How to Start Your Own Business with Little Start-Up Cash

Don’t Go Overboard on Office Space

If your start-up requires office space and isn’t just going to be a one-person operation out of your home, then it’s wise to give thought to exactly how much space you need. You don’t want to go overboard and worry too much about the expanding space requirements of the future - just factor in your needs right now and over the next year. You can always upgrade to larger digs as the business grows and becomes profitable. This would then allow you to absorb the cost of higher rent associated with a larger space.

Keep Utility Costs as Low as Possible

Once you have secured office space, you need to think about the overhead costs, which include utility costs. These can really skyrocket very quickly if you aren’t careful. Besides using energy efficient measures, you can also ensure you’ve got the lowest utility prices possible.

Comparison sites such as Utility Bidder can really make a huge difference in finding those great deals when it comes to business utility prices. You can use the site to negotiate the very best deal possible with some of the top utility suppliers in the UK. Remember, any savings you can come up with will help the bottom line.

Embrace a Digital Marketing Campaign

In order for your startup to be successful, you need to find a way to get the word out – which means creating a marketing campaign. Traditional marketing efforts – such as placing ads in magazines, newspapers, and radio spots can be effective, but also very costly.

A great way for new businesses to keep the costs down, and yet still get results from their marketing efforts is to adopt a robust digital marketing campaign. Creating social network accounts for the business will allow you to connect with large audiences at once, and even start trending, creating buzz around your company/brand.

Bring in the Right Staff for the Job

Staff costs will also be something you need to factor in. While it can be tempting to hire the cheapest people you can find, remember that these people will be the face of your business, and will be helping you to drive the mission forward. You’d be much better off keeping a lean number of employees, but ensure that each employee has the training, experience, and skills to get the job done effectively from the start.

Keep Track of Every Expense

It's also key that you are keeping track of every single pound that is spent by the business. In fact, nothing should be spent without really thinking it through. In order to stay on target and hopefully become profitable sooner rather than later, comprehensive tracking and budgeting is required.

Apply for a Small Business Loan

Then there is the fact that you can apply for a small business loan. Now, keep in mind that if you choose to go down this route, there will be things expected of you. You will need to have a sound and well thought out business plan and mission statement. Lenders want to see that you have done all the necessary research and planning that will show how you plan to use the money, and how you plan to pay it back.

Applying for a business loan will take time, there will be an approval process that can take days to weeks, and there is never a guarantee you will be approved. Typically, the more prepared you go into the process, the better the outcome tends to be.

A Lack of Cash Doesn’t Have to Stop You

So, while it can certainly be helpful to have an excess of cash when starting your business, it shouldn’t be the main deciding factor. There are ways you can still start your dream business even with very little startup cash.