Why Money Shouldn’t Stop You from Starting a Business

Nowadays you will find many working professionals who harbour a fascination to turn into an entrepreneur someday. But there must be a reason why aspirations have not translated equally into numbers. And it doesn’t take a genius to guess that money could be a leading reason why this is the case.

Starting a business requires one to pledge a significant amount of time and money and most people are under the impression that they don’t have either of those two resources. 

While some are preoccupied chasing their current careers, the others may have different priorities such as spending time with family or pursuing certain hobbies. 

But money is surely a reason why many are not able to realise their dream of having a business of their own. It is not just the lack of capital that discourages them from starting a business but also the fear of incurring losses which is quite a common eventuality in the business world.

If the financial aspect is holding you back then following are some reasons why you shouldn’t let money be an obstacle:

Saving Money is only a Matter of Time

With the right investment of time, you can avoid spending money on services that are important for your business by handling them yourself. For instance, you can always have an in-house professional or pay a firm to carry out the marketing and advertising for your brand. 

But on the other hand you can also spend a few hours learning more about the service that you are looking to outsource. If you go down that path there shall be no need for you to hire someone new and you can take on that responsibility by simply increasing your working hours.

While it is completely understandable that you cannot tackle each responsibility yourself due to lack of time and the fear of becoming less efficient, there will be certain trivial tasks in the beginning that you may be able to handle yourself. 

Also, handling many responsibilities can place you at a greater risk of suffering from a burnout. Therefore you must carefully select the responsibilities which will not exert you a lot but can comfortably let you trade time for money. 

Internet offers many Freebies

There are many opportunities and resources that can be found online which come at little or no cost. You can make use of Wordpress or Wix to build your own website and it will still look professional without you having to hire a professional for the job.

By creating free accounts on forums and social media platforms you can connect with your target audience whenever you like. There are also many free sites where you can post details about any upcoming events and post classifieds relevant to your business. 

The internet has made it possible to avail professional services in a digital format without you having to spend much money unlike their traditional alternatives. For instance, if you decide to write a Will today there are many cost effective and efficient solutions that you may be able to find on the internet.

Multiple Sources of Capital

There is a good reason why most aspiring entrepreneurs may not be willing to invest time instead of money. If the task is quite big, building your business and learning new things will be like chasing two rabbits and as the old chinese proverb goes, a man who chases two rabbits catches neither.

The services that you can find online for free are good but they may not be able to reproduce the effect of getting them done at the hands of professionals. These reasons may compel you to believe that arranging for capital may be a better option than doing everything yourself and using free online services. 

Even if you do not have sufficient funds of your own to finance your business, you can still arrange for the capital that you need by tapping into the multiple sources of capital that you can easily find nowadays. For an early cash injection you can also consider working with venture capitalists or angel investors provided you are willing to consider the possibility that you may have to part with a certain percentage of your ownership in the company.

If you are building a product you can consider making use of crowdfunding platforms such as Kickstarter to raise the initial capital. There may be people in your friends and family circle who may believe in your idea and you can consider asking them for a friendly loan.