You don’t need thousands to turn your business idea into reality – here’s how I did it on a student budget

My entrepreneurial adventure began when I received a bracelet-making kit and began selling this jewelry in elementary school. In middle school, I pursued a second business: creating custom lip balms. I even began an Etsy shop to sell them. It was a great start, but when it got here time to start a real business in college, I quickly realized it wasn’t going to be that easy.

However, these early ventures taught me one necessary lesson: it is necessary to be creative and find unique ways to launch a brand on a low budget.

As a freshman at Babson College, I decided to take a more serious approach to starting a business. I have struggled all my life with allergies and asthma caused by toxic chemicals found in on a regular basis products, including cleansing products. Additionally, I learned that cleansing products consist mainly of water and are packaged in single-use plastic bottles, which ultimately pollutes our planet. Then I realized I had to solve my very own problem and Elkowaa line of zero waste and non-toxic home care products was created.

As a student with limited resources, I had to be resourceful and creative. From creating a packaging design myself in Canva to learning how to take skilled product photos, I’ve found ways to launch a business on a low budget. Here’s how you may do it.

Never stop learning

When you are working on a low budget, continuing education is essential. It’s not realistic to hire someone for every task, so you may have to learn to do it yourself.

I experienced this firsthand when I realized I needed a website – and not only a easy one. Even though I had failed online coding courses twice and had all the time struggled with technology, I knew I had to figure it out. I spent hours watching YouTube tutorials, reading articles, and learning from professionals how to master my site, now hosted by Shopify.

Although this process was time-consuming, it saved me thousands of dollars. Additionally, I can update my website at any time at no additional cost to you because I have taken the time to understand the process.

As a startup founder, I had to persuade myself that done is sometimes higher than perfect. It’s more necessary to get your product on the market and start learning from real customer feedback.

takeaway:

• Use free resources like YouTube and online articles to learn recent skills.
• Ask for opinions from people, especially those in your goal group.
• Don’t strive for perfection in every aspect of your business; focus on improving the features that really improve the customer experience.

Be creative

Whether you have a physical product, service or technology, unique branding is essential. If you are resourceful, you will discover low cost ways to grow your brand. For Elcove, I designed all of our branding and packaging right from my dorm room. I spent two months learning how to create high-conversion packaging, watching videos, going to stores to take a look at the designs, and asking everyone I knew for feedback.

That’s when I used Canva. I created custom designs for our packaging and all of our branding materials. Results? Knowledgeable-looking brand that costs only $120 (for a Canva Pro subscription).

takeaway:

• Use free or low-cost tools like Canva for design purposes.
• Analyze existing successful brands to understand what works.
• Collect as much feedback as possible to improve your designs.

Build your network

A powerful network is crucial to speed up the growth of your business. Authentic relationships and connections, each online through platforms like LinkedIn and in person through events, can open doors to worthwhile insights and opportunities. Don’t be afraid to contact individuals who have been in your shoes. They have likely made similar mistakes and can advise you on how to avoid costly mistakes.

Additionally, mentors have been invaluable to me. I’m lucky that there are a few individuals who really care about my success. They provide feedback and function a sounding board for recent ideas.

takeaway:

• Contact individuals who have followed a similar path to you
• Explore and learn their path to building real connections. Make the effort to show that you just really need to learn and appreciate their time.
• Don’t be afraid of rejection because the worst they’ll say is “no” and that is okay.

Pitch for free money

To date, I have generated $50,000 in equity-free funds from competitive bidding and grant applications, and crowdfunding. Refine your message and use it to your advantage. You never know who you’ll meet and what opportunities will open up to you.

Take the time to perfect your presentation. The most vital part is ensuring they understand your business in lower than 60 seconds. I like to start with the story of why I began my company because it makes the pitch more personal and easier to understand.

Participating in tender competitions and applying for grants is an ideal way to find free money for your enterprise. Even a few thousand dollars can make a significant difference, especially if you are loading every part else, comparable to building a website.

takeaway:

• Competitions for research proposals and grant opportunities, each local and virtual.
• Apply to as many people as possible. You will face rejection, but persistence pays off.
• Use funds strategically to cover the costs of key areas of your business that you might not have the opportunity to learn.

Conclusion

Launching a brand on a low budget is challenging, but with the right attitude it is definitely possible. If you are willing to take the time to research and learn recent skills, you may significantly reduce costs and still create a successful business. Every step is a learning experience, and every challenge is an opportunity for development.