Written by: Robin Who, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
In a world dominated by big corporations and hefty investments, the idea of starting a business with just 20 dollars might seem like a fantasy. However, it's entirely possible to kickstart your entrepreneurial journey without breaking the bank.
1. Avoiding money pits
Prioritize Essentials
Focus on the core elements that will get your business off the ground, such as product development, marketing, strategy.
Beware of Unnecessary Tech Subscriptions
Be cautious about subscribing to tools you don't immediately need. While having the latest gadgets is appealing, opt for budget-friendly alternatives. Focus on devices that fulfill your business needs without draining your initial funds.
2. Saving for the future
Monitor Cash Flow
Keep a close eye on your cash flow from the beginning. Understand where your money is going and look for areas where you can cut costs without compromising the quality of your product or service.
Freelancers over Full-Time Employees
Consider hiring freelancers or part-time help instead of full-time employees. This allows you to access specialized skills without committing to a yearly salary and benefits.
Save for Rainy Days
In the unpredictable world of business, having a financial cushion is essential. Set aside a portion of your earnings as an emergency fund to cover unexpected expenses or navigate slow periods.
3. Leveraging free and cheap tools for your business
Free Website Builders
Establishing an online presence is vital, and you can do it without breaking the bank. Platforms like Wix and WordPress offer free plans with essential features to create a professional-looking website.
Social Media Management Tools
Streamline your social media efforts with free or low-cost management tools like Buffer or Hootsuite or Plannthat. These platforms allow you to schedule posts, track analytics, and maintain a consistent online presence.
Cloud-Based Collaboration
Embrace cloud-based tools like Google Workspace or Trello and ClickUp for seamless collaboration. These platforms offer document sharing, communication, and project management features without the need for expensive software.
Open-Source Software
Explore open-source alternatives or free ones for software needs. Applications like Canva for graphic design, LibreOffice for office tasks, and Audacity for audio editing provide robust functionalities at no cost.
Example
You can invest in just a simple website platform (cardd.co, 15/year), free graphic design plan (Canva), free email marketing platform (Mailerlite, Mailchimp) – and you would be set!
Conclusion
In conclusion, starting a business with a minimal budget requires strategic thinking, disciplined spending, and a resourceful mindset.
Remember, it's not about how much you start with but how wisely you use what you have. With $20 and a dash of creativity, your business dreams can become a reality.
Robin Who, Executive Contributor Brainz Magazine
Robin is a Travel Lifestyle Coach and the CEO of Our Connected World. With a background in Psychology and over 5 years of Marketing and Mentoring experience, she empowers women in life transitions to embrace a travel lifestyle of time, location, and financial freedom. As an educator and speaker, Robin draws upon her extensive knowledge to guide clients towards boundless possibilities. With a decade of experience as a student abroad, expat, nomad, backpacker, and immigrant, they understand the challenges and joys of a nomadic life. Through coaching, workshops, and speeches, Robin inspires others to break free from conventional living and create a life of adventure and fulfillment.
