4 Tips on Becoming a Business Owner Without a Ton of Capital

For as long as you can remember, you have wanted to open your own business. You have some great ideas for products and/or services, and you are chomping at the proverbial bit to launch your company.

But while you are rich with ideas and enthusiasm, your bank account is not exactly brimming with cash. Instead of giving up your entrepreneurial dream until you save up a lot of money or win the lottery, consider this: it is quite possible to run a business without having major overhead or capital.

Here’s how:

Network, Network, Network

One way to launch a business without a lot of capital is to find others who can help you. You can attend trade shows and other business events where you can network and find people who might either become investors in your company, or are willing to barter their services. Prepare an elevator speech about your company and don’t be shy about telling people you meet about your business goals; you may find that the friendly woman in line behind you at the supermarket is a marketing guru who would be happy to trade her time and skills for your products.

Work Out of a Home Office

An effective way to keep overhead costs way down with your new company is to work out of a home office. In many cases, you don’t have to rent a fancy office or warehouse space—you can convert your dining room or guest room into an office and use your garage or attic to house any inventory you may need. Employees who you hire can come to your home and work with you—you will save not only on rent but also gas to commute to and from an office and the utility bills to heat and cool the building.

Partner with an Existing Company

Another great approach to business ownership is to work with an established company that is looking for people to sell their products through direct sales. For example, you can partner with a company like Amway and still be your own boss in the direct selling industry and manage your own business. Misunderstandings of how the company operates have led some to wonder if Amway is a pyramid scheme. But you need not worry. Unlike a pyramid scheme, Amway does not pay its Independent Business Owners to get others to join the company; you will earn money simply by selling products to your customers. You can decide when you want to work, set up your business online and choose which methods work for you to make your direct sales.

Don’t Quit Your Regular Job Quite Yet

Although getting a new business off the ground does take a lot of time, try to keep your existing job for as long as you can. Sticking with your current job will make it more likely that your new company will succeed. You will continue to have a steady source of income so you can rest assured that your basic bills will be paid, and you can use your salary to help grow your new company at a faster rate. If your new business starts off slowly—and many of them do—your pay will help you get through the lean times until the startup takes off.

Big Dreams Can Happen for Little Money

It is reassuring to know that you don’t have to put your business dreams on hold indefinitely; you can start today to get your new company off the ground. By partnering with an existing and reputable company, working from home, chatting up your business with others, and moonlighting at your startup, you can definitely fulfill your dreams of business ownership without a lot of capital.