Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (411 words)

Self-employment with Little Capital is Possible

If the idea of becoming a self-employed professional is rolling around in your head, you will soon begin to ask questions regarding the financial impact this change will have on your life.

As scary as it may be to take the leap, if you have a strong plan in place you may find the transition easier than you ever thought possible.

With little or no capital, it is easy to believe that starting your own business is impossible. But is this truly the case? Definitely not. Many people have successfully joined the ranks of the self-employed, despite the fact that they didn’t have much financial backing.

If the time has come to “put up or shut up,” here are five ways to improve your chance of success:

1. Be ready to work harder than ever before. You may not have a lot of cash, but you can make up for this in sweat equity. At first, you are not going to get a lot in return for your time. With each passing day, however, your business will pick up and you will realize that you are making progress.

2. Avoid taking on too much debt. As tempting as it may be to max out credit cards and borrow money from friends and family, you should avoid doing so at all costs. This will make the startup process more challenging, but it will also work in your favor down the road.

3. Have a payment policy that works for your business. Are you okay with net-15 or net-30 payment terms? Will this allow you to complete a project and receive payment in a manner that will allow you to keep your head above water? Experiment with a variety of payment policies in the early going, as this will help you find which one works best for you and the future well being of your business.

4. There is nothing better than free. From office furniture to advertising to marketing, do whatever you can to get what you need without spending any money. The more you do this the more addictive it becomes.

5. Tell everybody you know about your venture into self-employment. You never know when somebody will be able to help you out. You never know when your conversations will lead to a new client. Don’t be shy about broadcasting your career change.

When you follow this advice, diving into self-employment with little or no capital is possible. Are you ready?
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Monday, 11 December 2023

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