Don’t let limited funds deter you from starting a new business. Plenty of tips and marketing solutions are available for entrepreneurs looking to launch their dream company, even if money is tight. Check out a few ideas below for starting a business on a budget, proving you don’t have to have tons of money to make tons of money.
Work From Home
Leasing space is arguably one of the biggest expenses for new business owners, so why not work out of your house? An easy way to save money up front, working from home is ideal for internet-based businesses. Conduct business online, set up virtual meetings with customers and clients, and enjoy low overhead. When you need to have in-person meetings and would rather not do so at home, meet at a coffee shop, find local business centers that you can rent by the hour, or suggest meeting at your client’s office.
Use Your Own Equipment
You may already have a lot of the elements you need to run your business. In addition to saving money on new equipment, once you convert items from “personal to business,” you’ve got yourself another tax deduction. This applies to laptops, computers, tablets, printers and anything else you use to run your business. If you aren’t sure what’s tax deductible and what isn’t, do some research on deductions for small businesses or ask your accountant.
Utilize Affordable Marketing Services
Marketing is key in any business, which is why small business owners on a budget must do some research into how to use the most inexpensive and yet effect marketing strategies. With mobile technology the fastest growing communication medium in the history of human existence, one of the most popular marketing trends in today’s marketplace is bulk SMS. A variety of industries use SMS text marketing to send business updates, promotions, discounts and other alerts. SMS marketing services allow you to reach hundreds or thousands of consumers instantly and extremely affordably when compared to other mass market advertising, such as mailers and brochures. Bulk SMS makes it easy to improve customer relations via discounts and other promotions, set up keyword campaigns, and much more, all at just a few cents per message.
Purchase Products Wholesale
Going the wholesale route is yet another way to save when starting a business. Look for wholesale vendors that cater to new businesses and will assist you in drafting a budget plan. Visit trade shows to find vendors, or contact wholesalers and distributors directly. You may also want to obtain the contact information of other recent customers before making a purchase to ensure good customer relations and solid products.
One of the best ways to let people know about a new project or venture? Word of mouth! Tell friends and family, and ask them if they’re interested in helping or spreading the word. If nothing else, ask them for feedback on your particular product or service, and determine which comments are reasonable and applicable.
Don’t wait to get your business going just because you think the monetary aspect isn’t there. “Aim for 30 days or less to actual startup time,” says entrepreneur and author Chris Guillebeau. “Do whatever it takes to make that happen — get a free website from WordPress.com, sign up for a PayPal account if you don’t have one, and put your offer out to the world even if you don’t think everything is 100% ready.”
Use these tips to get started with your new business… And good luck!