Keeping Start Up Costs Down For Your New Business Venture*
Any entrepreneur can probably recall that very moment where they got the idea for their successful business. The one idea that simply just wouldn’t go away. The idea that you let nestle in the head for a while, working out al the kinks, the good and the bad, before taking that very leap of faith and starting the business. It is an exciting, overwhelming and scary journey all rolled into one.
However, starting a business and having the idea is one thing, the actual doing part can be whole new story entirely. Navigating things like branding, website design and knowing what you want to do right now and in the months and years ahead. It is daunting. I recommend doing some research and spending time reading some great marketing books. Any of these are great with helping you find your brand identity and get started with your new business venture.
One of the big issues startups have is the spiralling out of control costs. So I thought I would share with you some of the ways that you can keep those costs down when you are first starting out. I hope it gives you the courage you need to take that leap of faith yourself in the future.
Working from home
One of the first things you can consider doing is working from home. It can actually be one of the cheapest outlays you have as you avoid having to pay out any overheads and expensive leases. This will work extremely well for selling products and services online, as your office can be anywhere. It would be advisable to have a space dedicated to working in your home. It can be quite difficult to remain focused if you don’t’ have the correct working environment. It doesn’t take much, just a desk and a few drawers to keep things stored away, and also a place to store any stock you have. There are plenty of space saving ideas online to help you create the perfect working from space.
Covering Your Back with Legalities
Starting a new business really is daunting, especially when you want to make sure you do everything above board. Before getting into it you need to make sure you choose a legal firm you can trust such as Wilson Browne. Ensuring you go with a law firm that specialises in commercial and business will mean should you ever get into legal difficulties you know you have someone in your corner. But not only that, they’re there to give you advice before you even start which should ultimately save you money in the long run.
Having A business plan to obtain the right level of investment
Any entrepreneur will tell you the importance of a business plan. Not only does it help you to set out the main goals and what you want to achieve from your business for now and for the future, but it gives potential investors the same level of insight into your brand and vision. These people who want to invest need to know the full ins and outs of your business idea and the business model. It is how they will generate a decision on whether you and your business are investable. It can also help you to keep on track. You can easily do one yourself by looking online at templates.
Utilising free selling platforms
At first it can be hard too drive traffic to your own online store. Over time this wil get easier as you focus attention on things like SEO and keywords, but when you first start out you are starting where everyone starts with not much credibility fo your website in the digital world. So it is a good idea to utilise free selling platforms like eBay and also Etsy. There may be fees involved in terms of commissions or listing fees, but actually you are opening up your products to a wider audience, and it can help you generate the feedback and credibility you need to eventually be based solely on your own site.
Taking advantage of social media to advertise the business
Social media is one of the best ways to advertise your business and it is free to use. Again you do start off with nothing, no followers or visibility in terms of the social media algorithms. But like anything, with a bit of time and patience you will start to grow your following and auto,magically start to generate sales from it. Social media is a real easy way to advertise your business, and it also helps to give potential customers and clients and insight into who you are and your business.
Outsourcing where needed
It may sound like you are spending money by outsourcing, but actually the investment could give you huge savings in the long term. It is all about valuing your time. When you start your business it can be extremely tempting to want to do everything yourself. You handle accounts, sales, marketing etc, and it can get too much. There is only a number of hours in the day. So outsourcing areas where your skills are not best suited gives you a more precise job in that area, and frees up your time to grow in other areas of your business. It really helps you to drive your business forward, which then helps you to increase the sales.
Spending money wisely
Finally, make sure you use any investment wisely in those early days. From the stock you buy to what you spend in business expenses. Every penny will count, and it can be so tempting to just buy everything in and go hard or go home, but sensibly thinking you want to ensure you make good business decisions and able to reinvest the money made to make your business grow.
