In reality, we don’t really need too much external money to grow and start our business. Millions of new businesses are started around the world and we could be certain that many of them don’t really qualify for business loans, causing them to choose more expensive options with higher interest rate. Given the increasingly difficult economy, many banks decide to restrict lending and they prefer to choose businesses that could generate good profit and with proper operations. In reality, it is possible to get our new business up and running without depending on external financial assistances. In general, we should be able find ways to look for additional income. Before we start a business, it is important that we have developed defining characteristics of an entrepreneur. One of the things we should do is to find ways to make things happen. If we rely too much on external helps, our business could be limited to specific resources, often much of them are available only from external party.
There are actually plenty of success stories that are related to companies that thrive without getting external helps. There are actually business that don’t have the financial resources that are usually available to larger companies, but they could kick off an effective marketing campaign. In reality, we should be able to use free resources and services, such as social media platforms. Two other things that could help us reduce marketing costs are referral programs and word of mouth. Some bakery businesses can’t afford to purchase some of the more expensive kitchen equipments and in this case, they could work with a nearby restaurant that doesn’t use its dough making machine too frequently. In this case, they could provide the restaurant with a percentage of the revenue. While getting a loan could seem to make our lives easier, it could actually restrict our financial options in the future. We will be required to repay the loan, causing us to obtain lower profits each month.
One thing that we need to be aware of is that each business is unique. Therefore, we may need some unique ways to deal with specific obstacles that others don’t face. There should be some easy ways to improve our situations that are not applicable to other businesses. No expert could provide the most effective road map and we should be the one who know how to solve oar problems. There are some situations that require unique things. Some of the methods we choose could be instinctive, but others could seem to be financially impossible. However, with creative methods, things that we originally see as impossible could eventually be applied quite effectively. In this case, we should learn how our competitors or business with similar products deal with specific problems. It means that we could duplicate the solutions they take, but we could also add few changes that are appropriate to our situations. There are some variations of the solutions that are available to us if we are willing to look for them.
