You don’t always need money to make money. Many solo entrepreneurs have started with nothing. It’s all about being creative in the beginning and taking things slowly – the luxuries can come later. Here are seven tips for getting the ball rolling on a tight budget.
1. Work from home (if you can)
You don’t need an office to begin with – the cost of rent isn’t worth it. Start off by working from home. If you need to get out of the house to do meetings with clients or simply have some social interaction, there are always coffee bars to work from.
You can make changes to make working at home more affordable, such as looking for another electricity provider, which can offer you better rates for higher consumption. Companies like Smart Meter Texas, let you review your home's monthly energy usage to avoid having any bill surprises and allowing you to from work without worrying about your energy bills.
Those with dreams of owning a shop should consider an online store first. Of course, some trades can’t be run from home – however there may still be creative cost-cutting methods to get things started such as owning a market stall before graduating to a shop or operating out of a food truck before opening a restaurant.
2. Do your own marketing
You can do a lot of initial marketing for cheap online and still come across professional. Rather than hiring a website developer, why not build your own site for free on the likes of Wordpress.com? Set up social media pages to help boost your brand and print off your own business cards and flyers using free programs.
3. Use free software
As a small start-up, you needn’t be paying hundreds for business software. There are many free programmes available at the likes of AdminSoftware.biz that can help you to do all your accounting. If you’re going to pay for any software, digital security should be your priority.
4. Use free advice
Every business owner needs advice. However, you needn’t be forking out money on financial advisers and solicitors and IT assistants... at first. There are many free services in which you can ask questions to advisers online. There are also sites such as Citizens Advice Bureau that can have lots of business advice on. This isn’t to mention the amount of blogs and vlogs out there on the internet that can offer advice tips and step-by-step tutorials.
5. Outsource wisely
You can’t do everything yourself and there will be some jobs that you’ll need to outsource. Sites such as Fiverr.com are generally great places to look – you can find cheap freelancers who are able to handle everything from logo design to legal contract writing. Always check reviews and testimonials to get an idea of a freelancer’s reputation first to avoid being ripped off.
6. Consider borrowing
There’s no shame in taking out a business loan. Many business owners will borrow money to get their entrepreneurial venture started. It’s worth using sites such as BusinessLoans.co to compare interest rates and get the best deal. You could also consider hiring a loan broker if you’re looking to take out a big loan.
7. Seek investors
Another option to help fund your dreams could be to seek out an investor. Persuading an investor to give you money requires a solid business plan and a good financial incentive on their part. Unlike a loan, you won’t have to pay interest, although you will be giving the investor a share of your future profits.
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