So you’re ready to start a business, and you know that you want to get things going. You have a lot of mixed emotions surrounding this big business decision, but you know that you want to get there. The problem is that you may have a limited budget and limited experience. You may feel inspired, motivated, and passionate about this new business venture but how can you get it all going? Better yet, how can you start a small business with less than $750?
The truth is that you can start a small business with a limited budget if you know what to focus on. It all begins with a good idea and a true passion, and so you want to understand this first. There is so much potential that lies before you, but you have to first make a few initial business decisions to kick things off. You might be surprised at how easy this is and how this can pave the way towards bringing your dreams to reality. These tips can help you to think big and yet plan things out on a smaller scale. You CAN make your passion a viable business, and now you can see how it all comes together with you in the driver’s seat.
- Think big, start small: Having the vision is very important, and it’s good to think big. Don’t limit yourself on what you dream of, but make some of these plans more for the future. Think of what you can do now to break things off into smaller and more digestible pieces. Put priorities into what you must do now and what can wait until later once your business officially launches. This will help you to think through what the future looks like, but it also ensures that you don’t spend too much early on when you are still setting things up.
- Set up an online website or store front to kick things off: When you are just starting out a small online business can work quite well. This usually requires a minimal investment on your part (there are programs where you can design your own website for free or quite inexpensively), and yet it can generate sales or get your name out there. Think of what product or service you plan to offer and then look into Etsy, Ebay, Amazon, or just create a smaller website to still be represented online. This works really well, especially early on, and it also costs you very little. You also need to consider hosting costs such as Siteground.
- Have a plan for initial expenses and keep them to a minimum: Think of what you absolutely need in terms of supplies, space, or applications, etc. Plan for those initial expenses and be sure that they are accounted for. Capture the expenses for your early launch and stick to a budget, and it also helps you to think of things that you will require early in advance. A business coach can help you determine your initial start up expenses.
- Carry little inventory until you get an idea of demand: If you are going to sell a product of some kind then keep your inventory low. This helps you to work off of incoming orders and also ensures that you don’t end up with excess inventory. You can always add to your inventory as your business grows, but it gets you going and limits your spending which is a true win win.
- Consider exchanging services with a fellow entrepreneur: As you network look for creative ways to work with fellow small business owners or entrepreneurs. You might find that you can exchange services and get some of the things that you need really for a low price or free if you barter (e.g. you could even share space). You have something that they need and vice versa, and this can turn into a great business relationship in the process.
- Promote and advertise at a negotiated rate: You might find that you can cross promote with these new small business owners and contacts. You might find that advertising on a local community website or guide works well. You want to keep your advertising small but present, and ensure that you don’t blow your whole budget until you are sure you get a good return on your investment.
- Take the time to do your homework and research early on: Before you officially launch your business be sure that you look into your target audience and get to know them. Be sure that you know who your competition is and how they operate. Doing your research about what your business will be, positioning it properly, and ultimately getting yourself on the map will pay off big in the end. You will get more excited about this business as you perform the research too!
- Focus on your passion and let it all play out in front of you: Remember that this is all about igniting your passion. Let this be what guides you towards success and keeps you going. Continue to remind yourself what this is all about, and you don’t need to spend a ton of money to make it happen. Keep marching towards the launch of your business, and that positive mindset will ensure that you are successful without breaking the bank.
There is so much to gain as you plan to start a small business, and it’s time to get things going. You can do this and you can keep the spending to a minimum if you have the right plan. You might not realize it, but these tips can help you to dream big and keep the planning simple and spending to a manageable level all at the same time.