How Much Money Do You Need to Start a Business? The typical thinking is that $100,000 is needed to start a business. But in reality, the typical startup spends significantly less. In this episode we will explore ideas to get your business started with little or no investment.
Money Plan to Start a Business
No one ever really asks “How Much Money Do You Need to Start a Business?” – instead they just assume that is it some figure such as $100,000.
- Define why you need money
Equipment and tools
Pay yourself and your team
- How to do it on the cheap – Equipment
Rent or borrow
Use what you have already and add as needed
- Team Building
Hire on a project by project basis
Do not quit your day job yet
Manage the cash flow
Be OK with growing slow
Engage current or previous customers for referrals
Use sweat equity
- Avoid the two lies of business startups
You have to invest in things to grow
Debt is normal
- Listen to the advice of others – but use your brain
Join and listen to find tricks to start your own business for less.
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