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Business Startups on a Limited Budget

| Business | August 19, 2013

business-startups-limited-budget

The goal of owning your own business is a goal that has been and always will be a part of the “American Dream.” But owning your own business and being your own boss is the dream of many, no matter what country you come from.  This dream has been stifled by the slow economy, but it is still a goal that many strive for. Owning your own business means you are the boss, you keep your own hours, although those hours may end up being longer than you think. You are the person responsible for the success or failure of your personal venture. That can be positive or negative, it’s all up to you. That being said, decide on a business that you are passionate about. Once you have made the decision to start your business, you need to create a business plan to direct the path you will take to make your business grow. A major component of a business start up is capital for that business. Is it possible to start a business on a limited budget? 

It goes without saying that you need to have a website for your business whether you own an online business or a bricks and mortar store.  Even if you have a “bricks and mortar” location, you still need to have a website.  It is possible to run your website on a free platform such as WordPress, Wix.com, Yola.com or Blogger, but whether your platform is free or not, your business needs to have a website.

Business startups must be researched to insure the business can start off on the right foot. There are several websites such as www.smallbiztrends.com that offer information, encouragement and tips to begin and run your business.  Also, you must check the legal requirements of owning your own business wherever you live.

Starting a business on a limited budget is a challenge, but it is not a challenge that can’t be met. A creative individual with the sincere desire to have a business and be successful can do it and there is proof in many stories today. There are stories told of businesses that started with less than $100 and eventually became a success.  A business can be created with a minimal budget, but the potential owner must be creative. Once you have made the  decision is made to create a business, there must be a plan for marketing your business to get the word out on your product and services. With the phenomenon of social media being so popular in society today, marketing your business can be relatively easy and cheap. Social media is free to use and can be used to promote your business for free.  Create a Facebook page, a Twitter account, a Google YouTube channel and a Google Plus page.  Those are the the most common social media channels for promoting your new business.  Connect with your friends and family and then connect with the world. Links like Facebook and YouTube can insure exposure for the business.   Social media is a rather inexpensive marketing venue to introduce your business to the public with minimal cost.

There are also other media marketing avenues to spotlight your business. .

Another inexpensive marketing venue is networking. You should never overlook the value of networking when you begin your own business.  Look first towards your family and friends who can connect you with their network of friends – people you don’t know who may want to buy your product and services .The potential business owner can set up a presentation for family and/or friends and present the business idea to them. The presentation can be created by the business owner and then the meeting/presentation venue can be negotiated.

The major search engine Google provides a plethora of information available on business startups. Just search Google for any information on business startups with a limited budget, and there will be several articles, options and information on how to do just that. For the business startup entrepreneur on a limitedbudget, more research and more work and energy is required to not only start the business up, but start the business up smartly on  a limited income. Before you start your business plan, there are several components you should  research in order to use limited income for the business wisely. Here is a partial list of things that must be researched and considered:

• Is the business a “trend” or will it last over a long period of time?
• Is the business community friendly?
• Is the competition for the business overwhelming?
• Can the business be started from home or be started  without a building that requires rental or leasing?

Besides having a website and some social media accounts to run your business, you’ll need a phone which goes without saying.  Using your mobile phone for business is a cheap solution, but what if your clients live beyond the boundaries of your city?  There are many companies online that can offer you 1-800 toll free numbers and fax lines for a relatively low cost.  You need to have an internet connection for this service because it’s a cloud-based technology.

Once these and other considerations have been looked at, talk to other entrepreneurs who have had business startups. There are many businesses that can be run from your own home.  Online business – working with the internet, for example will work from home.  A barber or hairdresser for example, most likely had to start at home or in a garage at home as you build up clientele,

No matter what, business startups are a necessary and vital part of society, and without them, there would be no business at all.

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