How to Start Your Business On a Small Budget

Wanting it all is easy. Paying for it isn't. So, how do you make cuts when times get hard?

I sat there with my head in my hands, poring over the numbers. In a dream world, I could open this gym with a million dollars and it would be the best thing on the block. But, where in the world would seven digits fall from the sky and into my bank account?

I studied my options: venture capitalism required that I could persuade someone to fund my idea -- the easy part -- but fulfill high expectations of triple profit and growth in a year and be okay with someone else changing the vision -- the hard part. Alternatively, I could request an exorbitant bank loan, but any loan amount over half a million meant that I needed to sign over a large amount of collateral, have a percentage of liquid cash always in my bank account, and already have half of the asking amount to fund the business. If I had that much at my disposal, I wouldn't have been there asking for a bank loan.

So, where to next? Find out a way to open this thing in less than a million dollars. A lot less. Like, $800,000 less. Read more

Jackelyn Ho - INC. - 21 Apr 2017