We all know starting a business isn’t cheap. You may have a great idea, but do you have the money behind you to see it through? Probably not. Few of us are in the position where we can follow our dreams without thought. There are many loans out there for new start-ups, but even with these, the early days are always hard. The key is not to let money worries stop you from pursuing that idea that’s keeping you awake at night. Instead, think about how to cut costs. In no time at all, your business could be off the ground. Until then, here’s what you can do to make it work!
GO IT ALONE
You’re going to have to be prepared to put a lot of work in when getting things off the ground. Help would be nice, but be realistic about whether you can afford it at this stage. If you do need employees, think about how many. Of course, most employees won’t be willing to put in the same amount of work as you. In the early days, you could look at paying friends who are as passionate as you to help out. If you can’t afford even that, get ready to go it alone. While running your business alone may not be what you had in mind, it might be the only way. Just remember that those long hours will be worth it when things get going!
KEEP THINGS PORTABLE
Another consideration is where you want your business based. A business space will eat up a lot of your profits. Not to mention that, at this stage, you don’t know that things are going to work. Don’t face debts by not being able to keep up with payments. When you’re starting out, it might be good to keep things portable. Get set up online and see if you can sell your services that way. The internet can be a huge help when you’re first starting out. An online shop will also give you some idea of stock numbers. It’ll help you see how customers receive your product! And the good news is, you won’t have to put much money into it. If things go well, start meeting customers face to face. Look into getting a credit card reader that you can take along with you. Remember that you want to look professional without breaking the bank!
Sorry to put a damper on things, but it’s important you stay realistic. Don’t order a load of stock when you don’t know whether it’ll sell. At this stage, less is more. You could even order your stock as the orders build. Bear in mind that would mean a wait for your customers. A wait in those early days could cost you a return purchase. The best bet is to order small amounts of stock. Keep on top of how much you have at all times, so you can order more as soon as supplies start running low!