Getting Started With Your Own Business On A Small Budget

Small business ideas are born every minute, some nurtured and some trashed. Some falter while take off and some manage to soar. Often it is the initial investment overheads or the lack of it that creates the road bumps. The key is to get a product or service idea turn profitable with the smallest of budgets and with some clear planning.

There are two ways to plan your budget; one: to pool up all your resources and get going and two: to plan your product development cost, sales cost, maintenance cost, etc., and arrive at a budget and then try to pool up the amount. The second option is mostly preferred as it brings in planning and estimation to the proportion, and is also measureable. So if are planning to turn from a boss’s boy to your own boss then consider these initial cost saving tips.
                  
Save on office space
Gone are the days of brick and mortar, businesses are started on the internet and at homes with virtually no rental overheads. If space is mandatory for your business then look to rent or share part of an existing office premises. You can also consider your backyard, garage or your uncle’s workshop to start with. Remember that Dell started his business from his dorm room and Apple and Google started in garages as well.

Infrastructure
Cut down on fixed assets like furniture, office equipment, computers, software, etc. Sharing or renting premises will reduce these costs. You can opt for SaaS (Software as a service) to reduce your software costs.

Manpower
To start with look for freelancers, remote workers, or virtual assistants. This will save your office space, money and all the issues related to maintaining regular staff. Most small businesses have now made it a strategic option to engage virtual assistants as they bring in more value proposition at lesser costs and with low managerial headaches.

“Remote editors cost us, all in, less than half of the folks in our office due to things like overhead, benefits, lunch, and equipment” —- Jason Calacanis on their editorial spending (slipr.com)                        

Online platform
Start with a small and powerful website; put your stuff, pull traffic using various SEO techniques and you are ready to ship your product or deliver your service. Engage professionals to get this part of the job done, as this will become one of your key points of promotion. Initially, building an informative and practical website should be your aim.

Use free tools
Optimize usage of free online tools and software which can help you manage your daily business activities. For instance, there are many useful tools like task managers, instant messengers, personalized email services, mass communication tools, bookkeeping software, etc., which can be used at no cost.

Online marketing
Options galore when you look to market your stuff online, it’s outright cheap and best for starters on low budget. You can choose from social media networks, blogging, video uploads, online directories, local search engines, cheap ads, and so on. Most of these options are free which makes online marketing a low cost activity. And if you want more bite out of it you can engage a professional or virtual assistant.

The bottom-line is to develop a cost-conscious mindset, which can be tuned to look for cheaper and better options for all your business needs. This will go a long way in saving your valuable money, which can be then used for other, more productive purposes.

About the Author

Dave Otfinoski, CEO of My Business Assistant or “MBA”, has more than twenty-five years of executive, hands-on experience with small and mid-sized businesses. As CEO of MBA, Dave manages a team of experienced virtual assistants who have extensive expertise in the realms of small business operations, bookkeeping services, website design, SEO, content creation and call center operations. Outstanding client service and quality performance are the hallmarks of both My Business Assistant and the MBA team. We look forward to providing you with the Virtual Assistance that you may require to enhance your own business strategies. Please feel free to contact us at http://www.MyBusinessAssistant.com or call us at 800.993.9622 with any questions or inquiries that you may have.