Setting up a business in the current financial climate can be a
challenge, particularly for those with minimal funds. However, the
recession has opened doors for many entrepreneurs looking to take
advantage of gaps in the market to try and offer something different,
while competitors flounder. Here are a few tips intended to help you set
up your business if money is tight.
1 Keep borrowings to a minimum
It’s much better for your business’s long-term prospects if you don’t
have to borrow to get off the ground. Your new venture is meant to
provide you with a new source of income, not become a millstone of debt
around your neck. However, there may be instances where you need to take
on the right kind of debt, with a realistic plan of paying it back
through the success of your business.
2 Only buy essential equipment
Put aside any thoughts of a fancy office space or the latest hi-tech
gadgets. You should only buy what you need to carry out your day-to-day
business. Much can be achieved with basic internet and telephone
connection, a reliable computer and essential software.
3 Work from home
Why waste money on rent if you don’t need premises? Many start-ups
can now be successfully operated from the comfort of the owner’s home.
If necessary, you could even operate from a virtual office, perhaps with
a more attractive business address.
4 Online marketing
You might be able to market your business online without paying a
single penny if you’re clever. With powerful social media networks such
as Twitter and Facebook you can reach out to potential customers and
network with customers and possibly suppliers using online forums.
5 Keep it in the ‘cloud’
The last thing you want as a new business is to lose sensitive
business information that is crucial to the day-to-day running of your
start-up. A loss of data may also affect levels of customer service and
cause embarrassment that could tarnish your reputation before you’ve
even started. Cloud computing is a relatively new concept that enables
users to rent storage space on an external server to guard against data
loss in the event of natural disasters or crime.
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