on social networks and YouTube channels that cover all the steps that involve creating and managing a business, so enjoy and study a lot. 

2. Every Entrepreneur Starts Small

You can – and should – start small. Instead of trying to open a physical store or office, you can work from home and sell your products and services online. 

If developing products, start with a smaller quantity. Let’s say, for example, that you want to open a clothing brand. You do not need to create a collection with 100 models, start with 10 and increase as the business grows. 

This strategy is not only used to reduce the initial investment, but also to validate your business model and your product in the market. If it is necessary to make any changes, the process will be much simpler and the loss much less. 

3. Use What You Already Have

It is a fact: everyone wanted to have the best and most expensive tools available to work. 

Only this is not the reality of most people who decide to undertake, and if it is not yours, everything is fine! 

You don’t need to go into debt or postpone your dream: start using what you already have. As conditions improve, it will be possible to invest in better tools, so focus and dedicate yourself to getting there. 

4. Create a Financial Plan

Financial planning is vital for building and running any business, regardless of size or initial investment. 

Create a spending schedule to avoid spending more than you anticipated. It is also essential to keep track of everything that enters and exits the cash, even if the value seems insignificant, as every cent is important when closing the account. 

5. Don’t Buy, Trade

Looking for a logo or someone to photograph your products? So look for professionals who are also starting their journey. 

In addition to getting a more affordable price, you will help someone who is in the same boat. Who knows, maybe a partnership will not happen? 

6. Negotiate like an Entrepreneur

Do not be afraid or ashamed to negotiate with suppliers! Whenever possible, ask for a lower price or better payment terms. 

The worst that can happen is you get no, so there’s no reason not to try. 

7. Invest in Social Media

It was a time when a large financial investment was needed to promote a brand. Today, with social networks, it is possible to advertise your business in a more democratic way and spending very little. 

Create profiles for your brand on platforms that have a good reach even without advertising or boost, like Instagram and Pinterest. Then, it’s time to produce the content! It needs to be attractive and relevant to your audience, while generating desire. The cost of this action is practically zero, as the investment required is time and willingness.

Learn to build your brand with my guide for beginners!

8. Use Free Resources for Entrepreneurs

In addition to free content available to the user, the internet also has a good range of free resources. 

When you need a resource, like a tool or images, do a lot of research! It is very likely that you will find some free option. A good example of this is Canva, which is an alternative to paid breeding software. 

9. Get Creative

Through creativity it is possible to create strategies and alternatives to overcome the lack of resources.

If you lacked money to make custom boxes, for example, you can use a normal box and personalise it with a stamp. Can’t rent a studio? Improvise the photo shoot in a cool public space in your city.

Explore your creative side and make it happen!

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