How to Start a Small Business on a Budget
It’s a given that starting a small business will require you to shell out some money, and probably quite a bit of it. However, there are plenty of ways you can better manage your expenses so you won’t end up paying for unnecessary things. Here are a few tips on how to start a small business on a budget:
Set up Shop in a Coworking Space
Renting an office space is probably one of the biggest expenses you can incur when starting a small business. Besides leasing a space, you’d have to think about purchasing furniture and all the equipment you’d need to be able to do your work, not to mention utility expenses.
Instead of renting or buying your own office space right away, consider setting up shop in a coworking space, at least until your business takes off and becomes more stable and established. Coworking spaces like Common Desk can provide you with a comfortable shared offices for you to get your business started.
The great thing about coworking spaces is that they are already fully equipped and furnished with everything you need to get your work done efficiently and effectively. They often offer state of the art technology as well as the most comfortable amenities.
Another good thing about coworking spaces is that they offer flexible membership plans. You can choose how much space you need and for how long, so you can choose from daily passes, or weekly or monthly memberships. You can also rent out conference rooms by the hour as needed. Memberships typically give you access to all locations, so if you join Common Desk, you would have access to their virtual office in Fort Worth, TX, as well as their sites in Deep Ellum, Granite Park and Oak Cliff.
Hire Independent Contractors
Putting together a whole team of full time employees when you’re just starting out can very quickly drain your finances. Besides their salary and benefits, you would also have to invest in their training. Independent contractors are already trained to do specific tasks, and work on a per project basis or for a set number of hours, only as much as you need. Working with independent contractors while your business is just taking off is an efficient and cost-effective way to start your small business.
Get Creative with Marketing
If you are trying to start a small business on a budget, then it’s likely that you don’t have a big marketing budget. Get creative with your marketing strategy. Leverage your personal connections and professional networks to get the word out about your business. Make the most out of social media platforms such as Facebook, Twitter and Instagram. These have powerful marketing features for businesses that can quickly boost your visibility if you take time to learn how to use these tools.
Starting a small business on a budget is very challenging, but it can be done. In fact, it may even be good for you. By starting with a lean budget, you’ll be forced to practice discipline, strategy and creativity, which will serve you very well in the long run.