Many individuals dream of establishing their own business, but often step back since they are short of funds! Not all of you will have a wealthy family to support you monetarily. However, you need not worry! There are numerous ways to work out such differences. Contrary to traditional belief systems, having too much money is not a necessity for making more money. You have to be smart enough to use your limited resources and money wisely. If you are well-versed with the basics of fund management and management skills, you are good to go. So, prepare a budget plan, decide your business model and the type of business you will be setting up.
Here are some excellent ways to start a business when you are on a low budget-:
- Get an all-in-one solution for simplifying daily tasks
Every business has too much on its plates every day- appointments, payments, invoicing, time management, productivity management, assigning tasks to employees, and much more. Access a free online appointment scheduling & booking management software like Picktime, which will act as a one-stop solution. It is accessible via any web-based device.
Picktime empowers your clients to self-schedule appointments through a customized online booking page. It offers a free online calendar service for 24/7 monitoring of staff schedules and appointments at all your office locations. You will also get a booking button for your website and social media profiles. Your customers/clients can pay you in advance via credit cards, PayPal, and Stripe. Picktime automates invoice generation and SMS and email reminders to clients and staff to reduce no-shows. Also, download auto-generated business reports from your dashboard!
- Hire freelancers and interns
Recruitment processes take up a lot of resources, money, and time and completely drain the hiring team out. So, try to keep your workforce small. Outsource tasks like content writing and graphic designing to freelancers and interns. Connect with them daily to get updates on task progression. Also, make sure they receive their payments on time.
- Try digital marketing
Digital marketing is the best marketing channel for startups! Compared to pricey print and TV ads, Pay-Per-Click (PPC) ads on Google will provide you larger and more accurate customer base. Try marketing your content through SEO-based blogs and articles. Use your social media marketing techniques on Facebook, Instagram, and Twitter to engage with customers. You can ask social media influencers for collaborations to promote your products/services.
- Work from home to save money
Leasing an office space can incur huge costs for a small business owner. Hence, look for an alternative option. Businesses depending solely on the web can easily let their employees work from home. Communicate with your team via Skype and share files through cloud-based apps like Google Drive. For client meetings, you can use video conferencing platforms such as Zoom and Google Meet.
- Choose sole proprietorship
Businesses often land in trouble due to failed partnerships and misunderstandings. It can also cause legal problems to you. So, to prevent these issues, be the sole proprietor of your business. Only you will be responsible for paying debts and dealing with all other legalities. Plus, this operating structure will cost you nothing.
- Pay taxes on your own
It is mandatory to acquire a business license, and you should do it yourself instead of hiring a consultant to help you out. Surely, you can ask for suggestions from friends and family members in the industry, but avoid making lump-sum payments to consultants! Similarly, pay taxes on your own instead of depending on a tax consultant. Access small business tax software packages on the internet for assistance.
- Place the initial inventory order on credit
Initially, building an inventory can be a fairly large expense for a startup to bear. So, try to get in touch with suppliers and convince them to deliver the first inventory order on credit. It will be really challenging to find such suppliers, but you can connect with friends and past colleagues to seek information and help.
Before you start your business, consider these suggestions. But, know that all businesses might not work alike. Each of them has its own journey. So, do not fear changes and experimentation. If something doesn’t work out, discuss it with your team to strategize the perfect plan. With some necessary amount of cost control in every aspect, you can get your business off the grounds even on a tight budget. Later, it will also help you to get ideas to earn profits even when you have limited resources and money. Hard work, dedication, and passion are the only three things that will push you towards success.