January 5th, 2018 Read in 4 minutes
Resources to Start a Small Business
Do you qualify for a
small business loan?
Are you considering opening your own business? What do you need to do it? The first thing that comes up when you ask that question, is the need of capital. The more, the better. What if we told you that you are wrong and that you can do it with the smallest amount of resources?
Maybe you already have your own business. But you feel stuck: you don’t know how to generate more profit, your expenses overpass your profit, and you don’t have the resources to make it grow. Maybe you have even asked for a loan, but you have didn’t get it. The reason? Your business doesn’t generate enough cash flow to add the extra debt that a loan would mean. Yet, we insist: YOU DON’T NEED A LARGE AMOUNT OF CAPITAL to start your business and prove it can be successful. You can do it with very limited resources.
What are we talking about? Have you ever heard about “bootstrapping”? It’s a business technique in which, using a minimal amount of resources and capital, a small business owner sets a business concept in motion. The point is to prove you can manage a small scale business and generate enough cash flow to sustain it.
For instance, if you are thinking to open a restaurant, you should consider starting with a small catering business or a food truck. That will provide you with enough profit to save for a future restaurant and face all the expenses and responsibilities associated with it.
Once you have created your business concept or your small-scale business, you will start to generate cash flow. More cash flow than the one you could generate in a full-scale business if you don’t have the required experience. This cash flow and the business credit you’re building will allow you to ask for a business loan in time. Then you will make your business grow and take it to the next level. Remember: Rome wasn’t built in a day, and the same applies to your small business. Start small, be patient, but never lose sight of your final goal: to grow your business and conquer success!
Want to know more? The following resources on our blog will be helpful.