Contributed by Ashleigh-Jayne O’Connell at Smarta.com
The rate of Home Business Start Ups is increasing year by year. The idea of being your own boss and focusing on something you enjoy and are passionate about often outweighs the knowledge new entrepreneurs have on funding and budget. Needless to say, every penny counts and here’s how to make each one stretch that little bit further.
Start at Home
Many successful entrepreneurs started their business from the comfort of their own homes. Renting a premises exclusive to your business is a huge cost especially when you’re profit isn’t steady. Working from home lowers the expenses that could be incurred during the early days and makes the balance between work and home life easier to manage, an ideal option for people with families. However, you still need to make sure that you focus all your time and dedication towards the business. Just because you’re at home doesn’t mean you can lounge on the sofa watching day time TV, there’s work to be done.
There’s nothing wrong with the cheaper option
Obviously we all want the newest, sleekest, fastest gadgets for our company but at this stage are they really necessary? Don’t waste all the money you have on something when there’s a cheaper option available that does exactly the same job. Computers and other gadgets can be so cheap these days that you can invest in this and start off your business quickly with minimum hiccups but still sticking to your budget. Use cheaper and more basic business cards and if you spot the opportunity for a freebie, jump on it straight away or you may regret it later.
Get an Online Identity
An Online Identity helps promote and protect your business. You can get listed for free through various forums such as the UKbusinessforums and 4networking and even through free directories such as craigslist. Becoming more visible in the online world can help your business gain international recognition and expand your business identity worldwide. Remember, think big.
Don’t be afraid to go to friends and family
Your business isn’t going to be a success straight away and even the most budget savvy person will have problems along the way. Maybe you don’t have the funds to put towards hiring an employee but the work load is too much for you to handle alone. You can ask for help. There’s no shame in reaching out to friends and family for financial assistance in the early days and they’re definitely much friendlier than a bank.
Blog!
Blogging is one of the cheapest ways to build your Online Identity and give you a brand name. Platforms such as Google’s Blogger and the ever popular tumblr are free to use and you lovely Apple Users have access to everything you need through iWeb. Update your blog regularly through posting anything concerning or relevant to your business to help develop your brand awareness and expand your following, this could be articles, interviews and even photographs. Commenting on similar blogs and sharing links is a good way to get noticed in the blogging world but don’t do it too often otherwise your posts will be regarded as spam and will be ignored.
Don’t underestimate the power of social networks
Forums and social networking sites grow more popular every day and have become one of the primary resources for users to find and share information. This provides an opportunity for business owners to promote their business services for free to a large audience. Facebook and Twitter have allowed business owners and entrepreneurs to share links, ideas and information to attract a lot of traffic to their blogs and websites.
Increase your Business Network
Networking is essential to business. It can help to ensure business growth through developing partnerships and profit through liaising with potential clients and stockists. Most networking events provide free membership but others are still pretty cheap, some costing as little as £5 to attend. When you’re there, make sure you take the initiative to approach others and start conversations, making sure you’re always listening to what others are telling you. Make sure you take lots of business cards there and away with you.
Reinvest Cash Flow into the Business
One of the requirements of starting a business on a budget is understanding the importance of reinvesting earnings from one project back into the business in order to fund the next one. If the new project is successful then invest in another! Profit can increase from one project to the next and this allows for more financial flexibility when it comes to recruiting staff, developing new services and not compromising on quality.
Get Yourself Noticed with a PR Campaign
It is possible to have effective editorial coverage through the press at very little cost. Do your research, find out who to contact, write a press release and get yourself out there. It may take more than one attempt and various rewrites but it will certainly pay off. One of the most important aspects to focus on is why you are different from similar businesses. Capture their attention and reap the benefits a successful PR Campaign can bring your company.
Store everything in the Cloud
Cloud computing servers such as Dropbox, Smarta Business Builder and Google docs make your business a lot easier to manage. It’s a place where you can securely store all of your important documents such as business plans and accounts in a place where you can access them from anywhere including many smartphones.
About the Author:
This is a post by Ashleigh-Jayne O’Connell at Smarta.com
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