This week I have an amazing guest post from Em, who is an amazing blogger and writer. She will be giving you tips on how to start a business on a budget!
How To Start Your Business On A Budget
If lockdown has taught me anything, it’s that you need to have multiple sources of income. For many, running a business seems like an unreachable dream. With high start-up costs and the chance of failing in the first year, most people won’t even try to start a business. What if I told you that you can start your dream business on a budget and grow it with minimal investment? Here’s how you can start a business today with a small investment!
Start With The Basics
When you’re starting a business, it can be tempting to go big or go home. Before you spend £00’s on a new logo and website, keep things simple and start with the basics. First, you need to decide what you NEED to invest in. Each business will operate differently. If you’re selling a virtual product, then you won’t need a printer or physical products. You also won’t need to factor in shipping costs. If you do sell a product, you’ll need to think about sourcing your products and where you will sell things. Once you know what you need to invest in, you need to find the best prices for your essential business needs. Here are some budget-friendly things that you will need when setting up your business:
- Social media accounts – Instagram, Pinterest, Twitter etc. are all free for you to use!
- A logo – You can make one for free on Canva or hire a small creator who can make logos for around £15
- A website – Blogger and WordPress let you make websites for free, but you should purchase your domain name. Domain name costs vary per name
- A product to sell – Whether it’s digital, a service or a physical product, they each have their own costs. If you’re making an eBook, Canva is free to use. If you’re selling products, can you bulk buy resources for cheaper?
Keep Your Range And Products Simple
When you’re starting out, it can be tempting to offer 20 products and services to ensure you don’t miss a sale or target buyer. Stretching yourself thin isn’t good for many reasons. If you’re selling a product, you may not have given proper time and care into developing it. If you’re selling a service, offering so many different types can mean you’re selling more than you can take on. It’s better to accept 10 clients and give them the support they need rather than accept 30, have to turn some down and get no rest. It’s not good for your mental health. Keep your product range simple and perfect what you have. As you grow, you can take on more clients or sell more ranges. Spending money on products that flop is a massive waste of time and money.
Do As Much As You Can By Yourself
If you’re starting up, you don’t want to be offloading work to third parties. There are some things that you may really want someone else to do. That’s okay! If you budget for it, you can offload work sensibly to others who can do it better than you can. If you’re able to learn in, why not do it yourself? With my blog, I’ve done everything myself. I’ve built my business using tutorials and free courses. When it comes to coding, I’ve asked my peers for help. If you’ve got family and friends who are willing to help you for free, it may be worth asking them to help out. Doing what you can by yourself will save you a lot of money. If you can create a basic logo and website by yourself, you’re all set for business!
Sell Your Skills
Just because your business sells a product, doesn’t mean you can’t sell your skills as well. For example, if your hustle is reselling, write an eBook to share how you did it. If your business is candle making, create a crafting workshop for others to join in. If your business is blogging, offer consultations or coding services. If you’re able to sell your skills on the side, you can make more money from your business. Selling your skills also means that you’re using them to your advantage. If you know how to code, you can create your website by yourself. It’ll save you a lot of money, and the website can help you to make sales. If you have a skill that people are worth paying money for, flaunt it!
Use Social Media To Your Advantage
Social media is a free resource that can help your business grow fast without consuming your budget. Create an account for each social media platform and build a dedicated following. You can schedule promotional posts ahead of time using free apps and scheduling tools, so you don’t have to be on social media constantly. When using social media, make sure you’re using hashtags, engaging with bloggers and followers and posting regularly. You want to keep your audience excited about new products and be able to share existing ones. It may be worth adding a blog section to your website as you can promote your products, talk about updates and gain new traffic that way. If you need help with social media, I recommend these courses and services to help!
- Vee’s social media consultations and training
- Social media bundle – Learn hashtags, how to grow and what to be posting!
- How to ditch the 9-5 and be your own boss!
Run Giveaways And Collaborate With Bloggers To Create Hype
When you’re releasing new products, run a giveaway to create hype with your followers. It’ll attract new followers and even new customers. Giveaways don’t have to cost a lot to run, just the cost of the product (and shipping). It’s a great way to lead up to launch and get some attention to new products. If you’re feeling adventurous, you can team up with other established small businesses. They will help you promote your giveaway and also means you have more to give away! If you team up with a blogger to host a giveaway or send them products to review, you’re getting their traffic. When choosing a blogger, you need to find the balance between the blogger’s following, their work quality and their engagement. Sending a product doesn’t take a lot out of your budget either!
Growing a business takes time and a lot of work. Don’t be put off if you spend a bit over your budget or aren’t a millionaire overnight. Running your own business can be draining, but it’s an amazing accomplishment when you start to get sales and acknowledgement for your products or services. Keep at it, I believe that everyone can be a successful entrepreneur if they work hard and put their full heart into it! What tips would you give new business owners? I’d love to hear how other small business owners managed to start a business on a budget!
About the Guest Writer!
Em is a UK blogger focusing on blogging, business and sustainability on her blog “Love, Em“. With 4 years of experience in the blogging world, she is keen to share her knowledge. Emily is passionate about helping others, and since leaving college, has decided to put her passions in writing. You can find her over on social media!
If you would like the chance to guest post on the blog, make sure to send me a message on my socials!
Ramblings Of A Neurotic Writer 