So you want to take the plunge. That gem of an idea that’s been living inside your head for the last few months, years, decades? It’s time to make a go of it and start your own business.

You’ve got your business plan sketched out and you’re getting excited, downright giddy, about being your own boss. Except there’s one problem; you don’t exactly have a lot of start up capital. In fact, it’s more like scraped together savings and a loan from your brother who expects never to see his money back and assumes he’s just paid it forward for the next 25 years of holiday/birthday gifts.

Is your business doomed to fail without a significant investment? Should you even bother starting a business? Absolutely. Starting a business doesn’t have to be expensive if you take the right approach to spending your money.

Get Bare Naked:

What is it going to take to actually run your business? Think of it in “I’m stuck on a deserted island” terms, what is the bare minimum needed to survive? You probably need less than you think.

For example’s sake, let’s say you’re starting an online subscription service for men’s shaving product. Razors, creams, maybe an occasional wipe for your rear. Wait, what? It’s been done already? Well this is an example so cut me some slack.

You’ll need a little inventory, but what else? A bank account, a website with shopping cart capabilities and some social media presence is a good, basic start. Throw in a simple but professionally printed business card and voila, you’re an overnight CEO.

In today’s cloud-based world, you can have a business up and running in a matter of hours and it’s never been cheaper. Template-based web design sites like Wix and Squarespace can help even the least tech savvy individual put together a professional, eye-catching website for a fraction of the cost of a professional website designer. These sites will support basic shopping carts and can even host your page, if necessary. This is a great, inexpensive way to get your business up and running and on the digital map.

Social media presence is another must-have for any new business. Facebook, Twitter, Pinterest, LinkedIn, etc. The best part is that these services are all free! These outlets take a little time to manage but they can grow your business quickly and exponentially.

Basic printed materials are also a staple necessity. Business cards and postcards are easy and effective ways to market the business and professional present yourself when networking. Companies like Vistaprint offer affordable print solutions that won’t require a major investment. And if all else fails, consider what you can make on your own. It’s amazing the impression a little ingenuity and a DIY project can make on potential customers.

Eventually, when your business takes off and you’re making it rain, or something, you can upgrade these components. Until then, don’t waste your money. If you change your mind about the business or it fails, you’ll be stuck making grocery lists on expensive letterhead and using letter pressed business cards as coasters. Trust me, I know.

Spend Money Where It Will Count:

It’s good to be a little frugal when starting your business, but don’t cheap out on everything. Just make smart decisions and spend money where it will count and be noticed.

Invest your money in what your business actually sells or does. If you’re selling a product, consider hiring a professional photographer to take shots for your website. Can you use better materials or machines to make your product? If it’s going to make a big impact in or on your business, spend a little money on it. Otherwise keep it conservative until you can afford to upgrade.
Grow Smartly:

Soon after starting your business, you’ll have dreams about receiving phone calls from the people at Google or Zappos, hell even the local Chamber of Commerce could be great, who tell you how much they loooove your idea or business and neeeed to buy it/franchise it/make it grow exponentially.

As great as that sounds, many new businesses are just not prepared to handle rapid growth because the company is being run by a sole proprietor who is already handling most aspects of the business and operating at 150 percent. Don’t expand just for the sake of it because you might just grow yourself right out of business. Can you keep up with the demands for your service or product? Can you afford to hire the necessary people to increase operations? Be conscious about how you want your business to grow. Don’t let yourself get distracted by the bright and shiny idea that bigger is always better.

Of course, this isn’t to say new business can’t grow quickly, it’s just smart to take into consideration all of the variables and to grow at a pace that works for your business and everyone involved. Although if you’ve got Google on the phone, fuck my advice.

Don’t let yourself be discouraged from starting a business because you don’t have a business loan, a trust fund or more than a few hundred bucks to spend. Be resourceful and think about what your basic business needs will be and where a financial investment would truly make a difference. Believe in your business and believe in yourself and you’ll be amazed at how many parts will come together for you.