Small businesses are the backbone of the economy in America. There are over 33 million small businesses around the nation. Most of them have just one person working in them, which is the small business owner. Having a small business is a great way to make a living or have a side hustle. The good news is that there is help for starting a small business with little money.
There are many small businesses that you can start that do not require a lot of money to get it up and running. If you have money in the bank or a great line of credit that will allow you to spend as you need to get started, then great. But for those who have only a little money to use getting started with a small business, there are still plenty of options. Don’t let having only a little money hold you back from starting a small business.
First Steps for Starting a Small Business
When you realize you know you want to start a small business you will need to determine exactly what type it will be. This will help determine the amount of money you will need to gets started. It is imperative that you have an idea of what type of money it will take to get your small business started. You don’t have to be completely accurate down to the penny, but you do need to have a good idea of around what it will cost.
Once you know around what it will cost to start the type of small business you want to start, then you need to determine if you have the funds to do it. If you are close, then you can start moving forward. If you are way off in terms of what you have and what you need, then you will need to start considering how you will come up with the rest of the money, or you may need to choose a different type of business to start.
A small business is typically going to be a mix of what you are skilled at or can do, with what you can afford to start, and what the community needs or will support. If you have a specific skill to offer you may not be able to be flexible in choosing a different type of business to start, but you may be able to make some changes to start smaller and grow the company over time. Try to avoid having your overhead be too high when you are first starting a business. This may lead to you struggling to get things paid each month until the business grows.
Help for Starting a Small Business
When you only have a little money and want to start a business you will need to consider carefully what the options are. They may make the difference in being able to start the business and having to move on to a different idea that is more affordable. If you have your heart set on a particular type of small business and need assistance getting it started, below you will find some options to turn to.
Small Business Administration (SBA) – This is an agency that is part of the federal government. They are tasked with helping small businesses, regardless of what type of assistance they need. They provide a wealth of information to help people navigate starting a small business, obtaining funding, and more. If you need information on how to start a business, file taxes, and obtain funding or something else, check them out. The SBA has tools that you can use, including for planning your business, launching your business, managing your business, and growing your business. They also offer free small business classes to provide support to those who are running small businesses. They also provide SBA loans to those who need more money to start or grow their small business. To get more information, click here.
SCORE – This is another federal agency that helps people with starting, managing and growing a small business. You can provide them with your zip code and they will give you referrals to programs in your area that can assist with your small business ideas and plans. They also provide helpful workshops and seminars, online courses and information about obtaining startup funding. To get more information, click here.
Banks – If you need additional funds to get your small business started you may want to consider applying for a loan from a local bank or credit union. Many of them will provide such loans to help people get businesses started in their communities. They may also have additional resources they can refer you to for more information. Check with multiple banks to see which ones are willing to provide loans to start small businesses.
US Chamber of Commerce – This government agency will also provide a wealth of information for those who want to start and grow a small business. You can find a lot of the information you need to help start your business through the US Chamber of Commerce. Likewise, contact your local chamber of commerce office. They likely have information about programs in place in your local area that will help you get your business started. To get more information about the US Chamber of Commerce, click here.
Small Business Groups – Within most cities you can find groups of small business owners who meet up monthly. They do this so that they can learn from each other, network, and share information and ideas. Join one of these groups and attend some of the meetings, so you can network, make connections, and ask about how to get your business started with little money. Most likely, there are business owners who will be there who have been where you are and they can point you in the right direction. You may even be able to find a mentor at one of these meetings, who can provide you with a lot of the help you need.
