“It takes money to make money.” You’re probably all too familiar with the popular adage. However, with so many inexpensive resources at our finger tips, building a business needn’t break the bank. So how does one build a business on a budget?
Businesses selling products may require more startup capital than others. But there are lots of creative ways you can grow your business even when money is tight.
We caught up with Tonya Rapley, millennial money expert and founder of award-winning website, MyFabFinance to get her top three tips on building a business on a budget.
3 Tips to Build a Business on a Budget
1. Take Advantage of Free Resources
People assume that because something is free it must be of lesser quality. We must shift that mindset. Free stuff might just be the universe’s way of giving you what you need. When it comes to building a business on a budget, there are tons of free resources available. My favorites include:
Canva – A fantastic tool for creating online graphics. If you don’t have the money for a graphic designer it is a great way to cut costs once you have your basic branding in place.
Podcasts– Podcasts are a great way to consume valuable business information on the go. Stitcher, is a great app where you can save your favorite podcasts and listen later. Business podcasts have tons of jewels and gems. My favorites include: Lewis Howes’ School of Greatness, Chalene Johnson and Chris Ducker.
Periscope – I’ve received great tips from Periscope. However, you want to carefully select the channels you subscribe to. There are a lot of experts and amateurs on Periscope and the app does not feature a credibility filter. Many experts often offer free Periscope classes and tutorials to learn valuable information. Periscopers I listen to include: Amber Aziza, Maya Elious and The Six Figure Chick.
2. Barter Your Services
When I moved to New York City, I was poor. I wrote an article on Xonecole about it. But, I still had aspirations to build a business. One of the ways I was able to do this was by bartering services. I taught myself online marketing and social media strategy. I realized a lot of the people whose services I used, didn’t use social media to promote their business. I bartered services with my nail technician and managed her social media account in exchange for her nail services. I made a similar arrangement with my hairdresser and have exchanged financial advice for legal advice.
Think outside the box about ways you can barter services. Review the people in your network; figure out ways you can work together. Although, I wouldn’t suggest bartering services with a complete stranger; as you have no idea about their integrity. It won’t always work as everyone doesn’t uphold their end of the bargain. Offer something small and then see if the person is trustworthy. Build the relationship from there.
3. Join an Entrepreneur Community
Building a business can be lonely. While some people can build a business on their own, I don’t suggest doing so. Community support is integral during the process of building your business. Not only will your community help you establish a network of support and offer resources; you may also gain emotional support and feedback from peers.
There are several active online communities and I stress the word active. For example, I have a community for individuals who are subscribed to my Financially Preparing to Be Your Own Boss Course. Other exceptional online communities include the Boss Babe Community, Carrie Smith’s Careful Cents Club for freelancers and Publicity for Entrepreneurs.