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Business & Marketing

Starting Your Own Business with Minimal Funding

funding

Everyone dreams of starting their own business, but funding can be extremely difficult and if you don’t have a lot of cash, you may think that you can’t achieve your goal. Luckily, there are ways you can start a business without much in the way of funds. In fact, a lot of big businesses started off in peoples’ garages or spare rooms, and often without a huge amount of capital to work with. Here’s how you could potentially do the same.

There are a number of businesses that need minimal costs

You’ll be surprised how many businesses can be started with minimal capital. Some popular choices include:

  • Blogging, design and other types of freelancing
  • Print-on demand services
  • Selling second-hand fashion and accessories
  • Selling crafts and handmade items
  • Offering a service such as cleaning or pet sitting

Think about what skills you have, as well as what you like to do, as doing things you enjoy will ensure you have the passion to see things through.

Sort out delivery options

One of the biggest challenges for small businesses is getting things from your hands into those of your customer. You should look at using a delivery services such as last mile delivery from Rhenus High Tech, especially if you’re sending bulky, delicate or specialist items. Delivery and logistics are key to ensuring you offer the best level of service to your customers and build an excellent reputation.

Get inspiration from other startups

If you’re a budding entrepreneur, then you may be looking for inspiration from successful businesspeople. However, it can be quite hard to find entrepreneurs who’ve started from scratch, so look for best business idea for startups for your guide. From photography websites to marketing companies, there are loads of businesses out there that were built from nothing, so learn about the secrets to their success.

Start it as a side hustle

Starting a business doesn’t have to be a full-time endeavour at first. It’s quite common to keep your day job for now, and to run your business as a side hustle to begin with. A lot of people who run things like craft businesses do this, as it can take a long time to build up a client base and make enough money to live on.

While a side hustle can be a lot of hard work, you can run some times of business in the evenings and at weekends, which means you get the flexibility to fit it around a day job.

One thing to bear in mind when you have a full-time job, and make money on the side, is that you will still need to pay tax on your side hustle. If you run it as a company, you will need to fill in business tax returns, or you’ll have to do a self-assessment return online. Make sure you do this each tax year, to make sure you stay on top of tax payments.

Start your business at home

One way you can really cut costs is by starting your business at home. You save on rent, business rates and more, although you’ll have to budget for the increased utility costs and other expenses.

You can start your business in a garage, spare room, or even a corner of your lounge, but if you’re going that route, make sure you choose a business that needs minimal stock or equipment, otherwise it’s hard to keep a work/life balance.

Opt for digital marketing

The great thing about digital marketing techniques, from social media to SEO, is that they are inexpensive. Even if you don’t have huge start-up capital, you can start a Facebook page and maybe invest in a few adverts. Advertising online is a lot cheaper and can be targeted a lot more effectively, so that you get a better ROI. Even before you launch your business, you should consider getting onto social media, so you can start building a following and getting people excited to use your business when it launches.

Thinking of starting your own business? You don’t need to head to the bank and borrow thousands to get started. You can simply start something with minimal start up costs and go from there. You never know where your small business idea might take you in a few years. 

MindxMaster

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