Business on a Budget Hacks

I want to share a few business on budget hacks I learned throughout my life. Because growing up I didn’t have a lot of money. I went to college I still had no money. When I finally got to the professional world I thought great, I’ll finally have money! But then tragedy struck. The job that I had for the first couple of years then I ended up getting laid off my next 3 jobs. I didn’t have anything coming in for 9 months straight. Lost all of my savings and investment.

Telling you that story to let you know that I’ve been through the wringer. If you are reading this you are broke and stuck in a trap and you are looking for a way out. Starting a business/side hustle is your way out. But in order to start those you need money. I started my first and most profitable business with the hacks I’m about to share with you.

Business on a Budget Hacks #1: Do Your Due Diligence

This is huge. When you start a new business venture, whether that be an online business or a restaurant, you have to do your research. When I was looking to get into the investing game I needed to do some research on the best way to go about it. I googled just about every question I had regarding the issue.

I reached out to every lawyer and CPA I knew to discuss what is the best way to go about this. Once I did the research and had a clear plan of action I went and opened up that LLC. Once I opened up that LLC you obviously need a bank. So, I opened one up. For the money part, I cut expenses and found a way to get more money. I took an extra job at my local equinox and funded that account.

Business on a Budget Hacks #2: Find a Niche Market

When starting a new business you can’t look everywhere you have to pick a specific area. Like they always say if everyone is your customer then no one is your customer. You have to pick your target. The more you attempt at aiming at that target the more likely you’ll be able to hit the target. A good example to understand what I’m talking about is to discuss dropshipping. Some of the best drop shippers pick a single type of product. Like jewelry, books, outdoor products, etc.

The reason why you want a niche market is that it makes it easier to attack the marketing and reach your target audience. The more you attempt to reach a group of people the more likely you are to get their attention. This also allows you to cut the learning curve. If the market is niche enough, it won’t take you long to understand what you’re selling. That niche market strategy is the cheapest way to get into the market. You’ll spend less time and money getting it off the ground.

Business on a Budget Hacks #3: Find a Few Partners

Coming off of that last point from the business on a budget hack #2, getting a few partners will make it cheaper as well. Obviously, your partners can help you monetarily. But that’s not all they are good for. They can also help with cutting the learning curve. The right partners will know things that you don’t and can cover those areas. It’s delegation at its best.

The faster you get off the ground the faster you can make money. If you are bothered by the fact that you have to share your partners with partners think about this. 30% of something is 100% of nothing.

So, if partners can get you to go further than you would by yourself think about getting yourself, partners. It will help with the business on a budget part because it splits your business’s expenses. On top of that, you’ll spend less time figuring out how to get it off the ground.

Takeaway

This was a pretty short article on something that you could write a book on. These are just a few hacks that helped me get out of my cycle. I wanted to share with you how I did in the hopes that it helps you guys. If you are looking for a few additional resources to get your business off the ground and on a budget check out the $100 Startup and the 4-hour workweek.

This article is the main tempo of what this blog is about. I want to share my experiences in growing a business with a lack of funds. Because that is the average millennial’s dilemma. I want to set you up for success as best as I can. I will share what worked for me and hopefully, you see the same results. If you continue to read my articles you will get more content that will help you start a business on a budget. Good luck, and happy hunting!

Some good articles that I’ve written to follow up on this article. Check them out here and here.