Many people feel down in the dumps because of their 9-to-5 job and dream of launching your business venture. But they take a step back when they are reminded about the money needed to start a business. Experienced professionals often state that you need a lot of money to make more money. But this statement does not apply to the current times when there are numerous organizations and crowdfunding websites constantly trying to support small businesses through investments. You just need to be smart and tech-savvy.
The best way to begin is by preparing a budget plan. Decide your business model but, before that, decide the sort of business you will be operating- whether you want to run a product-based or service-based business. Don’t lose hope if you don’t have a godfather in the industry! With the proper strategies and marketing opportunities, you are bound to excel even if you have less cash. Just control your expenses and shun any extra expense that isn’t needed at the moment.
Let’s dig deeper into the matter and look at some suggestions on starting your business when you are short of capital.
1. Simplify daily tasks through online appointment scheduling
Appointments and timely delivery of products/services are the lifelines of your business. Then why compromise on them? Get more bookings from clients. Try a free online appointment scheduling & booking management software like Picktime. It allows your clients to self-book appointments through your customized online booking page. Access Picktime via any web-enabled device. It provides a free online calendar service for 24/7 monitoring of employee schedules and appointments at all your office locations. You will get a booking button for your website and social media profiles. Accept advance payments from clients via credit cards, PayPal, Stripe, or Square. Automatically raise invoices and email feedback forms. Send automated SMS and email reminders to clients and staff to reduce no-shows. You can also download auto-generated business reports from your dashboard!
2. Be the sole proprietor of your business
Having a business partner at the beginning might be risky. A small rift and you may land up in legal troubles. Avoid these problems and be the sole proprietor of your business. It is the only operating structure that will cost you nothing! You will be solely responsible for paying debts. At a later stage when your business expands, consider incorporation or get into partnerships. So when your debts are bigger, you will be safer because a corporation is considered a separate person under the law.
3. Apply for a microloan from a bank
A popular method of obtaining funds for small businesses is getting microloans from banks. These loans are given by many registered banks at a cheaper interest rate than traditional bank loans. These loans facilitate small business owners to repay the money in the given time. If you are from the United States, you can take a look at the website of the U.S. Small Business Administration to know further about how to apply for a microloan.
4. Outsource tasks to freelancers and interns
When you are on a tight budget, you cannot afford hiring a huge team of professionals. Keep your team small. Put your faith in freelancers and interns for jobs like graphic designing, content creation, and website designing. These people will keep your business functional and prove to be valuable assets for you later. Ask them to keep you posted on their daily tasks and communicate about payments.
5. Work from home to save costs of renting office space
If your business depends mostly on the web, work from home and let your employees do the same. Renting an office space can cost a lot for a small business. Save that money and the time taken to commute to the office. Connect with your employees via Skype or Slack. Use cloud-based apps like Google Drive to share documents. Share complex files like designs and videos via online tools like Dropbox. Meet your clients virtually through videoconferencing platforms such as Zoom and Google Meet.
6. Take care of your taxes and business license
You have to compulsorily acquire a business license. So, do it on your own to avoid paying a handsome cheque to consultants! In the same way, file for your taxes on your own instead of depending on a tax consultant to do the job. You can look up on the internet for small business tax software packages. It will also be great if you buy an accounting package instead of hiring an in-house accounting specialist. Just automate these tasks rather than getting help from professionals.
7. Rely on digital marketing
Digital marketing will save your day when you are low on budget! Instead of pricey print ads on glossy magazines, run Pay-Per-Click (PPC) ads on Google. Focus on content marketing by publishing SEO-based blogs and articles. Utilize your social media profiles like Facebook, Instagram, and Twitter to connect with customers and influencers. Create your official YouTube channel and upload informative videos and vlogs.
8. Get media coverage
If you wish to transform your business into a brand, get media exposure. Rather than depending on paid public relations, get your story published on local magazines and newspapers. This gives your story a fair chance to get noticed by many national-level journalists who are always on the lookout for news. Connect with journalists on Twitter, pitch them your ideas and follow up now and then to strengthen your relationship with them. You can also submit press releases on numerous websites that accept press releases.
Follow these tips before starting your business. Understand that every business is different and so are their ways of operating. Do not be disheartened if something doesn’t work out and keep experimenting. Put your best into it and trust in the magic of new beginnings.