Short on Resources? You Can Still Start a Business

Updated: Apr 18


Many people dream of being entrepreneurs, but extenuating factors can get in the way. Creating a business often requires startup capital and a physical location, depending on your product or service. It also calls for planning time. If you want to start a business but are short on resources, some companies are easier to create than others. The Social Sharks presents some ideas you should consider if you want to get started.


Easy-To-Start Business Ideas


Because you are charging customers for your time and expertise, a service business can save you money on startup capital. Selling products usually requires you to have inventory on hand, which means you need funds to purchase it and a place to store it. A service business lets you bypass the inventory aspect for the most part. You may need some supplies to do your work, but you don't need to stock products for customers. In addition, many service businesses let you work from home, saving you from leasing office or warehouse space.


Some service business ideas to consider are:


  • Consulting — charging people for your professional expertise and guidance

  • Business-to-business services — website design, accounting or marketing

  • Assistance for homeowners — cleaning, landscaping or painting

  • Personal services — elder care, personal fitness or stylist


Getting Your Company Off of the Ground


All businesses require some legwork to get going. One of the most fun tasks is choosing a name for your company. Try to select something that is not too similar to a competing business and is also easy to remember and pronounce. It should reflect your brand.


If you find later that the name you chose doesn't fit as you grow, you can create a "doing business as" name. A DBA name makes it simpler to branch out into other services under a different name. Also, if you run into trouble getting a domain name for your business, you can advertise your services under a DBA name. Check out these naming agencies.


How to get your business off the ground

Another essential task is writing a business plan. It's a document describing your company's objectives, activities, and strategies for meeting your goals. A business plan serves as a company blueprint. It can also help you secure capital (if you need it) by explaining your procedures to investors.


Marketing Your Business


You can make a solid first impression by creating a well-designed logo for your company. A good logo sets you apart from competitors and builds brand awareness. You can develop your own instead of paying for a design service if you're on a tight budget. An online logo maker can help you produce a creative and appealing logo. Choose a style and icon, then add your text. You can view an array of ideas and adjust colors and fonts. If you are interested in a logo design service you can click here to get started on one.


Marketing strategy for small business

You can use social media for marketing your business inexpensively. According to research, 55% of consumers learn about brands on social media. Start small, selecting platforms that your target market prefers. Schedule posts that inform and add value. If social media marketing is a little out of your wheelhouse, then get in touch with professionals like The Social Sharks to provide you with a top-notch campaign.


Brush Up on Your Education


If you're new to the business world, you can hone your skills by enrolling in an MBA program. The coursework lets you develop your knowledge of business, management, and strategy while teaching you leadership, self-assessment, and self-awareness. An online degree program makes it possible to study at your own pace while building your business.


Owning a company doesn't have to be out of reach if your resources are limited. You can choose a business that requires less upfront capital and make the most with what you have. A solid plan and a willingness to work hard are the best tools for building your company.