Start A Business Debt-free

The original Hewlett-Packard headquarters

Starting a business be off line or online is no easy feat, most especially in a very unstable economy. As of the moment the unemployment rate in the United States has reached 9.7 per cent, and foreclosures are at an all time high. In short starting and profiting from an online business is quite hopeless and impossible.

However, for the optimist an opportunity is always available even in a situation such as this. There are still advantages if you decide to start your online business during a recession, and yes it can be done without being too-deep in debt. Okay you may not believe me, so let me cite the best example for you guys. Hewlett Packard, or simply referred to as HP started during the Great Depression. Would you ever guess that HP started in a garage? Yes it indeed started in a garage near Palo Alto wherein the founders William Hewlett and David Packard raised $538 as their starting capital. Now look at HP, it is the first company to exceed the $100 billion in revenue and it is at present operating in various countries worldwide.

Starting a business when the economy is okay is already risky, what more if it’s unstable then it is more so right? The high risk of failing should be considered so make sure to keep the start-up costs as low as possible. Businesses that start and survive during a recession are in the best position to take advantage of the inevitable economic upturn. Of course it is not going to be down the entire time, there would come a time that the economy will improve. If you are one of those people who would rather postpone launching until the economy recovers then by the time you do, you are already behind. Here are some things you can do to keep the start-up low:

1. Keep your day job. If you still have a job today you are lucky because you can actually start an online business while working fulltime for someone else. The steady income that you receive from you regular job should be sufficient enough to prevent yourself from borrowing money. The income you get should also be able to pay for your living expenses and hence you can start business without much risk.
   
2. Use your own space. The beauty of an online business is that you do not have to invest money on office space. You can actually make do with what you currently have: your home. It all requires a dependable internet connection and an up to date computer with the necessary software.
   
3. No need to hire employees. Another advantage of an online business is that you really do not need employees. Unlike with a brick and mortar business wherein you designate tasks, in an online business you can do it all on your own it just takes the right time management.
   
4. No advertising involved. Yes, you do not have to waste precious money on advertising your online business. There are numerous ways wherein you can tell people about your company. You can actually start by informing your friends, family and co-workers about the products / service that you offer online. Marketing online is not only expensive it also has a global reach.

If you decide to start your online business whether it is product or service that you offer, you need something that will set you at par with other companies. In short you need to have your own signature when it comes to selling online. Your long-term success is defined by your ability to make your company unique and far better than your competitors; by adhering to these things you will fill a void in the marketplace.