Practical Advice for Starting a Business on a Budget

Consider Low-Cost Business Ideas

If you’re passionate about entrepreneurship but don’t have a whole lot of money to invest in your new business, you may wish to pursue a low-cost business idea. Here are a few ideas to help you to achieve your dream of business ownership, no matter your budget! 

  • There are plenty of low-cost business ideas with high profit potential, including health coaching, personal training, social media marketing, 3D printing design, and furniture upcycling.
  • In addition to the low-cost ideas mentioned above, some businesses can technically be started with no money at all. These include podcasting, freelancing, consulting, blogging, and instructing. 
  • You will need to invest a little money in officially forming your business. Fortunately, establishing a limited liability company (or LLC)  is easy and low cost, even if you use a formation service to help with the paperwork.
  • After choosing an affordable business idea, be sure to create your startup budget and write your business plan. 

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Look for Small Business Funding

Even a low-cost business idea may require you to purchase startup equipment, web hosting, licenses and permits, and office space. Here are some ways to pay for these startup expenses and manage the financial health of your small business.

  • There are several ways to raise money for a startup, such as crowdfunding, microloans, angel investing, and help from the Small Business Administration (SBA). 
  • Depending on your eligibility for funding and the type of business you’re starting, you may qualify for small business grant money
  • If you’re struggling to find financing for your small business, you’re not alone. Securing business financing is a challenge for many aspiring entrepreneurs, especially if your credit score is lower. In this case, focus your efforts on grants versus loans while you build up your score.

Utilize Free Business Tools

Running a business doesn’t have to cost a fortune. In fact, many free business tools are available to help entrepreneurs, solopreneurs, and freelancers with everything from their bookkeeping to their marketing. 

  • In addition to working with a part-time CPA, you could use free accounting tools such as Wave, ZipBooks, Akaunting, or Zoho Books to manage your small business finances. 
  • Free website builders such as Webnode, WordPress, Wix, Ucraft, or Weebly can be used to build and maintain your small business website. However, if you find that you are overwhelmed with the logistics of WordPress, contact MindChip Industries!
  • You can also market your small business for free thanks to Google marketing tools such as Google Analytics, Keyword Planner, Trends, and Webmaster Tools.
  • Other free tools are available for a variety of needs, such as your business logo design, to help your startup look professional from the start.

Make a Lot Happen with a Little Strategy

Whether you plan on bootstrapping your business or applying for small business loans and grants, it’s possible to launch a startup without a whole lot of money in your pocket. Thanks to free and low-cost business ideas, affordable business tools, and small business loans and grants, entrepreneurship is within your reach: You just have to find the right resources to help you get there!

If you need support with your marketing efforts, including WordPress build and SEO, contact MindChip Industries!