How to Start Up a Business On a Budget

by Kyle Taylor on January 28, 2014

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Frugal without using toilet paper

One of the main challenges start-up businesses have is finding the funding to actually set up the company.

As you won’t be earning anything straight away, it can be hard work ensuring you have enough money to run the business for a month or two before you get paid.

Below you’ll find some of the best ways to set up a business when you have a tight budget to follow.

1. Find out whether you qualify for a grant/funding

There are actually quite a lot of start-up business grants available. It’s always worth taking a look to see whether you’re entitled to any help. Of course, finding a grant that can help is one thing, getting it is another. There are many ways to increase your chances of being accepted that are worth looking into.

2. Get connected at a cheaper cost

One of the main things every business needs is a reliable internet connection. No modern business should be without the internet. However, it can be quite costly; particularly if you have to invest in business broadband.

You also have to factor in the cost of landline rental too which is required by broadband suppliers. Landlines aren’t always needed when you have a mobile so why not consider cutting them out completely in the beginning?

You can connect to the internet without a landline, with a data SIM card from mobi-data.co.uk. This provides you with a SIM, which can connect your laptop or tablet to a 3G or 4G connection.

3. Setting up a website

Having a website is essential no matter what type of business you run. It is basically your main method of advertising. However, as new business owners soon find out, the cost of having a website designed professionally can be ridiculously high.

The good news is there are quite a lot of free DIY websites available out there. You don’t need to have any specialist knowledge of HTML or web design either. There are pre-chosen templates you can choose and tools are provided to help you customise the site.

4. Make use of free marketing

It’s tempting to throw a lot of money into marketing your business. After all, you do need to attract new customers and you can’t do that without advertising. However, there are some pretty good free forms of marketing you can use.

Email marketing and social media are two of the best things to look into. Social media is particularly useful as you get to reach millions of potential customers without paying a penny.

5. Establish contacts before you start up the business

The more preparation you can do before you set up the business, the better. Getting a number of contacts in place is a great idea. That way you know exactly who you will be targeting your services to. It also helps to research your target market as much as possible too. That way you’ll get a good idea of how you should be marketing the business.

 

Sources:

http://www.theguardian.com/however-big-your-ambition/starting-up-growth-efficiency

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