By Noah Rue
Are you considering starting a small business, but your head is telling you why it’s impossible? One obstacle in particular is likely your finances. While money is obviously an important factor for any business starting out, you may not have to be as financially secure as you think.
Today, numerous low-cost or free resources exist to assist new business owners with things such as funding, developing important technical skills, and improving credit scores. With these inclusive resources, in addition to strong motivation and drive, succeeding in the world of entrepreneurs just got a lot easier.
Use the right resources
Thanks to the online world, many professionals and entrepreneurs have been able to share their worthwhile knowledge and experiences with the business world. Maryville University has compiled some of these inspirational and low-cost resources as a helpful guide to starting a business. They recommend utilizing:
–Modern tools: Take some time to listen or watch TED talks about starting a business. They’re often free to watch and there’s a variety of different entrepreneurs to learn from. There is also the U.S. Small Business Administration which can help you connect with mentors and trainers and they also provide loans for qualified small businesses. It’s also easier now than ever before to start your business website with platforms such as Wix and Squarespace.
–Business publications: The information in business publications is worth looking into. Experienced professionals explain and give tips on a wide range of topics from the legal structure of startups, building your brand, and how to overcome administration obstacles.
–Funding resources: From credit cards to small business loans to your assets, it’s important to learn not only how to fund your business but how to stay out of debt and what the best funding option is for you. Luckily, there are plenty of free online articles and other resources that can help steer you away from money pitfalls and towards better options.
Capitalizing on the business resources available online could be the difference between success and failure.
The importance of good credit
Starting a business with uncertain finances is not impossible, especially if you have the help of credit. According to the U.S. Small Business Administration, having good business credit enables you to have access to capital which can help cover day to day expenses, the cost of hiring staff, and help you purchase inventory.
They go on to further explain, “By taking the necessary steps to build business credit the more financial opportunities your business will have. Banks, lenders, and suppliers rely on business credit reports to assess the creditworthiness of a company. With strong business credit, you create a safety net for your business so you should have no trouble gaining access to the business funding you need.”
The catch is it can take a while to increase your credit score or improve it. You can start raising your credit score within 30 days by disputing any errors on your credit report or increasing your available credit. However, it can take up to a year of good credit-building habits such as perfecting your payment history and paying down non-revolving debts to really solidify a healthy credit score.
Increase your technical skill knowledge
Another money-saving tactic is learning more essential technical skills. By learning things such as budget preparation, control measures, and cost management you won’t have to outsource for expert knowledge, which can get expensive. Of course, you don’t need to be a one-man show, but in the beginning, it’s useful to have a wider knowledge of how your business operates so you have a clearer understanding of what to look for and what to avoid during major projects. Learning more technical skills can also help you pick the right candidate when you are ready to expand your team of employees. Consider taking an online class or even watching videos on platforms such as YouTube to help expand your skills.
Starting your own business is a thrilling moment in life. Even without the perfect financial situation, it’s still possible to make your vision come to life. With the right tools, research, and motivation finding success as an entrepreneur isn’t an impossible feat. Good luck!
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Noah Rue is a journalist and content writer, fascinated with the intersection between global health, personal wellness, and modern technology. When he isn’t searching out his next great writing opportunity, Noah likes to shut off his devices and head to the mountains to disconnect.
