Six Strategies for Opening your Business on a Limited Budget
Have you been thinking about launching a new business while holding on to a traditional job? Will your personal budget be able to support this?
If you are opening your business on a limited budget – your minimal investment turn into big profits. You do not need to be rich to start a business. You don’t have to give up your dream of having a business.
You do, however, want to invest time into doing research and following guidance from experienced business owners for those critical beginning steps, costs and time involved and learning how to generate capital.
This would also be the time to shore up your budget and budgeting skills to prepare you for the many upcoming variables.
With guidance and coaching support from Money Tracker, you can create a budget and stick to it while also building up your savings.
Plus, here’s how to deepen your business knowledge by studying online and saving money in key areas like marketing, supplies, and labor.
1. Enroll in a Online Business Class
By furthering your education, you can learn to make savvier financial decisions when it comes to your business. Enrolling in a degree program that requires you to attend classes at a brick-and-mortar campus can be pricey. Therefore, you might want to choose an online program instead – this could help!
Today, you can earn your bachelor’s, master’s, or even your doctorate entirely online while working full-time hours and keeping up with your obligations to your family. Before you officially register for a particular online program, carefully evaluate the tuition rates and double-check that it is accredited.
Looking for a Personal Budget Coach? Get a FREE 30 Minute Consultation.
2. Create a Strict Budget for Opening your Business
First, you need to outline a clear budget for your business. You can break this down into multiple categories for fixed and variable recurring expenses, including marketing costs, supplies, payroll for employees or contractors, and insurance. Don’t forget to budget for one-time expenses like special equipment! Think about which categories are worth splurging on and where you can save without sacrificing quality.
3. Consider Running Your Business Remotely
Naturally, renting a commercial retail space or an office will cost you far more than running your business from your home, where your only increased expense on the space might be higher utility costs. Operating your business remotely from a home office can save you thousands of dollars per month.
4. Find Suppliers and Buy Equipment
You can buy basic office supplies online or from almost any big box store in your area, so shop around to compare prices. When it comes to making recurring supply orders or signing up for software subscriptions, consider negotiating with your vendors – Gatekeeper recommends offering to submit payments earlier than the deadline in exchange for a lower overall price.
5. Hire Contractors or Part-Time Staff
When your business grows, you’ll probably want to hire a few full-time employees. But paying full-time staff and covering their benefits is a huge expense that lots of new business owners can’t afford. Instead, think about hiring a couple of part-time employees or working with freelancers for specialized projects and tasks.
6. Save on Marketing when Opening your Business
Right now, you might feel like you have to pour lots of money into marketing – after all, your business is brand new! But you can minimize your spending on marketing while reaching large audiences. The Next Scoop recommends focusing on creating marketing content like blog posts, building your social media following, reaching out to influencers to get promotion in return for free samples of products, printing up flyers to display at local businesses, and setting up an email newsletter. You should also encourage your very first customers to leave reviews! These testimonials can go a long way toward building a good reputation.
You might feel like you can’t start your business until you have a certain amount of money in savings. But with a little ingenuity, you can stretch each dollar further than you’d think. By following these tips, you’ll be prepared to find an affordable online business degree program while keeping costs low for your new company.
About the author:
Christopher Haymon uses his financial knowledge in his off hours to help others learn to conquer debt and reach for financial freedom. Leaving college and entering the “real world,” he learned a valuable lesson about the perils of not budgeting or saving. He created Adulting Digest to help others who need help navigating the world of adult finances.
Looking for a Personal Budget Coach? Get a FREE 30 Minute Consultation.