Ambition is a strong emotion that drives many would be entrepreneur to start their own business, however the one thing keeping them down is absence of readily available cash. The banks are hesitant to offer loans to new companies, a difficult financial climate makes it difficult to ask loved ones for help, and using a credit card to swallow up the initial set-up costs brings with it the potential of imminent danger.
Don’t Treat Business Like A Game!
It’s often an uphill struggle when first starting out. There can be complications with HMRC, Companies House and business bank accounts, not to mention doing the actual work!
With all this in mind, it’s a good idea to take on-board some top tips as presented below. With 50% of business start-ups failing during the first two years, it’s nothing less than imperative to cut your costs, maximise your productivity and utilise everything around you for simple, free promotion and assistance.
In the event that you do require some money, government-funded start-up advances are available for individuals who’ve been turned away from banks. The uplifting news is that beginning a business with little or next to no cash is still a realistic proposition. Here’s the manner in which to do it:
1. Make use of public assets readily available
Telecommute or use a nearby library which offers complimentary wireless internet. You can use these areas as ‘mobile offices’ to save overhead costs.
All Start-up Businesses Begin With A Plan
2. Construct a business around your aptitudes
What would you be able to do that another person may be willing to pay for? Could you make garments, program a PC, talk Italian? Do you have a pastime you could transform into a business? If you have a skill which is in demand, this immediately puts you on good footing for a profitable self-employed career.
3. Offer an item or skill which individuals require as opposed to desire
Try and think of things that consumers need immediately as opposed to later or perhaps an easy sell as opposed to a hard sell. For instance, a £12k car is much harder to sell than a £4 umbrella.
4. Request clients to pay you upfront
Perhaps a more realistic proposition would be to split the invoice with 50% upfront and the remainder paid upon delivery of your work. You will be surprised how many people will understand to the importance of cash flow and there is no harm in asking about flexible payment options.
5. Old or New – It’s a no brainer!
Source any office equipment or other items you require for next to nothing through websites such as Gumtree and Ebay. There really is no need to buy new when you are first starting out in business.
6. Keep expenses to an absolute minimum
Try and carry out much of the work yourself at least until you are fully established. Only outsource or hire when it is absolutely essential.
7. Help is available when you need it
Hire a company to take your business phone calls for you. For most business start-ups, phone calls are a massive drain on time. Why should you have to answer sales calls, annoying automated spam messages and engage in general irrelevant conversation? Save great deals of time by letting a reputable phone handling service uphold your brand image while cutting the nonsense out of your precious work schedule
8. Begin your business while in employment
This decreases your risk while you are still receiving a salary or wage to keep things afloat.
9. Do you need an expensive website?
Use Social Media to get your message out there. Social platforms are very simple to use once you grasp the fundamentals. You don’t initially need a website, use Social Media to promote your business for free!