Starting your own business is not easy, especially if you have few resources to invest into it. A lack of money is one of the chief reasons people who would love to become entrepreneurs don’t get the chance, which means there could be all sorts of great small businesses that never get off the ground. That’s a shame for consumers, because they are being prevented from accessing services that could improve their lives and boost local economies. It’s also a shame for the potential business owners, who are missing out on all the benefits of running their own business. The good news is, if you have an idea for a business, or would love to try your hand at being an entrepreneur, a lack of funds may not be the barrier you fear.

Investment requirements

The investment required for a new business will vary according to what sector the business is in, and what you will need to pay out to get started. For example, providing a service like housekeeping or plumbing only requires you to have the tools for the job, transport, and a budget for marketing. However, a retail business needs premises to trade from and an investment in stock, equipment and staff, which represents a substantial start-up cost. Therefore, your first task is to look at your idea and see if it can be adapted to reduce the required outlay.

Downsizing your idea

Say your dream is to open your own shop, but the costs of rent and building expenses are prohibitive. Are there any alternative ways to sell the goods you wish to without the need to have a shop and pay staff? In this case, you could start with a market stall, which will cost considerably less to operate and require less investment in staffing and stock than a bricks and mortar shop. Alternatively, you could harness the power of the Internet and sell your products online. You can create your own website or ally yourself with an existing sales platform that provides you with the eCommerce facilities and takes care of the admin and marketing in return for a fee or commission. If you start small, you can always expand the business as your revenue increases, but your starting costs will be far lower than if you went straight for your own shop.

Specialist knowledge

Each aspect of your business will have a specialist provider associated with it, such as website design, marketing, and book-keeping. These support services employ experts in their field to deliver the specialized elements that make up each business, but in most cases, there’s nothing to stop you having a go yourself. If you lack expertise in any aspects of business and you want to keep everything in-house, it’s a good idea to learn as much as you can before you start your business. There are numerous resources available online, both free help guides and webinars and course providers who charge a small fee. If you want to take charge of all the tasks required to run a successful business, you need to have the skills and understanding of the topic concerned in order to be effective and efficient.The Internet is awash with websites offering guidance on running a business and all the related tasks involved, but don’t take the advice on face value. Make sure the site is legitimate, and that the people giving the advice know what they’re talking about.

Making use of online services and software tools

There are thousands of apps, tools, and downloads available online covering every aspect of business requirements. Your starting point will probably be your website, which you can create yourself for free if you have knowledge of HTML (or are willing to learn), or make use of a low-cost website or blog builder. Managing your own search engine optimization can be a challenge, but by following the basic principles and finding out as much as you can about the intricacies of optimization, you should be able to make a reasonable job of it. You can use free spelling and grammar checking, plagiarism analysis, and SEO assessment tools to help you create higher quality content, and there are tools for other SEO functions like backlink checking too. If you ever need a template for a web page or document, you’ll probably find one has been created, and very often is available for free. You can also cover the creative aspects of building your business, such as designing a logo and developing your own marketing materials, by using services such as DIY Logo, which can help you create a memorable image for your business.

Budgeting

One of the key parts of your initial business plan will be the creation of a budget. This document is vital to the success of your enterprise, so it must be accurate in order to be of any help. After compiling it, you should be able to see where your money would be going, and find out if there are sensible ways to reduce costs in each category. Beware of false economies, which can ruin your business. For instance, opting for a cheap piece of equipment that turns out not to be reliable and fails within a short time period will affect your productivity, may well damage your business reputation, and will end up costing you more when it needs replacing. Small economies here and there can make a surprising impact on expenses, for instance, the cost of buying cheaper stationery may amount to very little per week, but over a year you could be making a worthwhile saving.

If you have the belief and determination to make it as an entrepreneur, then you don’t need to let a lack of money hold you back. You won’t be able to get away with creating a business out of nothing, but you should be able to make enough savings by being smart about your spending to give yourself a better chance of making your dreams come true.