If you work a 9-to-5 job, you’ve probably considered leaving the daily grind to start a business of your own. You might feel that being employed is not as productive as growing your own business, an idea sweetened by the idea that, with time, you might not be living paycheck to paycheck anymore.
Starting a business, whether as the sole means of livelihood or as a sideline for extra income, has been the dream of many. And thanks to the opportunities provided by the internet, most anybody can start on online business.
No matter how small your business is, however, there are some initial costs. You usually cannot start a business without spending at least a little money upfront. If you go into the business of selling, you either have to buy or produce the items that you will sell, both of which require capital. The amount of money that you’ll need will depend on the size of the business that you plan on starting and what supplies you already have on hand.
Luckily, there are ways to minimize the cost of starting a business.
Stay Close to Home
Many big businesses around the world began in someone’s garage, including Apple, Google, and Microsoft. Take it from them: you don’t have to lease a space right away. If you can get away with it, make do with whatever small space is available in your home.
Start renting a space only when your business has grown to the level that it cannot be accommodated in your home. By this time, your business should be making money, which allows you to lease a bigger space to match your growth spurt.
Go With What You Know
Start a business using your existing skills. If you are good at something, use it in your business so that you don’t have to pay other people to do it.
If you start from scratch on a business—no knowledge, expertise, or experience—you are going to have to hire people who are adept at the nature of the business, or you’ll have to learn how to do things well very quickly on your own. Both of these routes equate to additional expenses on your part. Additionally, if you only have a budding understanding of your business, it will be hard for you to troubleshoot any problems you experience. This can result in some costly errors down the line.
Think through your talents and skills and put them to work for you. Your existing experience will help you start your business from a sound financial place.
Opt for Used Equipment
Many startup entrepreneurs want to begin on the right foot, which is often interpreted as buying brand new equipment for their business. When there is not much money to play around with, however, new equipment will eat up a lot of the capital, leaving very little for other essential expenses.
There are companies from whom you can buy or lease used equipment for your business. Keep an eye out online, and be sure to get the help of an expert to check any used equipment that you do find. This extra step will ensure that you won’t waste your money on a lemon.
Advertise Your Business for Free
There are various cheap or free ways to spread the word that your new business is operational, so you shouldn’t need to spend exorbitant amounts on advertising. Make use of your social media platforms and your networks to let people know that you’re open for business. You can also send press releases to local media or offer to write a weekly column for your community newspaper.
Starting your business while keeping your expenses as low as possible will give you the opportunity to pay off any debts you will incur and help you start making profits sooner.