1. Borrow. Borrowing wisely and keeping or establishing a good credit score is especially important in business. Consider a smart, reasonable investment of money that you can repay in installments, such as on a credit card.

2. Be practical. Be lean and mean. Start home-based, and if you must be "out there" selling your products, rent a small section at a fair or flea market. Use supplies, paper, computer and phone services wisely. Remember that every cost comes from your pocket.

3. Choose your business carefully. Select a business that does not require a huge infusion of upfront cash. A wedding coordination service or a computer consulting business can be started on a shoestring. You can blueprint your dream business by starting small and growing.

4. Make sure there is enough demand for your business. You can be the best out there, but if no one is looking for what you do, the business will not roll in. Research is a key requirement.

5. Perception is Key. Act and look like one of the majors. You need no money to be professional, honest, and trustworthy with your clients. Start out with sharp looking business cards and stationary. Make sure the phone is answered professionally with no barking dogs in the background. Create a professional website.

6. Be creative. You will survive if you use your wit and ideas to extend your shoestring resources. Think of ways to get things done as efficiently, yet as cheaply, as possible.

7. Run your business with a passion. If you are passionate in what you do, you tend to work harder and go that extra mile. Passion will help you sustain your enthusiasm and energy to do all the jobs required of you to get your business up and running.

8. Remember that your customers are your gold mine. If you take care of your customers with prompt service and quality products, you will have loyal and happy clients who are willing to give your referrals and testimonials.

9. Think Cash! Make sure that your business generates cash quickly. If your work will take time to complete, get a partial payment at the start. If you sell a product, avoid or limit a large inventory. Unless you can move inventory quickly, don't tie up your money in it

10. Reinvest in your business. As soon as your business starts earning, make sure you put aside a certain percentage of profit for your business. You may allocate a certain portion of income as your salary, and the rest should go to your business account.


adapted from PowerHomebiz