How-to-start-your-own-business-on-a-budget

How to start your own business on a budget

Thinking of starting your own business but worried that you don’t have enough money in the bank? Well, the good news is that it might not take as much capital as you think. Follow these basic guidelines and your new business could be up and running in no time at all.

1. Make a plan. The first step in any business venture is coming up with a plan. This includes deciding what it is exactly that you want to do and, just as importantly, the finances required to make it happen. When making a plan, you should always make sure that it’s SMART (specific, measurable, achievable, realistic and timely).

2. Work from home. This is a really great way of saving money. Instead of forking out large sums of cash on buying or renting an office space, consider setting up shop at home. Working from home presents its own set of challenges but if you’re looking to cut costs, it might be your best option.

3. Get online. Virtually every kind of business can benefit from having a website but make sure you do it right. Having a clean, professional-looking web page where customers can visit and make orders or enquiries is sure to boost your sales. These days it’s getting easier and easier to set one up on your own but, if in doubt, don’t be afraid to enlist the help of an expert. It could be worth it in the long run.

4. Opt for second-hand. Although it would be nice to kit out your new home office with brand spanking new equipment and furniture, going down the second-hand route is the best option if you’re serious about saving money. Be realistic and only purchase the items you’re sure you’ll need.

5. DIY. They say if you want something done right, you should do it yourself. Oftentimes, the same can be said about doing things cheaply. You might not be able to manage everything yourself but if you have the tools to do something, do it. Hiring someone to carry out a task you’re capable of doing yourself is a great way of throwing away vital funds.

Setting up your own business is a complicated process but hopefully these handy pointers will steer you in the right direction. For more on this and other topics, check out our blog or get in touch with one of our experts today.

All the best,

The Team at GMIB.ie