And when it comes to a loan, community banks are a better alternative to large lenders, which have been slow to part with cash since the financial meltdown, Cosper says. "If you're in Decatur, Ill., the banks there know the culture, the region and economic conditions you'll be working in much better than a bank headquartered in New York," she says.

Regardless of the capital you raise, be frugal with your spending. Plan on your cash lasting at least six months. Don't take on any new debt, and stay away from credit cards to finance your business.

In the past few months, credit card companies have raised their interest rates, making it untenable to take that route, even for a short time.

How will you get the word out?
Many businesses see marketing as a luxury when money is tight, but this is the time you need marketing most.

The Internet has been largely unaffected by the recession and is still an easy and inexpensive way to market. "Our college-age customers mostly communicate electronically anyway, so Higher One uses mobile marketing, which is low cost," Volchek says.

Facebook, the social-networking site, is becoming an integral marketing tool, Cosper says. "Every company, from Visa to the corner bar, is creating its own Facebook page to promote (itself)," she says. There are also viral marketing methods, such as creating a video on YouTube and e-mailing it to others.

"These are amazing marketing tools, but you must have a clear message," she says.

How will you come out ahead?
There are a few benefits to a lousy economy. For one, you're likely to find that suppliers are more willing to negotiate a lower price.

"During bad times, you can lock in good, long-term deals for office space, technology and other services. When it's time to renew, you can still negotiate and have the advantage," Volchek says.

And in financing DrChrono.com himself, Nusimow has found other ways to keep costs low, such as renting a desk in a shared office with a receptionist and conference room for $400 per month rather than having a separate operation.

Also, you have greater hiring selection in bad times. With vast layoffs in many industries, you have more choices at all levels, from graduates entering the work force to seasoned management.

A simple want ad on Craigslist.com or Monster.com could generate hundreds of resumes. To get seasoned workers, consider offering them part ownership, or shares in the company, so they have a stake in the business. And an internship is an inexpensive way to evaluate talent at a time when more college grads and young workers are willing to work for free to prove their worth in a tough job market.

"When you start on a shoestring, you learn all sorts of ways to run a business efficiently," Doss says. "By bootstrapping, the lessons you learn along the way will serve you well among your competition when the economy gets better."

Read more about starting a business in Bankrate's Small Business Guide.

Vanessa Richardson is a freelance writer from San Francisco who covers personal finance and small-business management.