If you don’t have the money needed for your start-up idea, go back to the drawing board. Downsize your idea, or work hard over the next 6 months in order to save up the money needed in order to start your business.
Watch my video above for more practical information on how to start a business without going into debt.
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Ellen says
I’m curious if you consider finding investors the same as going into debt. Blogging is a business with fairly low start-up costs, but there are several other business models (retail, for example) with much higher start-up costs. While I don’t agree with taking out a loan, a good idea backed by a solid business plan can attract investors. To me, there’s a difference because an investor is accepting risk, but I’m curious what you think.
Crystal Paine says
I definitely think that investors could be a possible option… however, I also think that it’s good to start small and build up your business sense and experience in a smaller realm before jumping into something that would require investors.
Lonnie Sciambi says
I agree with you Crystal because investors don’t tend to open their wallets and take a chance on an idea that doesn’t have proof of concept.
I wrote a blog article about how investors don’t fund ideas, they fund ideas that have been proven.