Subscribe to Entrepreneur for $5
Subscribe

Great Idea But Little Capital? Don't Let That Hold You Back.

By

If you have a promising idea for a new venture, don't let a lack of funds prevent you from following through. Here are eight tips to bootstrap your way to business success:

1. Be an expert.

If you build your business around your skillset and area of expertise, you don't need to use valuable funds to pay for outside consulting.

2. Tell your friends

If you are getting a business off the ground, shout it from the rooftops.  Tell your family, friends, neighbors, mentors, people you meet at networking events, former co-workers -- everyone. Take to social media and make some phone calls. You never know who will want to help or help spread the word.  

Related: For Your Startup to Thrive, You Need to Build Value for More Than Just Customers

3. Stick to a budget. 

There are some expenses that are unavoidable when building your business, like phone and electric bills and renting office space. Be careful about how you spend your money when you are first starting out.

4. Don't get overwhelmed with debt.

Use your venture's revenue to pay for expenses like office furniture and supplies. While it may seem simple to buy everything you think you need at once and dump it on your credit card, that sum could surprise you when you get next month's bill.

5. Have a solid payment policy.

Don't set up a payment policy based on what you think will appeal to customers. Set up the one that works best for the company's growth.

Related: The Key to Every Successful Business is Agility

6. Time is money.

As you grow, remember that sweat equity (the effort you put into building your business and brand) is just as important to your business' development and monetary value as financial equity.

7. Get the word out.

Use social media to generate buzz about your new company and position yourself as a trusted resource in your field for the press.

8. Wear many hats.

Whether it’s marketing, customer service, accounting or hiring, your hard work is the lynchpin to getting your venture off the ground.

For more on building a business with sweat equity, check out the video above. 

Related: Think Carefully Before Seeking Funding (Infographic)

Latest

Going Public Series Premiere, Watch and Click-to-Invest Now on Entrepreneur.com!

Get ready to watch the first of its kind show where viewers can invest in featured deals while they watch!

Delivering Hospitality to Online Audiences

Interview with Garry Kanfer (Kissaki Sushi) about digital marketing and delivering the restaurant experience to customers at home.

Why This Mom Entrepreneur Is All About Quarterly Planning

The founder of Hustle Like a Mom shares her tips for working moms trying to run a business between drop-off and pick-up.

Build A YouTube Following With Authentic Content

Interview with YouTube Star Sam Zien The Cooking Guy about growing his popular YouTube channel and restaurant empire.

This Celebrity Talent Manager Is Offering a 12-Step Online Course on the Business of Acting

Jamie Freed is known for discovering Selena Gomez and managing celebrities like Paris Hilton. Now he's helping actors learn about the business of acting through his 12-step online course.

Video: Random Act of Kindness at Dollar General Store Goes Viral

Cashier wins hearts with her display of compassion at an Illinois store.

This Entrepreneur's Charity-Driven Startup Was Acquired in Less Than 2 Months

The founder and CEO of CharityPops NFT talks about how his company gives back to charities and how his platform got acquired in under 60 days.

This Company Just Launched a Comprehensive Label for Measuring a Fashion Product's Impact on People and the Planet

While we're used to seeing nutrition labels on food, the founder and CEO of Nisolo says he created the sustainability facts label to protect people and the planet.

She Brought a Baby to the Boardroom While Asking for $1 Million. There's No Way That Worked...Right?

Would you dare to try the high-risk, high-reward strategy of bringing a small child to your investment pitch?

Want to Sell Better Through Your Online Store? You Might Be Overlooking This Important Aspect of Digital Marketing.

The founder and CEO of QMocha explains how his Shopify app will work with your existing product images.

This Mother and Entrepreneur Wrote a Book to Help Adults and Kids Learn About Their Microbiome

The founder of Seed Health and author of 'A Kids Book About Your Microbiome' shares why she's empowering each of us to see ourselves as superorganisms.

You've Got a Great Invention. Now How Do You Get People to Buy It?

It's a good idea to start a business by solving a problem, but make sure to consider who is actually paying for your solution.

How to Create Video Content People Will Actually Watch

The founder of Patrice Poltzer Creative shares video tips that will help you attract your audience and keep them engaged.

This Entrepreneur Maxed Out His Credit Cards to Build a Business That Helps Companies Protect their Data

The president and CEO of Data443 shares how his company secures and manages organizational data wherever it exists.

How This Doctor-Turned-Entrepreneur is Trying to Change the World Through Play

The CEO of In KidZ shares how she's trying to make inclusion a daily part of family life with her culture-focused company.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.

  • An original series streaming weekly where you can Click-to-Invest while you watch. THEIR JOURNEY. Your decision.
  • Your favorite pitch show is back with new entrepreneurs pitching Entrepreneur's investors.
  • Host Nicole Walters interviews small business founders to discuss their unique challenges and experiences running and growing a business. 
  • Jessica Abo covers the causes people care about, the powerful work they do and how they got to where they are in the first place.
  • Bestselling author, Ben Angel, takes his audience on a journey into the entrepreneurial mind to uncover why we do what we do through his powerful short films and educational videos so you can unleash your ideas and potential.
  • Watch our staff interview top entrepreneurs and report on location in these Entrepreneur.com exclusive videos.