A recent article featured on Entrepreneur’s website titled, “5 Strategies I used to Start and Grow a Successful Business With Only $200,”discusses starting a new business on a limited budget.

“Having always been entrepreneurial, and with a passion for marketing, I decided to form a PR firm with only $200, and a whole lot of unknowns and risks,” writes Zach Cutler, contributor, in the article. “Six years later, Cutler PR is a leading boutique tech PR firm based in New York that has serviced over 70 clients including the likes of Trivia Crack, Kaltura, Taboola and Gett.”

He continues, “Don’t let a limited budget stand in the way of what could be a successful business and rewarding career.”

Cutler offers five strategies to starting a business on a budget:

  • Turn to your personal network. Building a customer/user base is one of the most important steps in turning an idea into a business. When starting a business on a budget, this might be a little harder to accomplish. Turn to your personal network to find potential new customers.
  • Be frugal. As a first-time business owner, you may not have the money or resources to perform certain tasks or hire employees. Take matters into your own hands and do what you can with what you have. Save where you can, and don’t be afraid to spend where you need to.
  • Seek advice. Learn from the successes and failures of your peers who have done what you are trying to do, and seek advice from their experiences rather than simply reading about how to launch a business in your market.
  • Stand out. Strive to stand out from the competition. Create a convincing pitch about what sets your business apart from the others in the industry. “Entrepreneurs should focus on the value their companies will bring and why consumers, potential clients and investors should take a chance on their businesses over others that may be more established,” explains Cutler in the article.
  • Have creative and competitive pricing. Cutler shares that one tried-and-true way to differentiate your business from the competition is with pricing. Offering quality- or performance-based pricing while trying to establish your brand can be a significant incentive to target new customers. This gives customers very little to lose if they aren’t pleased with your product/service.

Read the entire article on building business on budget here.