Having empty pockets doesn’t always need to stand in the way of an entrepreneurial spirit or a great idea. It’s still possible to turn your business plan into a booming success, even without an overflowing pot of money.
Ask an accountant to review your books
Accountants spend a lot of time looking at how businesses are run and their finances, and so have an excellent understanding of how to help. This could include knowledge of grants and awards, or seeing what costs can be safely cut, without cutting corners.
Friends and family investment
Access to funding through banks and other external sources can be quite difficult. If you’re brand new and have no way to demonstrate your reliability as a borrower, you could struggle to get finance.
Instead, you might think about pitching to the people around you who care about you and your success. They might be able to offer support in the form of a lump sum gift or loan. Just make sure you both understand and agree to the terms before progressing. If they make an equity investment, make sure it’s somebody you’re happy to have as a partner!
If you’ve got it then flaunt it
When money is scarce, it’s time to look at what you’ve already got in your locker. You might be surprised at your ability to be resourceful, and find you can accomplish plenty without having to spend a single penny.
Use your social media accounts and contacts to shout what you’re about. You’ll build brand awareness, plus people you never thought could help (or dared to ask) might get in touch.
Exchange instead of buy
Reach out to budding experts who are looking for exposure, but be tactful! Getting free coverage as part of a great project is always welcome, but people also need to pay their bills. Don’t be offended if they have to turn you down in favour of paid work.
It’s also worth keeping in mind that they might be offended by your offer of coverage if they’re already well-covered, so consider how best to phrase your request, depending on who they are. Appraise what you can offer that isn’t money. Access to contacts, the use of facilities, or an exchange of services or knowledge can all help to get things moving.