For aspiring entrepreneurs, owning a business is a dream. However, it remains a dream for many because of the realities of funding. It costs money to start a business. If you are already a small business owner and looking to expand, you might be held back by a similar concern: You don’t have the funding to take your company to the next level. The good news is that it is possible to start or expand a business with limited resources if you are strategic in your thinking and take advantage of the right industries and resources out there.
Starting a business with limited resources is similar to starting any other company. You will likely need to follow the same standard steps to becoming a successful entrepreneur which can include, but are not limited to:
Conducting market research to determine a minimum viable product.
Performing a competitive analysis.
Choosing a business name.
Writing a business plan.
Following the applicable legal requirements.
Choosing your vendors.
Marketing your business.
You will also want to build a business website and/or a social media presence to better reach your target audience (e.g., Twitter, Instagram, Facebook, LinkedIn, YouTube, etc.), especially if you are starting an online business.
