If you’ve got the dream but no money, then at least you’re half way to completing your business dream. You don’t necessarily need to pour money into your business venture from the get go, instead think of it more of a steady investment, whereby you inject some of your money into it and then wait to see if the money you spend makes its way back to you with some profit on top. Remember, it can take months, even years, for your business to flourish and start making you big money, so be patient and try not to be disheartened if interest and sales aren’t sparked immediately. Having said this, your business could have the makings for speedy success and lucrative income, so start your business dream today.
What You Will Need
You will need a clear and steady head and a solid business and financial plan, and this, you’ll be pleased to hear, can be done by yourself and doesn’t have to cost you a penny. All that is required is an analytical approach to what you want to achieve and how you plan to achieve it. The logistics of this part are as simple as they are necessary, so make sure you plan effectively and thoroughly and stick to the plan. If your dream involves creating a partnership or a corporation, you’ll need some administrative filing and paperwork for this, however, this needn’t cost more than a few hundred pounds, much dependent on what licensing you require. If you’re stuck in your quest to find the money for this, then still consider other funding options, like payday loans with a flexible repayment scheme, or grants and fundraising online. You could set up a crowdfunding page to attract the attention of other likeminded entrepreneurs, and ones that have already found success in the business venture.
Your Online Presence – Domain Name & Website
You’re going to need an online presence, that’s a given, so you’ll be needing a domain name and a website. Your domain name should be catchy enough to attract attention and define what your business is about as simply as possible. Domain names can be purchased for as little as £10, providing you can find one that isn’t already being used. Starting up the website for your business is usually free of charge but work intensive.
You’ll invest many hours of your day getting your first website off the ground, but you’ll save money in doing it yourself, so consider platforms like WordPress or Wix. While advertising and marketing do have a long-standing reputation of being expensive, however, you can utilise effective tactics like social media and SEO content free of charge. All you will need in order to do this is your time, and willing to research and learn about using free marketing techniques. Implementing these techniques yourself and crafting your own website will save you money and help you build your business on a budget. Many timesaving services that otherwise would have cost you money can be performed by yourself, it just takes longer, but if you’re on a budget, then it’s a worthy and sensible choice.
Which Business Are You Starting?
Your business budget will be greatly affected by what your business is and by what you’re selling. Some business ventures don’t cost much to create, such as selling your personal creations online. These types of business are ones that focus on you selling your wares, arts and crafts. For example, if you make pieces of jewellery, then selling them on platforms like Etsy and eBay is ideal. These businesses require little cost investment, providing the items you’re selling don’t cost you a fortune in production and materials. Be sure not to make yourself out of pocket by listing low packaging prices, as the cost of packaging can soon amount to large sums if you’re regularly shipping items. List the cost of packaging honestly, and buyers won’t mind paying as long as you don’t charge ridiculous amounts or poorly wrap your product, risking breakages.
Sell Your Labour, Services And Skills
Your dream business may involve using your skills and services in return for money; services like building and decorating, and plumbing, for example. Your labour and service is the main revenue maker in these instances. Word of mouth and good recommendation aid these businesses to grow and expand, so if you’re doing a good job, chances are you’ll stay employed with plenty of work being asked from you. You also shouldn’t be shy to ask customers to review your work online in the manner of giving you a five-star rating. These recommendations help to boost your business’s review and reputation online, and are crucial to getting recognised as providing high quality service and seeing profit. Upfront costs of these businesses can be high if you’re a tradesman who requires machinery and tools, although these will vary in price. In the spirit of budgeting, you can borrow and rent tools to start with and then start looking to purchase your own equipment once your business has made money.
The market for reselling and upscaling is big business, and, again, you can achieve this on a budget. The idea behind resale is really very simple: you buy items and then sell them to others at a higher price. If you’re buying and selling furniture, for example, then you’re charging others for your labour and investment of time in producing an item in a higher standard than before; you also need to be paid for paint and material supplies. With a strong foundation of knowhow and a learned eye, you can acquire products and sell them on to other people. In this line of business, you’ll need the space to house items whilst they’re waiting to be sold and renovated, so if you don’t the room at home, then look elsewhere. To be money savvy, it’s always worth asking nearby friends and family if they could provide you with some space to act as holding areas.