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The first thing you need to know about starting a business on a low budget is that it is possible. It's difficult but it is possible. Here are some ideas that will help you to get the ball moving in a direction that is positive.

Tip 1 - Before you start, do the research. I know this brings on the yawns and the groans but as someone who has now started three businesses from scratch, this will make or break your business. A good business idea is only good if it is proven to be good. The more ground work you do before you open the doors of your business the greater your success will be.

Tip 2 - Eat, breathe and sleep your business. Entrepreneurs have several characteristics in common and the first of these is passion and the second of these is dedication and the third of these is determination. A business is like a baby. You have to nurture it while it is young, but eventually the time comes when you can step back and be less hands on.

Tip 3 - Put together a solid business and marketing plan. There are hundreds of ways to market your business without busting the bank. Go online and research. There are literally hundreds of pages of advice from people who have been there and done that. Ideas like putting your business details on everything that goes in and out of your house - your envelopes, your letters, your cars, your children (they can wear a t-shirt or hat or carry a bag with your business details on it!). Enlist your family as part of your marketing team. Kids love to do letterbox drops and are not embarrassed to hand out fliers. They make great support crew.

Tip 4 - If in doubt don't do it until you are sure. Taking on that extra big job could be the difference between allowing your business to breath and strangling it. Be sure about what you can and can't do before committing yourself.

Tip 5 - Take dolly steps. If you go too big too soon you will fall over. There is a fine line between risk taking that profits a business and risk taking that causes a business to collapse.

Tip 6 - You can do anything you put your mind to. Get on the phone. Get in people's face in a polite way. Believe in your product and it will sell itself as you talk about it to others.

Tip 7 - Never give up! No money initially does not mean no money forever. Make the most of the opportunities that present themselves to you every day.

I recently interviewed a couple of ladies who started a business together. On the strength of a contract they had won from the government they were able to purchase land for a building project. They only had $1000 each to invest in the business. They hadn't even started trading yet, but went to the banks and got a no doc loan. After putting the deposit on the land, they were delayed in paying due to a taxation issue. Eventually they settled and made $65,000 each during the waiting period as the land skyrocketed. The equity in the properties is now being used to purpose build a gym which is another small business they are starting. They never realized what investing in some land would do for their business.

If you are wise and operate within your means you will not get into trouble and be patient. A farmer sows his seed, then must wait for it to come to maturity. Do all that you know how to do and even when it is tough keep going and eventually your investment will come to maturity.

Best of luck!

Learn more about this author, Hayley Solich.
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