Photo Credit: Bruce Mars, wwwpexels.com

Would you relish the chance to ditch your day job and become your own boss? Do you have a business idea that you’re convinced would be a winner? Are you worried about the cost of setting up such a business? It might surprise you to learn that a business can be started on a shoestring. You just need to know how to do it. Quitting your full-time job is not essential to start with and you don’t need to remortgage your home to get your business off the ground. There are many successful business owners who have been able to turn their hobbies into a successful business, and this is just one important factor in any shoestring start-up. Here are some more tips you’ll find helpful.

Tip #1 Get Online

Without an online presence you’ll struggle to achieve any level of success. So many of your potential customers research their purchases online. You need to have a website where they can find out about your service. To save money, consider developing your own. It’s much easier than you think, thanks to the many free online website builders.

Tip #2 Work From Home

One of your biggest expenses is likely to be renting space. You’ll be able to save a lot of money by setting your business up in your home if you can run your company entirely online. This not only helps you cut costs but also provides the convenience and flexibility of working from home. If your business isn’t an internet startup and requires occasional in-person meetings with clients, having a separate space for visiting clients can be beneficial. Consider opening a no deposit savings account specifically for the funds saved from not having to rent an external office space. Aside from saving money on office expenses, there are a number of other benefits you can enjoy from working at home, such as reduced commuting time and increased work-life balance.

Tip #3 Keep Your Expenses to a Minimum

Every smart business owner soon learns how to manage their money effectively. Look at the various expenses involved in running your business and find ways to reduce them, such as your utilities. When it comes to your business energy prices, find a supplier that offers value for money and swap as soon as possible.

Tip #4 Take Advantage of Free Advice

For anyone wanting to start their own business there’s a wealth of helpful advice. Most of it costs nothing so why not take advantage of it? You’ll even find a small business adviser at your local bank.

 Tip #5 Research Alternative Forms of Lending

You might not have a lot of savings yourself, but you do have the option of borrowing money. Apply for a business loan or investigate what is required for crowdfunding. There are a number of other lending options that can help grow your business.

Tip #6 Do the Paperwork Yourself

There’s a certain amount of paperwork you need to take care of when starting your own business. You’ll need to register your business, open a bank account and go through several other steps. You can choose to hire a lawyer or an accountant for some of them, but you’ll save a lot of money if you do this kind of paperwork yourself. Do some research online and you’ll find out all you need to know.

Any money saving habits you learn when you start your business are going to serve you well in the future. It’s not always beneficial to have too much capital to start with. If you start with a tight budget, you’re more likely to adopt disciplined financial habits.