In business, the old adage ‘you have to spend money to make money’ definitely rings true. There are always going to be some costs involved in setting up. However just because you don’t have a ton of money in the bank doesn’t mean you can’t become the boss of your own business. Thanks to the accessibility of the internet, it’s become easier than ever to quit your day job and start up your own company. Here are a few ways to go about it if you don’t have a whole lot of money to start out.
Run a Small Business From Home
There are lots of businesses that can be run from home. Baking, crafting, tutoring, writing, designing are just a couple of examples of things you can do from home with equipment you already have. By starting small and starting at home you save yourself money on premises, and if it’s just you to begin with, you save money on staff too. As your business grows and you’re making more money, you could expand from there. Hire one staff member at a time, hire premises when the time is right and upgrade equipment as you go. Since the business is already making money and doing well, there’s less risk of loss, and you don’t need a whole lot up front to get started. You don’t even need to pay for a website designer in some cases, many businesses do well selling through online marketplaces such as Etsy and eBay.
Buy a Franchise
When you buy a franchise, you’re buying a business which already has a fantastic reputation and is well known. This makes things easier from the get go. Many can be purchased for far less than setting a business of your own, and it gives you the independence of a small business while being supported by a much larger one. While customers will already know the company, you can promote your branch with local franchise marketing. You can also into a venture like this without much business experience since you will be trained by the company. So ideal for those without a large deposit and who are newer to running a business.
Go Into Partnership
Going into business with another person shouldn’t be taken lightly. It needs to be someone you trust, and who you know will remain fair and sensible even if your personal relationship declines. It’s worth coming up with an exit strategy which suits you both if the situation requires one of you to leave the business. You need to work out who gets what share of profits, 50-50 sounds even but if one person has invested more or has put more work in then resentment can often build. However, going into business with someone else means you have more money to get started, and could be the best thing both of you have ever done.
Would you take any of these three routes when it came to setting up a business?