“You definitely have to have a budget set,” she said. “You also have to forecast, and sometimes, you may not forecast for those unforeseen times, but you do need to have some type of a cash reserve just so you can survive those times because that is one of the reasons why many businesses fail.” She also shared it’s important to be prepared to put in “sweat equity” when you cannot afford employees. She said that there were many times she had to work alone or rely on friends and family to volunteer their time. Shandra Turner is the owner of The Bougie Grazer in Atlanta, Ga., a DIY accessories and charcuterie business.Courtesy PhotoWhile every entrepreneur’s journey is different, people with limited capital should focus on starting small and testing their ideas before making major investments, said Dr. Johnny Graham, an assistant professor of marketing at the Howard University School of Business and the national executive director of the Howard University and PNC National Center for Entrepreneurship.Graham said service-based businesses such as consulting or freelance work often require less startup capital because entrepreneurs can rely on their existing skills and expertise. For those interested in selling products, he recommends creating a prototype and gathering feedback from potential customers before spending significant money on inventory.He also encouraged taking advantage of free or low-cost resources, including Small Business Development Centers, university entrepreneurship programs and online tools that can help entrepreneurs research and refine their ideas.“I’ve seen entrepreneurs that we’ve worked with through our center,” said Graham. “We may give them, you know, $58,000, $10,000 [in] a pitch competition, but then they’ll go on and win other pitch competitions and apply for grants and other universities to do other programs and raise $75,000, $100,000 in capital through these non-dilutive opportunities.” For entrepreneurs and experts alike, the key is starting small and putting in consistent effort. “You don’t have to start big,” Graham said. “It’s always gradual steps in entrepreneurship.”



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