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How To Start A Business With Limited Capital - Business - Nairaland

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How To Start A Business With Limited Capital by Nobody: 5:36am On Jul 07, 2014
Putting up your own business is all about taking risks. Thus, everything should be carefully planned and resources should be allocated properly and wisely. Especially when
your capital is limited, you should strategically spend for necessities first; so setting priorities are very important. Priorities must then be
monitored and managed for them to be achieved in your desired time.

The first things to do in putting up your own business are the following: researching about your market; fulfilling all legal requirements; goal
and objective setting; and creating a bank account for your business.

After doing the aforementioned requisites, you may now proceed to planning how to spend your firm’s financial resources. The following
are some useful tips on how to allocate funds when starting up your own business:

1. Buy what you NEED:

Do not spend your hard-earned money on something that your business does not require for it to run smoothly. Prepare a detailed list of
things or services that your business should have and set aside those which can be purchased sometime in the future.

For example, if you are planning to put up a small Internet Café, invest on good desktop computers but not necessarily those which are too expensive. What you just need is a good Internet connection and you’re good to go.

2. Why buy if you can rent?

As mentioned earlier, starting up a business entails a lot of risks. Thus,
there is no assurance of immediate success or even business sustainability.

So instead of buying a lot, an office, or a building, why not just look
for a place for rent? Should your business prosper, you may then consider looking for a permanent
office or headquarters. This also applies in availing of technological services that you will need to run
your business.

For example, why buy a licensed photo editing software if you will just
need it during your business promotion period? There are lots of free online photo editing websites that you can use to come up with improved photos needed in producing effective communication materials to promote your products and services. Same goes with availing of a phone or
communication system for your business.

To cut costs, you may just avail of an affordable online virtual PBX that you can pay on a monthly basis from service providers like RingCentral.

3. If your capital could not provide for a business infrastructure, then work from home .

For instance, if your business is online
selling and you need a number of employees or resellers for better product sales, then hire home-based employees. This way, you need
not put up an office and purchase a number of computers for your business to operate.

If you are in need of writers or freelance graphic artists, you may just also opt to hire home
based employees to save cost.

4. Work with what you have.

If you badly want to put up a business of your own but do not have the capital yet, start with what you have.

For example, you are unemployed and what you only have is a desktop computer and a reliable Internet connection. What you can do is to start your own business without any
capital by reselling products online.

These are just some of the many practical ways on how someone can put up his own business with a limited capital. Once your business start to generate income, then, you can think of availing of additional services that can help improve your business venture.

Source: www.exploreb2b.com

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