Six Tips For Starting A Business On A Shoe String Budget

As jobs become scarce and the level of unemployment around us rises, there seems to be more encouragement to start our own income generating ventures. However, a problem many face is accessing funds to finance the start up of these ventures.

But, where there is a will, there is a way. Right? Right.

Learn about ‘Bootstrapping’ and you should be many steps closer to hanging that open sign in front of your own establishment.

Before big funding, try starting small Photo by sdawara

Before big funding, try starting small Photo by sdawara

Akosua Edwards in this article at The Next Women shares what she’s learned from talking to women in the Caribbean who are bootstrapping their businesses.

“Bootstrapping is the use of creative methods to finance the start and growth of one’s business without the need for external debt (e.g. business loans/equity) or outside investment (e.g. angel/seed funding or venture capital investment).”

This it is somewhat an unconventional, yet smart, secure and innovative way of starting a business. What do you think?
Here are three of the tips, you can find the rest at the full article below

  • Use family and friends in the early days
  • Pay yourself only when the business gets off the ground
  • Start the business at home

Would you ‘bootstrap’ to provide a definite stream of income for yourself and your family?

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