Starting a business is a dream for many of us. We would love to have a business that brings in an income so we can quit our job, that is the dream. Starting a business is not an easy thing, you have to come up with a good idea and then build it. One thing that really gets in our way when we look to start a new business is money. Money is what stops us from achieving our dreams. We have 6 ways for you to try and start your own business on a small budget. When starting a business it is important that you have an idea and try and make sure you have that idea validated by testing it out in the current market.
1] Work from home
The first thing you can do to save money is work from home. Working from home helps you save money on rent, insurance, bills like internet, utility, maintenance and equipment. There maybe other costs associated with renting a building and all of these could add up and take more than the amount budgeted. Working from home can help in businesses where you can do things yourself, that brings me onto my next point.
2] You need handle all business operations
When starting your business and money is tight you need to make sure you handle all business operations yourself to save money. You need to be the CEO (chief operating officer), CFO (chief finance officer), COO (chief operating officer), admin, product designer, media manager, advertiser and so on. Once you have your business up and running and you are making a profit you can hire employees in the areas you feel you need to. Handling all these different parts of your business can help you understand different role and that then makes it easier to hire as you know what to look for and what skills are needed. You can also pick up on those parts later on should you feel the need to.
You need to make sure you know how much money you have and what you need to spend it on every week or month. Know the amount you have, know where you need to spend it every month, what you need to buy and how much runway (how long will it last) that amount is going to give you. Once you know this you can then plan for the future of your business. When you know exactly where you money is going you can then plan on the future like what more is needed to take your company to the next level. That can be raising more money or selling your product by the end of your runway to give you more money to grow the company.
4] Use virtual assistants
When your company is growing and you feel like you need someone to handle all the emails, phone calls and admin work you should hire a virtual assistant. This will save you money with hiring, tax, wages and you save yourself a lot of work. Virtual assistants can be found with a quick search on the internet and they can do all your admin work for a fixed fee a month. This will save you time and money.
5] Use DIY builders for websites
You want the best website because you think having a great website will bring in customers and money. WRONG. Know that you can have the best website that could be built with thousands of dollars and no one can visit it. It takes time for a website to climb the ranks of google and start attracting customers (no matter how great your site is) and by that time you could have lost all hope of success. You should register a domain and use wordpress to build a great website. You can find thousands of free themes that are sometimes better than or if not just as good as what people can develop for thousands of dollars. Registering a domain and setting up on wordpress costs very little and using a free theme is the cherry on top.
Check out our post about starting your own website, blog or online business:
6] Use Bloggers and Social networks to advertise
Ok so you have your website ready, your product to sell and now you need to get the word out. Take out a TV ad, Magazine ad, newspaper ad? Don’t go for very expensive options of advertising. When you have a product and want to promote it make sure you use bloggers and social networks to promote your product. Bloggers may charge a small fee to advertise your product but you can get huge exposure for your business in return and that could help you grow like you never imagined and make huge returns on your investment. Use social networks – sign up and make accounts to post about your business. Hashtag about your business, share you business and post regularly, this can help you get likes and follows and maybe even follow throughs. If you feel like your nailing it try paid adverts on Facebook and Twitter to expand further.