Just because times are tough and the money isn’t rolling in the way it used to doesn’t mean that your dream of starting your own business needs to take a back seat. In fact, believe it or not, when times are tight it might actually be the perfect time to take that idea you’ve been sitting on, and make it a reality.

The truth is, the best time to start your business isn’t tomorrow, in a week, or next year… it’s right now. Still having doubts? Check out our five reasons why lack of budget is no longer an obstacle for starting as business.

1. Knowledge is (mostly) free.

Before the internet became widely used, the business world was a secret club where only a few select individuals had the keys to success. In order to have a chance at understanding the intricacies of a particular business, you’d need to spend a lot of money to attend seminars and buy some potentially expensive books.

Today these options are still available but the truth is that the same information is largely available online and for free. With just a little bit of time, you can find real world stories of success (and failure) and the insights as to why things happened the way they did.

Many free webinars offer detailed instructions about how to lay the necessary ground work for your business and are completely free. Add to this the wealth of communities that are happy to help and you’ll be amazed at how much information is out there for you.

2. ‘Cloud’ storage and web apps cut overhead.

Even as recently as the mid 2000’s, if you wanted to start a business you’d need to shell out some serious cash for software and hardware just to get things up and running. Depending on your idea, you could need hundreds of thousands of dollars just to test an idea.

This has all changed with the advent of cloud computing and a slew of open source and low cost software. Now you can launch a website, sell products or services online, and manage your inventory and finances for less than the cost of a coffee per day.

3. Distance is no longer an obstacle.

Long gone are the days of needing a local office and regional presence to enter a market. If you have an idea that you think would work well in Norway, you can bring it to life, regardless of where you’re located.

Modern companies, even the big ones, now work with people all over the world. The ability to access customers from anywhere is an attractive opportunity. Just think about all the businesses around you that were able to succeed with a fraction of that audience.

4. Content Marketing Costs Nothing but Time.

In the word of digital content, you no longer need a large advertising budget to make your way to the top. With a little research and some hard work, you can use modern techniques such as SEO (search engine optimization) and social marketing to build a brand.

Using the power of blogging, social networking, and even word of mouth can often get a viable business the traction it needs to get going.

5. Finding customers is easier than ever

In order for your business to succeed you need to connect with the right audience and get in front of viable clients. Like the other points we’ve discussed, in the pre internet era accomplishing this goal did require considerable investment.

Today there are communities for virtually any niche imaginable, provide a rich resource you can tap into and start networking immediately. If you can’t find a community for your specific niche, it’s also never been easier to create one. Tools such as reddit allow you to build communities quickly and effectively and can often be used as a launching pad for good ideas.

Starting a business in never an easy process, but with so many of the barriers to entry disappearing as technology evolves, the financial burden is now longer an excuse. So if you’ve got an idea that you think might be the next big thing, dive in and don’t let a lack of budget stop you.

What changes have you seen in the entrepreneur world over the past 10 years. Do you agree that it’s easier to start a business today? Let us know in the comment below or reach out on Twitter for the latest PAYFORT news.

Mohamed Sayyed

Mohamed Sayyed

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