“It takes money to make money” is an old business adage frequently passed around entrepreneurial circles. But does its wisdom ring true in today’s technological age? 

Thanks to digitally based options and resources, today’s entrepreneurs can build a business with very little financial input or start-up capital required. With just a few hundred dollars invested in web-based assets, business licenses, and incorporation files, entrepreneurs within the military community can launch their location-independent start-up. As the business develops and revenue increases, the entrepreneur can reinvest in their company without assuming business debt through outside financing sources.

Here are three ways military entrepreneurs can start and grow a business without start-up capital:

Networking

Strategic networking with community members and industry leaders can be a great way to grow your business. While there is no one-size-fits-all networking strategy, focusing your networking efforts on high-return opportunities that connect you with members of your target market is a good place to start. 

Some entrepreneurs might find it helpful to join local organizations like Chambers of Commerce or other professional groups, while others might discover online networking groups to be more conducive to their business model. Depending on your industry, finding Facebook and LinkedIn groups dedicated to networking purposes can be a great low-cost way to build your business. 

Social Media

Many entrepreneurs mistakenly assume social media success is defined solely by creating a really cool post or video that goes viral. The reality for most brands is that social media success is often the byproduct of a consistent social media presence focused on building and engaging an online following that represents one’s target market.

While social media visibility is becoming more and more limited, due to the decrease in organic reach and increase in sponsored posts, it’s still a good way for new entrepreneurs to spread the word about their start-up. Even if you don’t have an advertising budget to promote your social media accounts, you still can gain significant online traction by posting quality content consistently and engaging with your followers. 

Public Relations

Public relations (PR) can be a great way to grow your business clientele with very little financial output. While most entrepreneurs recognize the importance of advertising their company through paid outlets, far less understand the unique value that PR provide new businesses. 

Former Apple executive Jean Louise-Gassee stated, “Advertising is saying you’re good. PR is getting someone else to say you’re good.” Consumers trust messages that come through respectable media outlets far more than they do messages stemming from paid advertisements. 

When crafting a low-investment public relations strategy, entrepreneurs should think about their business’ competitive advantage (what makes them unique?) and consider what publications their target market consumes. Next steps involve drafting a press release and contacting previously identified media outlets. While a feature in The New York Times might be a stretch for new entrepreneurs, military community-focused podcasts and blogs might be a great place to start.

Conclusion

Starting and growing a business doesn’t have to break the bank. Through strategic networking, a consistent social media presence, and a focused PR strategy, today’s military entrepreneur can find new business without assuming debt financing or draining their personal savings account. This type of bootstrapped business development can provide a great foundation from which the entrepreneur can continue to build.