A quick search on Google will lead to all manner of websites which make claims about businesses you can start with nothing. There are so many ‘business ideas for less than $1000’ posts out there that we’ve lost count. The fact is that we all want to start something new without having to spend a fortune to do it.
Dreams like these are what keep the startup industry alive. Creating a company is all about going against the odds. The trouble is, posts like these cast an unrealistic light on this journey. And, if there’s one thing you need to succeed, it’s a realistic view of what you can achieve. So some writer somewhere has sat down and pulled these supposed ‘-$1000’ companies out of thin air. Good for them. But, they probably haven’t tried to make those businesses work. As such, posts like these are speculation presenting itself as fact. It’s no wonder, then, that many of us try these and fail.
Does that mean you can only start a company if you have savings? Not at all. It is possible to start a business with little money. It may even be possible to start something for less than $1000. But, you certainly won’t manage that goal if you don’t let go of the following expectations.
A desire for a product
You may find this shocking, but a company which offers a product won’t be able to start for nothing. You would need to pay for things like development and production. Those alone can cost a fortune. So, if you have your heart set on the idea of seeing your creation on shop shelves, consider how you’re going to fund this thing. But, if products are off the cards, what can you offer? A fantastic option would be a service-based business. This could involve providing something like accounting or website design. As you can learn from sources like this Draw Shop interview with Joe Kashurba, options like these can be incredibly viable. They also have the benefit of costing very little.
Close working relationships
You can also kiss goodbye to cheap business if you have dreams of a team. Employment costs. It’s that simple. An entrepreneur starting with nothing may have to work for years before this is viable. Instead, then, keeping things cheap will mean working with freelancers on one-off projects. Most of the time, then, it’ll be you, yourself and…well, you. If you can’t stand the idea of working alone, you know what to do.
Access to a large audience
A low startup budget also impacts your ability to find customers for your business. Worldwide acclaim isn’t going to just fall in your lap without a marketing budget. Again, that doesn’t mean this isn’t possible. Free marketing on social media could bring some custom, as could local campaigns. It may not be the storm you intended, but it’s the best you can hope for with your budget. Either accept that or be more generous with your spending.