How to start a business if you can’t risk your finances?

I’m not gonna pretend that starting a business will guarantee you 100% success. Nope. Chances are, things might go wrong…but what if they go right? Huh? Despite every risk, I still believe you must start a business if you keep thinking about it and yes, you can start one without risking your finances.

Ok, so you’re probably thinking that starting a business will require huge investments from your side. I’m not gonna lie, having a chunk of money throw into your business can give you that boost, but if you’re building a sustainable business – take this as a marathon, not a sprint.

I’ve started my web design business with zero $. Seriously. I’ve actually started it because I needed the money. I was in no position to spend a lot of money, but I did buy my own domain + web-hosting package (which was around $50-60 if I remember it correctly.

I’ve also started a second e-commerce business a couple of years back which hit multi-six figures in revenue in 2020 by only investing around $100. I’ve got a WordPress theme, sign up for web-hosting. My partner hired an illustrator to create our logo and a composer to create intro music for our podcast. Here was another $100. We took it from there, built it from the ground up and the business kept growing & growing ever since.

The reason I’m sharing this with you is to break the stigma that you need to be rich in order to have your own business. Not at all. In fact, if your financial situation is nowhere close to being stable – I encourage you to think about being your own boss even more. I know you need that extra boost of income & your own business will get you there if you play your cards right.

Let me share some of the things you should keep in mind when starting out. Here’s how you can start a business without risking your finances.

Start a website

This way, you won’t find yourself with outgoing monthly fees. You will only pay for the first year of web-hosting as well as a WordPress theme and no other fees will apply throughout the year to keep your website live.

Starting a website is by far the best way for you to get started in the online business world. It’s also super easy to set up. Start here.

Take the most out of FREE education

You don’t need to hire a coach or invest into expensive e-course to get started. You can definitely use them once you have some kind of an income flowing in, but for now – there are plenty of free courses, videos and blog posts for you to choose from.

Literally any topic is covered on Google these days, so just type in your question and let search engines do the work for you. Thanks to the world wide web we have access to free education these days, use it wisely!

Start With Digital Products

The great thing about digital products is that you don’t need to spend money on storage space or buy any products in advance.

You can simply create a product that can be downloaded and used in seconds (such as my ultimate planner bundle). Think about what can be useful for your audience.

If you’re struggling to come up with an idea, read: 5 Types Of Digital Products You Can Sell.

Open A Separate Bank Account For Your Business

Keep your personal finances away from your business ones. Open a separate account, decide on the amount you’re going to begin with ($100 is more than enough) and take it from there.

Not only does this help you keep that clean line between business assets and your personal or family assets, it can also help reduce your personal liability and make handling your taxes way simpler.

Cut back on personal expenses for a bit

I receive comments from people that are too afraid to invest in a WordPress theme for their new business all the time. I always encourage them to look at this as an investment.

For some reason, we live in a world where spending $200 is the norm, but investing $100 into A BUSINESS is somehow risky.

If you’re eager to start working for yourself – perhaps cut back on your personal expenses until your business picks up. You definitely don’t need new clothes and you can definitely live without takeaway coffee.

Then, put all of the money you save back into your business. I promise you’ll get it back in no time!

Starting a business without risking your personal finances is more than possible. If this post helped you make up your mind, go ahead and start your journey today. Learn more.

The post How to start a business if you can’t risk your finances? appeared first on Personal Business Ideas & Strategies.

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Written by kotrynabass

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