A guide to starting a business on a budget

Owning your own business is one of the most fulfilling career paths you can go down. However, the initial business set-up can be off-puttingly expensive for many people, along with the time it may take for your business to get up off the ground and start turning over a profit. Fortunately, there are many tools out there that to assist start-ups that you can use to achieve your dream of running your own business. To help you out, here is a guide to starting a business on a budget.

Take out a loan

There are several government loans available that you can use to help you with the initial costs of setting up your business. For example, a Small Business Administration Loan is a type of government small business loan that is issued by private lenders (usually a bank) but backed by the federal government. These types of loans have some unique benefits for small business owners, such as lower down payments, flexible overhead requirements and no collateral needed. Furthermore, federal government backing reduces the risk for the lending partner, meaning that they are more likely to award your new business a loan.

Machinery and equipment

All businesses require some form of machinery and equipment to function efficiently, some more than others. For instance, if you are a graphic designer, you may only require a laptop equipped with the Adobe Creative Suite and a printer in order to fulfil orders to a high standard. On the other hand, if you are establishing a workshop, your essential machinery could be much higher, such as industrial power tools and cutting machines from Kerf Developments. Though a business loan will help with the expense of buying the necessary machinery and equipment, there are several options available to help keep costs down. Check out auctions for good quality second-hand machinery, for instance, or lease your equipment.

Focus on social media marketing

Marketing is essential to getting your business out there and recognized by potential customers. However, you do not have to spend mega bucks on expensive advertisements and marketing campaigns to get people to take notice. Social media is an indispensable tool for any business owner when it comes to marketing, and the good news is that you can achieve this all for the cost of your internet bill. Establish a business profile on the social media sites most used by your customer base and consistently post interesting, value rich content that will draw them to your brand. A social media post scheduling tool, like Hootsuite, will enable you to schedule all your posts ahead of publication, meaning that you can dedicate an afternoon per week to social media before returning to the technical tasks of running your business.

In conclusion, by being flexible in terms of equipment sourcing, applying for a government loan and dedicating time to building your following on social media, you can successfully start your small business while sticking to a strict budget.