Aspiring entrepreneurs take note: You don’t need millions from angel investors or venture capitalists to launch your own business.
Instead, a small cash pot and the right attitude can get you on the right track.
At least that’s according to entrepreneurs polled recently by Kabbage, a financial services and data platform serving small businesses. More than half of those polled, or 58 percent, started their businesses with less than $25,000. A third started with less than $5,000.
These numbers track with the latest data from the U.S. Census Bureau, which found that the median cost to start or acquire a company is about $25,000. It did find fewer businesses that begin with less than $25,000, only 46 percent, though that could be due to its inclusion of new owners who purchase existing operations as well owner starting from scratch.
If $25,000 still seems like a risky sum to launch with, it is. About two-thirds of the entrepreneurs surveyed by Kabbage admitted that they weren’t sure they had enough capital to launch.
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