Many people would love to start their own business, but don’t take the plunge because they are worried they don’t have enough cash to start it up. While it’s nice to have a lump sum to start things up, it’s not always the case that you need a lot of cash to get your business off the ground. Here’s how to start a business on a tight budget.
Think about how much cash you’ll really need
While you may have a long list of things you think you’ll need to start your business, most small companies start very small with minimal equipment. Think about what you can do with what you already have, from your laptop to tools in your garage.
The biggest financial burden for those starting a business is needing to live without their income from their day job. However, it’s becoming more common for people to start their business as a ‘side hustle’ and work their full time job too. While this can be hard work, it allows you to build up an income stream so you aren’t starting from scratch. Once your business takes off, you can quit your day job.
Find an inexpensive place to work
You can start a business from home, but many people find this difficult as there’s not enough space and a lot of distractions. If you’re on a tight budget, then serviced offices Sydney are usually the best choice. They deal with all the little day to day things and are furnished, so you just turn up with your IT equipment and plug in, ready to get started.
Look at alternative funding sources
You don’t have to borrow money from a bank to get started. You can often get funding for a start-up by:
- Using your savings
- Borrowing from family or friends – as long as you can pay it back
- Putting small expenses on a credit card – again, taking into account that you’ll need to pay it back quickly
- Looking for local business grants or loans
These sources of funding are usually small, but can be enough to get the initial business off the ground. As you make money, you can then invest in back into the business, getting bigger and better equipment and building the business you want.
If you’re thinking of starting a business, why wait any longer? You don’t need a lot of cash to get most businesses off the ground. You don’t need to quit your full-time job either, many people start off with a small investment and run their business in their spare time until it can grow and sustain them. If you have an idea, there’s no point waiting for years until you’ve saved a load of money when you can start now.