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4 Clever Tips for Broke Entrepreneurs

By: Brittany Engelmann-- 2016-12-26 7:12 am --

The term ‘entrepreneur’ has an air of elitism in our society, and it often conjures images of well-off business-minded people with the connections and capital needed to launch a thriving company. Yet, nowadays, people from all walks of life are launching businesses, and success is less contingent on startup capital and more dependent on the idea or product being offered. If you’re an entrepreneur lacking in business capital, don’t despair. Here are some clever ways you make your business a reality.

  1. Opt to crowdfund your business idea.

Crowdfunding is the millennial response to a struggling economy. Banks are becoming stricter than ever before when it comes to lending startup capital to entrepreneurs. Many young aspiring business people lack the qualifications to be eligible for bank loans. This has led to a rise in crowdfunding, which allows the general public to invest small amounts into a promising company, and in return, receive premium access to products once the company has launched. If the bank is unwilling to lend you that $50,000 you need to launch, don’t worry! Create a product pitch and promote it through a crowdfunding site, and you’ll likely find hundreds, if not thousands, of eager backers willing to contribute $50 each to make your dream a reality.

  1. Don’t give up your day job.

Many people think entrepreneurialism is an all-or-nothing endeavor. However, in today’s world, that’s rarely the case. Many people work day jobs, while building their own business on the side, and it reduces the pressure of launching your company. Start small, developing your own business while working your day job, and don’t quit your day job until you’re certain you can succeed solely as an entrepreneur.

  1. Spend ample time networking.
If there is any advantage the millennials have over previous generations, it’s networking. Use the power of social media to your advantage by forming as many alliances with local businesses and entrepreneurs as possible. Of course, you don’t want to be seeking out brands too similar to your own. Find companies that complement your own products or services, while not competing with you, and agree to cross-promote each other. By networking regularly, you’ll soon have a vast database of hundreds of businesses in your area that are willing to refer customers to your business when they aren’t able to meet the needs of the customer themselves.
  1. Be frugal.

If you’re already broke, then frugality is a given, but being frugal needn’t mean you skimp out on the important aspects of business. In the beginning stages of launching your company, take time to carefully survey everything your company needs to thrive and take stock of the resources you already have available to you. Be sure to only enter into business relationships with trusted companies that have a proven track record of success. Furthermore, find the right supplier that can offer you the best rates on all of your office needs, so you can keep your overhead costs low from the start.

DollarDays is a premium wholesale supplier, offering all of the office supplies, furniture, and décor that entrepreneurs need to launch their business venture. We’re careful to source only the highest quality product lines at the lowest prices, so we can supply our customers with exceptional rates on all of our bulk merchandise. Contact us today to learn more.