It is estimated that approximately 550,000 people become entrepreneurs every month. It’s no wonder considering that around 62 percent of Americans report that they want to own their own business and be their own boss. Although 51 percent of people agree that starting a business is the best way to learn about entrepreneurship, there are still many who want to start their own business who hold back because of fears and concerns about making the switch from employee to entrepreneur.
Although there are a lot of benefits to business ownership, such as creative control and the ability to make executive decisions, there can be some big setbacks as well. For example, business ownership often requires a lot of work hours--even when you’re off the clock. It can also sometimes require that you do a lot of the work on your own if you don’t have the capacity or funds to hire employees. One of the biggest problems that entrepreneurs face, though, is having enough money to start their business in the first place, then having enough money to keep it running.
It seems nearly impossible to start and run a business if you don’t have any money at all, but it can also be a big deterrent for would-be entrepreneurs if they need hundreds of thousands of dollars to get their company going. Luckily, there are ways that you can start a business, even without having hundreds of thousands of dollars available. Below are some tips that can help you start a business and become your own boss, even if you don’t have thousands of dollars in cash-on-hand.
1. Start Online
Some businesses can’t be made into online businesses. For example, you may be able to manage and run a construction company online, but you can’t do any of the construction work on the Internet. Unless you’re planning to specifically start a business that can’t be done online, then starting your company exclusively online is a great way to get going with only a little cash. Online businesses generally have less overhead since you don’t need to purchase an office building, won’t need to pay all of the overhead, and may not even need inventory.