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8 Musts To Start Your Business With Little To No Capital

Have a great idea but very little money? Don’t let that stop you!

Jonathan Long




It’s not all about the money


You shouldn’t have to raid your piggy bank for the extra cash

If your idea and plan of execution aren’t well thought out from the beginning, no amount of money can turn it into a winner.

But don’t let that stop you. Yes, there will be ridiculously long days with little to no sleep. Yes, you are going to be stressed. But those that want it bad enough will make it.

Here are eight tips that can help you get your idea off the ground with limited funds.

Get ready to hustle


Do the hustle

Hard work is an absolute necessity, but when you are starting a business with little to no capital then you must be prepared to dedicate everything you have into making the business a success.

This might mean cold calling, handling customer support, dealing with billing and accounting, and every other working part of your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.

Don’t let limited capital prevent you from taking a great idea and running with it. Will it be difficult and will you have some stressful situations? Of course, but that is part of entrepreneurship.

Related: How To Get Venture Capital

Take advantage of free advertising and marketing

word of mouth

Make word-of-mouth marketing your forte

There are several ways to generate a buzz for your business without breaking the bank.

Social media is a great way to gain exposure and interact with potential customers. You can also reach out to local media and offer your expertise.

Make as many local media contacts as you can and be extremely responsive with their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.

Build up sweat equity


All of the hard work and long days that you put in isn’t for nothing.

When I first started my business I worked around the clock, handling every aspect of the business as well as the marketing and growth. All of the hard work and long days that you put in isn’t for nothing.

You are building a brand and your hard work is essentially increasing the value of your business. Your sweat equity will come into play if you ever decide to sell off a piece of your company or take on a partner.

Related: The Top 6 Ways of How to Raise Capital on a Continuous Basis

Make sure your receivables policy won’t sink you


Your payments are crucial to your business

If your business is a retail operation then this isn’t going to apply, but if you are providing services such as consulting or products to retailers you need to make sure that your payment policy is well thought out.

Can you remain above water with net-15 or net-30 terms? Don’t base your receivables on what you think your customers will want. Base them on what is going to make your business operate successfully.

Don’t get buried in credit card debt

credit card debt

Buried or drowning – your credit card debt won’t disappear either way

There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can all quickly add up. Instead of purchasing everything at once and throwing it all on a credit card, use your company’s revenue to finance your expenses.

Eliminating the stress and burden of debt will greatly increase the chances of creating a successful business.

Avoid unnecessary expenses

unnecessary expenses

Check what is ‘necessary’

You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending.

Take something as simple as business cards. You could drop $1,000 on 500 metal business cards that give off the “cool” factor, or you could spend $10 on 500 traditional business cards. Being frugal in the beginning can be the difference between success and a failed business.

Related: Going the Venture Capitalist Route? Seed Engine Gives Top Advice To Get It Right

Tell everyone you know what you are doing


You got this

Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles.

Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.

Build your business around what you know


Use what you know

Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance.

Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.

Next slideshow

8 Money Mistakes to Avoid on Your Way to Being Wealthy


P Diddy and Jay-Z

There is a difference between being rich and having wealth.

Jonathan Long is the president and CEO of Market Domination Media, a Miami Beach-based online marketing agency that specializes in content marketing, web design and search engine optimization (SEO). Market Domination Media uses innovative outside-the-box thinking when it comes to developing online-marketing strategies.


Cash Flow

Dealing With Debt As An Entrepreneur

Debt is all too common for business owners, but these experts can help you see the difference between good and bad debt and teach you how to keep yourself out of it.

Mark J Kohler




The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom

As an entrepreneur, it’s important to know the difference between good debt and bad debt. Good debt comes in the form of loans, a mortgage or lines of credit that can be used to the company’s benefit. I call this productive debt.

Bad debt, for our purposes, is debt you can’t leverage when growing your business. I refer to this as reductive debt. It’s money that isn’t working for you in any productive way. Typically, it’s used to buy things you can’t really afford; when that happens, it will never produce a good outcome.

I believe there are three primary reasons entrepreneurs get into bad debt:

1. The ups and downs of cash flow

When the cash is rolling in, there isn’t anything more exhilarating. However, business owners often underestimate the dramatic ups and downs and don’t foresee the months of terrible cash flow. We turn to credit cards to smooth out the ups and downs of cash flows so we can provide some type of economic balance in our personal life. We also presume we can easily pay off the credit card next month, but we don’t. Thus, the crisis begins.

Related: 4 Scenarios When It Makes Good Sense To Take On Business Debt

2. Putting too much pressure on our business

Many times, an entrepreneur will start trying to live on the income from their business before their business is able to sustain them. They quit their day jobs and work hard to build the businesses, but they don’t realise they’re just not ready to pay the monthly salary they need to live on. The business needs reinvestment and time to mature. It needs reserves and time to create consistent cash flow. Maintain a second job or another income in your family relationships to give the business some breathing room. Before you know it, the business will be able to cut you the monthly check you need to live on.

3. Being overconfident

Sometimes entrepreneurs can be using productive debt and believe they’re being wise and cautious. However, in reality, they’re over-extended. Typically, it goes like this: The entrepreneur has a few great years of earnings and decides to expand and increase debt to grow as quickly as pos­sible, but they also change their lifestyle to their new income level. Now comes the downturn in the economy, a change in their industry or the loss of a few large customers. With the resulting major drop in profit, things get pretty rough financially, the situation snowballs out of control and the entrepreneur is at risk of losing their company.

Getting out of bad or reductive debt

It’s absolutely critical to your long-term success to expunge all reductive or bad debt out of your life as quickly as possible. Implementing a debt snowball is critical. Youve probably heard about this type of strategy of spreadsheet or analysis that can fast-track you to getting out of debt quicker than you ever imagined.

The procedure behind the debt snowball is simple.

  1. Create a simple plan.
  2. Stick with it.
  3. Celebrate your success.

First determine how much of your monthly income can be consistently committed to eliminating reductive debt. You need to commit as much as possible. Seriously, the amount of money you’re going to commit to eliminating this debt has to stretch you.

Next, make a list of all your reductive debts in order, beginning with the largest debt at the top of the list and ending with the smallest debt at the bottom. Be sure to include the minimum payment next to each debt on your list.

Now, you’re ready to implement your plan! Simply take the amount of money you committed to your debt plan each month and add that extra cash to the payment of the smallest debt. Continue to make the minimum required payments to all your remaining payments. Soon, your smallest debt will be fully repaid. Now, the snowball increases in size as all the money you were sending to that small debt is now applied to the next larger debt along with its normal regularly required payment. You continue making these increased payments to that debt until it’s eliminated as well. Then you repeat this process over and over until all your debts are gone.

Staying out of debt

Obviously, the best way to get out of bad debt is to avoid getting into such debt in the first place.

If you want to get out of debt and stay out of debt, it necessitates planning in advance. Here are some core business practices that will help you stay out of debt as you grow and expand:

  • Constantly minimising expenses. It’s OK to be frugal. Make sure to read The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley Ph.D. and William D. Danko Ph.D. (Taylor Trade Publishing, 2010..
  • Hiring employees only when you can afford to do so and expanding your business when the sales come in the door — not in advance, hoping for the growth.
  • Avoiding wasteful spending, and always consider the opportunity costs when making financial decisions.
  • Not overextending yourself even with productive debt. Be cau­tious and try to grow on the profits of the business as much as possible.
  • Having ample cash reserves to deal with emergencies and potential downturns in your business.

As an entrepreneur, when you find yourself in a situation where your debt is working against you and no longer working for you, then you need to make that debt disappear quickly. In my experience, the entrepreneurs who make it out of these situations will take quick action to cut their expenses and focus all resources on paying down the debt. Staying out of bad debt should not have to be reactionary; it should be part of your operating plan.

This article was originally posted here on

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Cash Flow

18 Ways I’ve Earned Rent Money When I Was Broke

Nothing motivates your hustle more than the prospect of an eviction notice.

John Rampton




It’s an interesting world out there. In the past five years I’ve gone from being worth millions to being broke to being worth a millions again. There’s been more than one month where I didn’t have enough money to pay rent. There are times you need money, and need it quick.

With a more connected world, there are more opportunities to make money doing micro jobs and taking advantage of constantly evolving opportunities. Plus, globalisation has opened the door to add value for people well outside of your immediate proximity.

Here are 18 quick ways I’ve made money to pay rent when money is tight:

1. Teach a skill that you’ve mastered to others

If you are a talented musician, athlete or you have other desired skills, you could get paid to teach others. You could either become a freelance teacher or look for a service that helps match you with clients. This is an opportunity to make some serious money, improve your teaching ability and help others. Do not underestimate all of the time you spent as a kid playing the piano or learning to do backflips.

I’ve been able to scrounge up $100 teaching math to neighbourhood kids. This could turn into a longer gig as well.

Related: Which Side Hustle Should You Try? (Infographic)

2. Drive for Uber and/or Lyft

driving-uberThere are a few prerequisites you have to meet to become a driver. Assuming you are 21+, have been driving for three years, have a clean record and a nice enough car, though, you can make serious money driving for Uber or Lyft. You can be a driver for both at the same time, and can drive at whatever hours you want.

It took me about a week to be all setup to drive. So it’s not an overnight money situation, but it’s a quick way to make some money for bills. Most of the time money is deposited very quickly, often the same day.

3. Put a room in your house on Airbnb

There are inconveniences that come with being an Airbnb host, but it is quite easy to do so. As long as you have a room to spare in your house, you can rent it out for extra money. Plus, it could give you an opportunity to meet and connect with interesting people.

It took about three weeks for me to get set-up, actually host guests and see money in my bank account. It can happen faster but that’s about the timeframe it took me.

4. Build a social media brand

Social media is quickly becoming the world’s most powerful platform for generating revenue and reaching an audience. While the ecosystem is becoming more and more competitive, there are a number of tools you can leverage to stand out.

I’ve personally used this Instagram automation service to help me accelerate my growth quickly and gain new followers. It is important to invest in generating high quality content such that you develop loyalty among your fans before you begin to monetise.

I now can earn a few hundred bucks quickly by pushing brands out online.

Pro tip: Make sure to always disclose with #ad in the message.

Related: Are You Ready For A Side Hustle? Here’s How To Know

5. Go through your old things and sell them

You likely have books, clothes and other novelty items lying around that you no longer use. Spending a few days to go through those things and list them on Amazon, eBay or other sites to make some extra cash.

6. Pickup jobs on Fiverr

fiverr-logoThere are countless tasks on Fiverr that you can pick up. None by itself is a large amount of money but doing many tasks, though, can add up to a nice chunk of cash.

Money comes a few days after the task is completed. Most are cheaper tasks with demanding customers but can really start to add up. One month I paid all my bills from just working on Fiverr at $5 per gig that I did.

7. Dog walker/sitter

You can do this on a neighbourhood level or use a service to find clients. Walking or sitting for dogs tends is minimal effort for extra cash. Plus, if you like animals, what is better than getting paid to spend time with them?

I recommend starting small, say $1-2 per hour and working your way up once you have stable clients. It’s not much, but it can start to add up over time plus give you enough money to make bills.

8. Take advantage of credit card deals

There are countless credit card deals that are always popping up. Managing multiple cards is not the most fun, but it can yield you significant benefits. Be on the lookout for these deals. Some require that you spend a certain amount on the card within the first few months, and others have yearly fees. If the money that you are getting is greater than your costs, though, they can be a great use of time. Plus, if you are spending a certain amount of money anyway, you might as well do so on a card that will give you the maximum benefits in return.

Related: 3 Ways To Set Your Side Hustle Up For Success

9. Go thrift shopping and resell the best items

People turn in some awesome items to thrift stores. Going through the stores to find good deals is both fun and rewarding. You will likely find some items you can resell for a nice profit, and you might even find some cheap things to keep.

10. Proofread

proofreadingYou can get paid to proofread articles, books, and journals today. You have to be meticulous and able to stare at a screen for a while, but it is nice and relaxing money in return. Sites like Freelancer can help you find clients to do the proofreading for.

11. Do surveys and studies

Services like Mechanical Turk will pay you to take surveys, and there are always listings to get paid for participating in studies. The work can be a bit monotonous, but it is typically a mindless way to make money.

12. Keep your email receipts

You can make money today simply by not deleting receipts that come via email. Earny automatically scans your email for old receipts and matches what you paid to current prices. When there is something being sold for less money, now, they will help you get the difference back.

13. Take advantage of your data

There are services that will give you money just for offering access to your data. For example, Nielsen gives money away just by letting them install a software on your computer that tracks your habits. It might feel scary to give others access to this data, but in many cases, it will have zero impact on you.

Related: 50 Jobs, Gigs And Side Hustles You Can Do From Home

14. Make a bet to do something that will improve your life

If you have a goal you are trying to accomplish, make a bet with someone that you can do it.

This could be a great way to lose weight or pick up a new talent. It will incentivise you to actually do so, and you will be able to make some money for your efforts. Keep track of this in your calendar app.

15. Be a mystery shopper

You can get paid to pose as a regular customer for services like pizza delivery. Mystery shoppers are how companies test their customer service, and, in return, you can will get paid. You have to find the right deals, but doing so offers another effortless way to make money.

16. Become a search engine evaluator

You can make $12/hour evaluating search engine accuracy. Despite how good we think Google is, they still make mistakes and are willing to pay people to find them.

17. Sell your trash or recycling

empty-cans-recyclingThere are countless companies that will pay for your empty cans and sometimes even your trash. You are going to be creating the waste anyways, so why not take advantage of it?

18. Approach companies for consulting services

If you have a skill that you think you can help businesses with, then approach them about it. Many companies, even successful ones, struggle in a variety of different areas. If you know what you are doing and can demonstrate that, you could make some serious money helping a company out. This could especially be the case for companies that do not have enough money to hire more people full time but have enough to pay a one-time fee for a project or service. Hot topics today include SEO, digital marketing, and design.

Ready to take your making money to the next level? Here is a quick self employed guide to help you get started.

This article was originally posted here on

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Cash Flow

4 Scenarios When It Makes Good Sense To Take On Business Debt

Debt is often necessary to grow.




You need to invest money into your business to make it grow. You need money to expand your workspace, buy more materials or equipment and to market your business.

Without an infusion of money, your business will remain stagnate. You might be able to grow a little bit, but you’ll never get big results.

If your business doesn’t bring in a large revenue that can be funneled back into the business, you’ll likely need some type of loan. The loan will give you a financial boost, and you can pay off the loan with increased revenue from business growth.

You shouldn’t automatically think of debt as a bad thing. Debt is often necessary to grow. But, there are good times and bad times to take on debt.

Here are four times taking on debt is beneficial to business growth.

1. You want to provide more products

If you want to offer new products or carry more inventory of current products, you need money to buy them. Getting a small business loan can give you enough money to provide more products.

When you carry more inventory, you need space to store and display it. You might use a storage unit, buy a second location, move to a larger location or maybe even add on. Small business debt can help you purchase more space.

Related: Entrepreneurial Balancing Acts with Debt

2. You want to increase your marketing efforts

radio-adsYou will only get more customers by getting the word out about your business. That’s why you need small business marketing.

Marketing doesn’t have to be expensive. You might create something as simple as flyers or do basic social media marketing. But, to reach more people, you might need more elaborate marketing tactics. You can invest in magazine ads, radio ads, billboards, pay-per-click ads and more. To achieve marketing success, you might need to consider taking out a small business loan. The extra cash will let you market your business well. You can pay off the loan with the increased revenue from the influx of new customers.

3. You want to build your credit score

You need good credit to get a loan. Plus, good credit can get you better payment terms with your vendors. But to get good credit, you need experience with taking on and paying off debt.

Taking out small loans can improve your business credit score. Small loans show that you are responsible and capable of handling debt. And when you make payments on time, your credit score increases.

Once you build up your credit and prove to lenders that you can handle debt, they will be more willing to give you larger loans. And, your score and timeliness might result in better loan terms, such as lower interest rates.

Related: Every Tough Choice Has Management Debt – Are You Accounting For Yours?

4. You want to hire employees

At some point, you might spend so much time on your business that it consumes your life. You might miss out on time with your family and friends. Or, you might have so much business stuff to do that you can’t get everything done.

Hiring an employee can help you grow your business. You can get more done and produce better quality work. You can hire employees who have special skills that will benefit your business.

Spending money on an employee is worth it if having that employee can help you earn more money. If this is the case, you might take out a loan to help prepare for the employee, cover recruiting fees, and pay for wages until your business begins earning more. When figuring out how big of a loan to take out, make sure you consider the true cost of hiring an employee.

This article was originally posted here on

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