Deciding to start your own small business is a big step, and you may worry that it won’t be possible unless you have a large amount of capital, to begin with. The good news is, it’s perfectly possible to launch your own business on a shoestring. With the right amount of planning and preparation, as well as some top tips – such as the suggestions you’ll find below – you will soon become the owner of your very own fledgling enterprise.
Prepare A Detailed Business Plan
The first step you should take when launching any business – let alone a startup on a shoestring – is to draw up a detailed plan.
The importance of a plan can’t be overstated, and while many businesses are opened without one, it’s in your best interests to compile a plan as this will serve as a useful guide over the coming months and years. It can also help you if you want to find investors or apply for a business loan, as you will have evidence of your financial projections, your plans for expansion, and other essential details.
A solid business plan should include a range of relevant information – such as what kind of niche your business will be designed to exploit, the actual demand for your products or services, how your business will meet that demand, and who your main competitors are.
You will also need to feature accurate financial projections, such as your pricing for your products, forecasts of profit and loss, a cash flow forecast, and a balance sheet.
While it doesn’t have to be a War And Peace-sized tome, your business plan should be packed with helpful and watertight information and projections that will serve as a roadmap to get your business from ‘just launched’ to ‘startup success story’.
Work From Home Or Share A Space
When you are starting a business with little or no money, it’s best to choose a business model that either allows you to work from home, or to work on someone else’s premises.
For instance, some of the best lines of work could include: becoming a health or beauty specialist, where customers can come to your home or you can go to theirs; teaching a sought-after skill, such as a foreign language; or setting up your own e-commerce store, which can easily be run from home until you generate enough income to find your own business property.
Alternatively, if you need to be in an office setting, then you can look into sharing an office space with another business (after all, it works for these world-famous brands). You could also consider just renting a meeting room as and when it’s required so you can have professional interactions with new or existing clients.
Find Low-Cost Office Supplies
Starting and running a business on a shoestring means you will have to be smart and innovative when it comes to keeping your running costs to a minimum.
One top tip is to source affordable office supplies, particularly when it comes to items such as printer cartridges, which can be particularly expensive.
Instead of buying original manufactured cartridges, then, you may wish to explore cheaper but equally effective alternatives, such as these compatible, alternative Brother TN-243CMYK cartridges from Cartridge Save. They will work just as well as the originals, but at a fraction of the price.
Make The Most Of Free Tech
To help you run your startup on very little money, it’s a good idea to make the most of technology, which can allow you to achieve a great deal, often without spending a single pound. There is a wide range of free or cheap digital services available for you to draw upon, which allow you to create a highly professional and effective business entirely from scratch.
These range from the provision of free business plans and invoice templates all the way through to virtual mailing addresses, digital skills workshops, free mentoring, and so much more.
Advertise Without Spending A Penny
Once you have set up your business, the next step is to start spreading the word and building up your customer base. But how do you do this if you have no money?
The answer is simple: go online! Marketing your new venture using the Internet is a simple and entirely free solution that gives you the chance to reach thousands – perhaps even millions – of people.
By combining social media marketing with carefully crafted email campaigns, you should soon find yourself amassing a loyal consumer base, which, in turn, will start generating word-of-mouth and helping you to attract even more new customers.
Attend Helpful Events – And Don’t Be Afraid To Network
Launching your own London business on a shoestring budget may sometimes feel daunting and stressful – which is why it’s important to attend as many free business workshops and networking events as you can. By gaining the advice and support of fellow entrepreneurs, you will be able to create your own support system that can help you whenever you feel a little intimidated or encounter a stumbling block of some kind.
Conclusion
There’s no denying that starting your own London business on a very tight budget will have its challenges – but it’s still perfectly achievable, with the help of these top tips, not to mention some patience, perseverance, and ingenuity.
Hopefully, within the next few months, you will find yourself growing in confidence – and customers! – and turning your entrepreneurial pipe dream into a real-life success story.
