My entrepreneurial journey began in elementary school when I received a bracelet making kit and started selling jewelry. By middle school, I started my second business: creating custom lip balms. I also set up an Etsy shop to sell them. This was a great start, but when it came time to start an actual business in college, I quickly realized that it wasn’t that easy.
Editor’s note: This article first appeared in Entrepreneur magazine.
But these early ventures taught me one important lesson. That means it’s important to be creative and find unique ways to launch your brand on a budget.
As a freshman at Babson College, I decided to take a more serious approach and start a business. I have spent my entire life suffering from allergies and asthma caused by toxic chemicals in everyday products such as cleaning products. I also learned that detergents are mostly made up of water and packaged in single-use plastic bottles, ultimately polluting the planet. That’s when I realized I had to solve my own problem, and Elcove, a zero-waste, non-toxic home care product line, was born.
As a student with limited resources, I had to be resourceful and creative. From creating your own packaging designs in Canva to learning how to take professional product photos, we’ve discovered how to start a company on a budget. This is also the method.
never stop learning
Continually educating yourself is essential when working with a low budget. It’s not realistic to be able to afford to hire someone to do every task, so you need to be able to do it yourself.
I experienced this firsthand when I realized that I needed a website and not just a website. After failing two online coding courses and constantly struggling with technology, I knew I had to figure it out. I spent hours watching YouTube tutorials, reading articles, and learning from experts to master my website, which is currently hosted on Shopify.
This process was time consuming, but saved us thousands of dollars. Plus, because we took the time to understand the process, you can update your website whenever you want at no additional cost.
As a startup founder, I had to convince myself that sometimes it’s better to be done than perfect. It’s more important to get your product out there and start learning from real customer feedback.
Key points:
Learn new skills with free resources like YouTube and online articles. Ask for feedback from people, especially your target audience. You don’t have to aim for perfection in every aspect of your business. Focus on perfecting the aspects that actually improve the customer experience.
Get creative
Whether it’s a physical product, service, or technology, unique branding is essential. If you’re resourceful, you can find low-cost ways to develop your brand. At Elcove, we designed all of our branding and packaging straight from our dorm rooms. I spent two months learning how to create high-converting packaging by watching videos, visiting stores to study designs, and asking everyone I knew for feedback.
So I used Canva. I created a custom design for the packaging and all branding materials. result? Professional-looking branding for just $120 (with a Canva Pro subscription).
Key points:
Leverage free or low-cost tools like Canva for your design needs. Study existing successful brands to understand what works. Gather as much feedback as possible to improve your design.
build a network
A strong network is essential to accelerate your company’s growth. Whether online through platforms like LinkedIn or in-person at events, genuine relationships and connections open the door to valuable insights and opportunities. Don’t be afraid to reach out to people who have been in your shoes. They are likely to have made similar mistakes and can offer advice on how to avoid costly mistakes.
Additionally, my mentors have been invaluable to me. I’m lucky to have some people who are truly passionate about my success. They provide feedback and act as a sounding board for new ideas.
Key points:
Reach out to people who have walked a similar path to yours, explore and understand their path, and build genuine connections. Make an effort to show them that you really want to learn and appreciate their time. Don’t be afraid of rejection. The worst thing they can say is “no” and that’s okay.
Suggest to get free money
To date, I have raised $50,000 in non-equity funding from pitch contests and grant applications, in addition to crowdfunding. Perfect your pitch and use it to your advantage. You never know who you will meet or what opportunities will open up.
Take the time to hone your pitch. Most importantly, help your customers understand your business within 60 seconds. I like to start with the story of why I started my business to make my pitch more personal and relatable.
Participating in pitch contests and applying for grants is an ideal way to find free funding for your venture. Even a few thousand dollars can make a big difference, especially if you do everything else yourself, like building the website.
Key points:
Research pitch competitions and grant opportunities both locally and virtually. Please apply to as many people as possible. You may be rejected, but your persistence will be rewarded. Use your funds strategically to cover costs in important areas of your business that you can’t master on your own.
conclusion
Starting a brand on a low budget isn’t easy, but it’s definitely possible with the right mindset. If you’re willing to invest the time to do research and teach yourself new skills, you can significantly reduce costs while running a successful business. Each step is a learning experience and each challenge is an opportunity for growth.
Anastasia Efimenko ’25 is a senior at Babson College and co-founder and CEO of Elcove, a provider of sustainable, non-toxic home care products.
Category: Insight
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