While choosing to grow your business without investors may seem difficult, it will also allow you to be in complete control of your business. Here are some ways to grow your business without outside investors:
- Choose a field or industry that you are passionate about—Make sure that the business you start is in a field or industry that you are passionate about. You may be more apt to give up if you choose a field or industry simply because the outlook is promising even though you are not quite fond of it.
- Build a business budget—When you own a business, it's important to have your finances in order. Create a budget that will show you your expected revenues and expenses. Once you have your budget in place, be sure to follow it.
- Try it out first—One huge mistake that prospective entrepreneurs make is that they quit their job under the impression that their business is going to take off right away... Try to start your business as a part-time endeavor and let it grow before making any hasty decisions.
- Do without office space until necessary—Offices cost money: rent, furniture, equipment... the list is endless. With today's technology, it is easier than ever to work from home and with your team remotely. Try to save money and do without the office space until it is necessary.
- Learn how to work multiple positions—One way to grow your business without investors is to do things yourself. Save your money instead of hiring people to do tasks for you.
- Practice frugality—Try to cut down your daily expenses as much as possible. You can stretch your penny a lot further by practicing frugality.
- Make sure to get paid—Make sure to follow up on all invoices and ask your clients to pay for all services or purchases immediately. This will allow you to invest money back into your business.
- Keep up with your cash flow—Continuously watch your cash flow. Know what cash is entering your business and what is leaving. Check out CB&S Bank's advice to maximize your business' cash flow, manage your cash flow, and even try out CB&S Bank's cash flow calculator.