There are plenty of home based business out there that can be started with little investment. Will you make millions with it? Probable not, but you can definitely create a nice side income for yourself, and with time, build it to something more substantial.
Before you jump into the deep end, take a moment to think about why you want to start a business. Do you just want a little extra money every month, or do you want to quit your 9-5 (don’t we all!) Next, create a business plan for yourself. What are your goals for the first 30 days, 1 year, and 5 years down the road. You will have to figure out how much your business will cost, versus how much you need to make to pay for these costs and pay yourself a little somthin.
Depending on the type of business, it could take 1-5 years to even see a profit. Does your business require equipment with maintenance and upkeep? Those things will definitely eat into your profits! Sometimes it can take a business 3-6 months to even see any activity. You have to get the word out there and this can be the hard part. Many times small business owners will have a killer first and second month. By now your friends and family have all heard the good news about your business and want to see you succeed, so they hire you or buy what you are selling. It doesn’t take long to go through your warm market. Now you have to focus on advertising a marketing.
I don’t mean to sound like a total Debbie Downer here, but it’s best to be prepared and have a plan in place for when business gets slow.
Here are 6 Strategies to Help You When Starting a Business
#1 Build your savings. Before you even start your business, make sure you have enough money saved up. Ideally, you should have at least 6 months worth saved for emergencies. Don’t think you will have to stop living and doing fun things in your free time. There are plenty of things to do that don’t cost money, you just have to get a little creative. I’ve created a list of 42 fun things to do on your no-spend weekends.
#2 Don’t quit your day job! If you can help it that is. You may need to burn the candle at both ends for a while. It’s tough, I know, but with a little support you can do this. If you are creating this business for just a little side income, then have fun with it. Work your business in your free time and keep your expectations realistic.
#3 Track your spending. You should do this for a least a few months to see where you can make cuts. Do you need that cable? It’s pretty awesome I get it, but it isn’t needed. Eating out too much? Restaurants and fancy coffee adds up quickly.
#4 Utilize free services. I’m talking about the library here. Remember that cable bill you cut? You can get all the free DVD’s you want here. While you are there, check out a few books about business or do a some research about marketing.
#5 Advertise online. Facebook and Instagram ads are very cheap. Set up a business page and invite all your friends and family to like it. Run a sponsored add or boost your post for as little as $5 a day. If you have a local business, you can select the add to run in just your area. If your business is selling online, go big! Reach as many people as you can.
#6 Go DIY. Build your own website. You can follow my instructions for that here. Design your own logo. A logo should be simple and to the point. Canva can help you with this. If you need graphics, there are tons for free online. If none of the free ones melt your butter, there are plenty to choose from for a low price.
I would love to hear your thought on starting a business. What ideas do you have to save money?