An incredibly tough job market or the prospect of redundancy may encourage more and more people to consider
starting their own business. It’s a conversation that often comes up in these testing times but for all the goodwill, how many actually take the plunge? Disappointingly, not many and the main reason given is normally related to a lack of funding.
No-one in their right mind is going to advocate starting a business with no money or not enough to fully realise their dreams but there can be some advantages when you do start but have to keep a keen eye on costs. If you are fortunate enough to have a business idea that doesn’t need a shop front or physical premises to run their business from then it’s possible to start a business from home with little in the way of start-up capital. The internet has helped small businesses compete & has levelled the playing field when you consider the easy access to market that it offers, millions of potential customers are online and only a click away from your website.
Limited access to cash encourages a sense of self sufficiency, business owners need to wear many hats and if your business has less than five employees, as most new businesses do, then there’s a good chance you’ll be doing the jobs yourself. Although initially this may be far from ideal it will help nurture skills in areas that would otherwise be left to others, teaching the business owner some basic but invaluable skills in other areas that will help them make more informed decisions in the future when you can afford to outsource and need to choose suppliers.
These skills also allow business owners the freedom to make decisions quickly and flexibly, allowing them to react in real time to today’s challenging commercial environment. This in turn adds to the knowledge and information gained relative to your business sector or industry which in turn will help identify patterns and trends.
Starting a business on a budget isn’t just about getting services or products cheaply or at a discount, if approached in the right way it can also be an invaluable way to add to your own skill set, helping you realise your own goals and targets by making informed and educated decisions.
Tomorrow we will look at a checklist of pointers to consider but in the meantime let us know if there are any questions or comments on anything we have covered.