You’ve decided that you want to launch a business of your own, but you’ve realised that your budget is a little dicey. You have a budget, however, it’s not exactly a large one and you’re wondering if it’s even possible to start a business with such a low budget available to you. The truth is that you can start a business with little to no budget and still make a success of it — it’s just a case of going about it in the right way.
By Team Savant
Image: Mika Baumeister
If you have been wanting to start a business for a while but have let your lack of funds put you off taking a leap of faith and actually launching your business, then you have come to the right place. It might be more difficult launching a business with a lower budget to play with, but that doesn’t mean that it’s impossible.
Launch a Service-Based Business
When it comes to launching a business on a budget, a great option is to opt to launch a service-based business. Starting a service-based business is far less expensive than launching a product-based business, which is why for anyone who is starting out on a low budget, it’s a good option to consider. Of course, in order to start a service-based business means having a skill that can be turned into a service to offer.
Not sure what skill you could sell? Don’t panic — it’s easier than you might think. Whether you’re a keen writer, a maths whizz, an organisational specialist, or a hair and beauty expert, you can utilise those skills and turn them into a business. Think about what you’re good at and where your interests lay and consider whether you could sell them as a service.
Invest In a Franchise
Another option to consider if you’re on a low budget and are keen to start a business could be to invest in a franchise. Buying a franchise means getting a readymade and proven business model to follow — it makes starting out that little bit easier. Whether you’re someone who is into cooking, is a hair expert, or who loves sewing, there’s sure to be a franchise option that’s a good fit for you.
Like the idea of buying a franchise? You might find that resources like Franchise Direct, for instance, are useful for finding the right franchise option for you. Did you know that a lot of big business names on the high street are in fact franchises? McDonald’s, Roly’s Fudge, Anytime Fitness, and many other big names are often franchises.
Go Virtual
If you already have a business concept that you want to start out with but only have limited funds to work with, then you might find that starting a virtual business is a good way to go. A virtual business allows you to cut overhead costs significantly while still being able to launch the business of your dreams. It’s a win-win situation. You get to launch the business you have been dreaming about starting, but without the high costs that you assumed would go with it.
Starting a business doesn’t have to be defined by budget, regardless of your budget you can easily launch a business of your own.