How to start a business with little or no money

Think about all the services you need and if there are ways you can pay for them with your own services or products. If you sell marketing services, for instance, perhaps your accountant would be willing to accept your help in exchange for doing your tax return. Each time you barter, you conserve cash.

Ask other business owners for tips on where they buy supplies. Finding low-cost outlets for items you need regularly, like copy paper or equipment, can help you stay ahead of inflation.

Try out things like accounting, legal and sales software before you commit. That way, you won’t rack up charges for programs you’ve forgotten you subscribed to. Mark the date in your calendar to cancel any you don’t find useful.

Look for offers geared specifically to startups and small businesses. The Bank of America Start a Business Center is a great place to start for exclusive offers on business formation and more.

Instead of buying books and subscriptions you may need for your business, make the most of free resources. Many libraries now offer audiobooks you can listen to while driving or taking a walk.

An expensive lawyer or accountant whose advice may be worth every penny might offer some of their services for free if you let them know you’re running a startup and tell them you’ll be back as a paying client later.

One way you can cut costs is by partnering with another business to share expenses.

Managing costs also means keeping cash flowing to pay for them. You may have to work for another company while launching your business to do that.

In the meantime, make sure you’re charging enough for products and services to have the profits to reinvest in marketing or supplies. If you’re not sure how to price your product or service and build in a profit margin, do some research into what competitors are charging or speak to a small business advisor at a local Small Business Development Center or the mentoring organization SCORE.

As a new business owner, you may have access to more funding options than you think. Foundations, nonprofit organizations and other groups have launched programs and platforms to help people start businesses, increasing awareness that small businesses generate tax revenue for the government, create jobs and enhance communities. If you anticipate leveraging external funding, make sure you start separating personal and business expenses so you can build your business credit profile early on.

Here are a few more ideas:

The U.S. Economic Development Administration has a directory that will lead you to entrepreneurship and business development offices in your state. They may not have cash at hand, but they may be great sources of information about how and where to apply for grants.

Develop a pitch where you make it clear what your friends and family will get in return for helping you. You may want to give them an ownership stake in the company or pay them interest on a loan to make the deal attractive.

There are a growing number of platforms where you can raise funds from supporters. If you’ve invented a product, try crowdfunding sites like Kickstarter and Indiegogo, where people can sign up to receive an early version of what you’re selling if you meet your funding goals. Some entrepreneurs turn to sites like Patreon, where supporters can subscribe to creative productions such as podcasts, and GoFundMe, where they can make donations. You may be surprised at how willing your fans will be to contribute to your business.

If you start your business as a side hustle, you may wonder if you should eventually turn it into a full-time pursuit. Keeping your job will provide certain benefits, such as a steady income and the opportunity to continue developing skills, but it also requires a significant time commitment and balancing of responsibilities. First and foremost, check before you launch to make sure you would not be violating any of your employer’s policies on freelancing, consulting or moonlighting. More companies are aware that team members are taking side jobs and starting businesses in an environment where the cost of living keeps rising. However, some do have rules against working for another company in the same field. When in doubt, check the forms you signed when you took your job, or ask someone in human resources.

It may not be easy to launch a business with little to no money, but ultimately, the lean habits you build will help you lay a strong foundation for the future. Keeping your spending down will allow you to reinvest in the business, and that can be a recipe for growth.