Self Funded Startups - 8 Ways For Contractors To Get Started Affordably
8: Take Out An SBA-Backed Business Loan
The Small Business Administration of the United States has many different programs that they recommend. These are guaranteed loans that have low fees and no hidden-fees, or anything of that sort. Working with the SBA is a very good idea because they have many resources available for helping you attain a high-quality loan that doesn’t come with an enormous amount of interest. Not to mention the fact that they are backed by the United States Government, and as such, are more reliable than other lending agencies. For more information, this page on their website has lots of good info.
7: Talk To People You Know Who Would Be Interested In Hiring You
Talk to friends and family members who may be interested in hiring your business. Maybe none of them have any need for your excellent services, but I'm sure that at least one of them knows someone who may be interested. This is a simple, free way to begin building up a network of clients and people that you can work with for referrals.
6: Join Business Associations And Trades Groups
In your local area, there should be many different business associations and trade groups. Join them. Some of them are free, so join those first. This gives you an excellent opportunity to build a network for free that will allow you to attain clients and funding with relative ease. A good network will support you in those endeavors, and you will be able to rely on it.
5: Talk To Potential Clients
Don’t just bid on jobs, meet with those potential clients of yours. Talk to them. Show that you really care. Ask them what they want and what this project is for. Just by making a good impression, you are so much more likely to win that bid and, since you’re going to do such a good job, you’ll get lots of good referrals, too!
4: Rent Pickup Trucks Instead Of Buying Them
Renting is a far better decision than buying in today’s current economy. Flex Fleet Rental has an amazing plan that allows you to easily set up an account and then they’ll take you your trucks. When you’re done, they’ll pick them up! Flex Fleet was made for you in mind, and we highly recommend their excellent service!
3: Budget Effectively
Doing this requires that you look at the resources that you have and what you’ll need for the endeavors that you’re going to be pursuing. This can be marketing and setting up funds, as well as planning for the contracts you’ll soon be winning, along with other ventures you’ll need to budget for to ensure your money is going where it needs to go. We’ve published this article on budgeting that will help you.
2: Plan In Great Detail
This ties directly into budgeting. Don’t only account for your finances, but account for the steps that you’re going to be taking in order to make this business a true success. Plan the marketing and startup phase, as well as anything else to keep in mind. Then, when it comes to starting your first big contract, plan and plan as much as you can, so there are no surprises or unexpected costs.
1: Shop Around For The Best Prices
When it comes to purchasing materials and things that you need, take the time to shop around and find the best prices. This is something that you should do yourself because, with just a little bit of work, you can easily find the best prices, and you’ll be surprised by how much cash you’ll keep in your wallet.