Tips to stretch any startup budget

September 15, 2014

If you’re thinking about starting a business, the thought of having enough money to get your venture up and running can seem like a roadblock to your progress. However, that doesn’t have to be the case! Whether you already have business funding or are operating on a shoe-string budget, you can get started.

There are steps you can take today to get your business going, regardless of your current financial situation. Entrepreneur contributor Jonathan Long, founder and CEO of Market Domination Media offers a few tips that will help you accomplish your goals.

When your funds are limited, you might have to handle more tasks on your own at first. One of the tips Long recommends is to build up “sweat equity”. This means taking on more responsibility for business aspects, like marketing, that will increase the value of your business.

You can make the most of the resources you already have by not taking on too much credit card debt. Instead, Long recommends using the company’s revenue to make purchases. Additionally, being frugal during the initial stages of starting your business will help you stretch your resources.

If you are looking to secure funding for your venture, the U.S. Small Business Administration (SBA) provides resources to help small business owners obtain loans, grants and other forms of funding. For more information, visit the SBA website.

One of the most important steps in this process is selecting your company structure. The type of entity you choose for your business will serve as part of the foundation for its growth as you move ahead. An online incorporation services company can serve as a trusted resource for any questions you have about the process of incorporating your business.