Starting your own business is a bold, brave move, but it can feel impossible to some would-be entrepreneurs who struggle to meet their startup costs. Don’t panic- there are ways to get started in business without having a huge budget to work with. A few simple tweaks and changes could help make your startup more affordable.
Consider Your Workspace
The idea of renting out your own office space may be exciting and will make your business feel more official, but in the early stages it may not be necessary. Workspace can be a major expense for a new business, so consider just how much room you really need to get going. If you have a spare room in your home then it could easily become your own office space- just stay away from the living room and TV if you want to stay focused.
Become More Tech Savvy
The internet has become the single most crucial tool for any new business owner, particularly when it comes to marketing, networking and advertising. Some entrepreneurs with a roomy budget opt to hire a web designer and social media expert to take on their web presence- these expenses can easily be avoided by brushing up on your tech knowledge and diving in yourself.
If employees are a necessity for your business then feel free to hire, but consider starting out with short term contracts rather than committing to a long period of salaried employment. Starting small will give you some room to fall back if things get tougher than you expect, and will ensure that you’re not responsible for other’s long term income.
Hiring freelancers is always a sensible step for new startups- they give you the flexibility to assign work for specific projects without committing yourself too heavily in the early stages of your business. Try not to pay freelancers for work that you could potentially do yourself- give it a go first and then outsource if it’s too far beyond your skill set.
Barter, Don’t Buy
Bartering with other businesses is a great way to gain services for free when you’re first starting out. If you have a skill that someone else needs, offer your services for free in exchange for something you need for your startup. Many people are more than happy to be flexible and help out if it suits their needs, too.