06 Jun 5 Tips to Launch your Business on a Tight Budget
I recommend you to work for your business before your business works for you. Starting a new business from the scratch level is not everyone’s cup of tea, especially when you have got very tight budget to start/run the business. I have seen many people with excellent shining ideas but not using their ideas to start a business because they think they do not have enough budget to do so but let me tell you a shocking fact about the Apple. The owner of the Apple opened his first ever office in a garage because he had very tight budget to get started and look where his company stands today. All you need is a clever strategy to survive spite of the tight budget. In this article, I will be giving you the 5 best ever tips to launch your business on a tight budget.
1- Don’t waste your money on an office
How can you get your business going if you are just wasting your money on paying rents or furnishing your office? You are living in an age where having an attractive and easy to navigate website can easily replace the idea of a physical office. A website will cost you only few hundred dollars whereas on the other hand, an office can cost you thousands of dollars, so why waste money on an office?
You can easily get a website designed with all the features that your clients will need. They can communicate, order or send you their complaints through the website, so better create a website because it will be playing the role of the virtual office for your newly set up business.
2- A Team Makes The Business
No matter how much you are investing but you will never be able to set up a successful business if you do not have a perfectly loyal team around you. For you newly set up a business you can hire employees but it will cost you a lot of money. Each and every penny of that money will be going from your pocket because at the startup time business gives you nothing.
To avoid this problem you can take help from some of your close friends, relatives or even siblings to work with you (work with you, not for you) free of cost and once your business starts generating some revenue you can hire some more professional people and can associate them with your business.
3- Take What you Deserve
I have seen some beginners charging less than they deserve because they think it will help them getting new customers in future. To some extent, they are right but do you know what? I recommend you to charge what your services deserve not matter if you are starting from very small level. If you are offering cheap rates at the startup time then trust me it will become impossible for you to raise your prices in the future because in this way your customers get used to of the cheap rates. As your business is new and you have a lot to take care of and how will you be supposed to fulfil all needs of your business without charging the appropriate amounts.
4- You can also buy the used equipment
Your clients need their work done. It does not matter what type of tools or equipment you are using (not a good idea if you are planning to open a restaurant or a beauty salon). They do not care about the tools that you used to get their job done so, why should you waste your money on buying the brand new tools or equipment to get started?
You can buy some used stuff at half prices, it will definitely divide your burden by half.
5- Don’t Run After The Expense Mods of Advertisement
An effective advertisement works as a catalyst for any business but a beginner cannot take the risk of using the expensive mods of the advertisement for his/her business. By expensive mods, I meant running ads of social media, TV or on the google because such means of the advertisement can cost you a lot more than your expectations.
You can take a start from print media. In the startup, you can run your ads in your local newspapers or magazines. Other than the newspapers you can also print out some of your business cards or can also print some flyers and then distribute them among the possible audience.
This blog was created by ENCORE Toronto’s #1 Website Design & Marketing Agency!