Anything is possible if you really want to succeed.
But then again, everyone’s definition of success is different too.
So the first thing you are going to have to do is define what success means to you. What does having a successful business mean to you?
What is a shoestring budget?
A shoestring budget is one where you invest in only the things you absolutely need to run your business.
For many business owners, this means things like website hosting and that’s about it. They run everything else themselves and rarely ever buy anything for their business.
There isn’t exactly anything wrong with this either.
Why do business owners run on a shoestring budget?
There can be any number of reasons why a shoestring budget is used.
But the most common reason is that they are on a very strict budget at home. They need their business to run on very little and make money before they can invest in anything else.
The other common reason is that the business owner usually has a lot of debt and all of the money that is made from the business goes to pay off the debt.
Again, there is nothing wrong with having a shoestring budget for your business.
What are the limitations of a shoestring budget in your business?
The biggest limitation to a shoestring budget is that you don’t usually have the extra money to invest in the additional help that you may need to run your business.
Not all businesses are able to run as a one person show. But on a shoestring budget, the extra funds to hire some help aren’t usually there, or the business owner doesn’t want to invest.
Another limitation is that things like stock photos, courses and other products are things that aren’t usually bought either.
Most of the time, these things are considered a luxury that there just isn’t enough money for.
When the information in a course is needed, these business owners try to find blog posts and videos explaining what they really need. While there is a lot of free information out there, it’s not always as easy to find the information that you need by just searching the free information. A course or product may usually be a better fit because everything is already together in one place and teaches you exactly what you need.
Another limitation is that income may also be capped. This is not always the case, but does happen.
The reason that income is capped is because a one (wo)man show is limited on the things that can be done. This is true whether the business is operating on a shoestring budget or not.
But can a business still be successful on a shoestring budget?
There are plenty of examples out there today of businesses that have operated on a shoestring budget, and some even still do even after they’ve made lots of money.
The key to running on a shoestring budget is to figure out the most important things that need to be done in the business and where you need to invest money versus where you don’t need to invest money.