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Last week, I offered a list of common start up costs for Silhouette or Cricut business owners. At the end of that post, I said I’d tell you how to start your business without debt. Ideally, you’ll have some money set aside for your new business, but if you don’t (or if you don’t have enough) skip putting your purchases on a credit card and follow these steps instead.
4 Steps to Start Your Business Without Debt
- Buy as many of the necessary supplies with the money you have available. Be sure to buy enough to be able to sell your products immediately.
- List and sell your products. Don’t worry if your store or shop doesn’t have hundreds of listings, you are just starting out! To save money on listing fees consider selling locally, or through social media.
- Put aside all profits from your sales and reinvest those profits in supplies to make more products. Put your new products online for sale.
- Repeat steps 2 and 3 and continue to repeat, repeat, repeat! You’ll be able to slowly watch your inventory and profits grow.
Coincidentally, I started my business without any debt and have slowly watched it grow and grow. Soon enough, you’ll be able to look back – debt free – and be amazed at how far you have come. One of my favorite business building quotes comes from Confucius: “It does not matter how slowly you go as long as you do not stop.” Great advice to build your business!
Great advise! I am hoping to create extra income for my family not more debt. I love crafting and making things that make people happy. With that said I also do not have a large inventory.
Best of luck to you, Amy!