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Get advice from a successful mentor who's already
been through the rough-and-tumble first stages of
starting a business. You should find someone who
has 100-percent faith in you and your business
idea and should preferably be someone who's
already stable and established, not some
overnight success: A good mentor who's already
experienced business success will have been
through a lot of ups and downs and can offer
useful advice on what not to do when developing
your business. This secret alone could save you
thousands of dollars!
Have your business plan drawn up for free by
submitting your business to MBA students. Most
MBA students are required to take a class on
devising complete business plans. If your
business idea is well organized and creative, you
could score a pretty snazzy A-list plan at no
charge! Plus you'll be able to see your company
from the perspective of numerous objective eyes.
This will give you insight into any loopholes you
may have overlooked when drafting your original
plan. Pinpointing these errors early could save
you money in the long run and will also help you
be better prepared and organized for the future.
Barter strengths with other start-ups. Start
networking with other small-business owners by
joining your city's chamber of commerce or other
local business group. At the networking events,
don't by shy-ask questions. What are the needs
these other businesses have? How are they
struggling with different aspects of running and
growing their companies? Pinpoint the areas in
which they need help and creatively offer those
services of yours that can enhance their business.
In exchange, propose that they provide you with
help in their area of expertise in the areas
where you need help. Small-business owners love
to barter: Hiring outside consultants can be
pricey, but bartering for both businesses are
priceless.
Get low-or no-cost advice from a university-
affiliated Small Business Development Center.
These centers, offer free advice and free-to-very-
cheap workshops to new companies. They provide
resources and information regarding every aspect
of business. More often than not, entrepreneurs
are creative people with great products but are
lacking in some of the other, "not so exciting"
areas of business. Services at these centers
include such things as one-day seminars on
getting started, free one-on-one counseling,
legal clinics, online resources and downloadable
forms.
Hire a virtual secretary. Hiring a virtual
secretary provides the illusion of a professional
office atmosphere, even if you're just working
out of your den. Virtual secretaries can do
anything from setting up appointments and taking
messages to answering FAQ's and even answering
your calls 24 hours a day, seven days a week.
Hiring a virtual secretary could cost you as
little as $40 a month to start, a small price to
pay for excellent customer service.
Hire college interns to help with simple tasks.
Interns can help out by running errands, making
copies or helping with mailings. They can also be
trained to answer customers' initial questions
about your product or service or can handle PR
duties or Web design-it will depend on the
expertise of the students you hire. By hiring
smart, you can carve out the time you need to
deal with bigger and better things.
"Pay as you use approach." Why pay monthly rent
for office space when you're just starting out?
Instead, employ a "pay as you use" approach. Do
most of your work out of your home office, and
then when meeting prospective business associates
or clients, rent space by the hour.
Join/start your own support network. When you
start a business, it's imperative to enlist the
help and support of people you trust. It's easy
for entrepreneurs to get into the mindset of "If
I need to get something right, I have to do it
myself." While this may be the case, spreading
yourself too thin keeps you from building your
business properly.
With all these low cost methods, you have no
reasons not to start up.
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