Did you know it is possible to start a business with no money? People throughout the UK are making a burst on the UK business scene and turning their business ideas into reality with technology. For many business types it is now possible to get off the ground with very little cash. Here are the few tips for young entrepreneurs what to do in their early business stage.
Establish a Good Business Plan Early On
When starting a business, you should first ensure whatever it is you’re selling is truly unique and by doing so ask yourself what would make customers come to you and not your competitors.
Registering a website domain name is now relatively cheap and easy with big players such as GoDaddy and 123 Reg. But always shop around with other suppliers to get the best deal and always apply for sole proprietorship online. DIY website services such as web hosting and email also a good way of saving money from day one and starting to promote your brand, product or service.
Avoid Growing Pains
- Avoid the company expansion in the early stage for e.g. if you want your company to work in other country than UK than you need permit for that country let’s say you want your company to work with a company situated in Texas than you have to apply for tax id in Texas in the same time apply for ein for working in States. This will increase the budget so need to avoid that in the early stages.
- Try to avoid recruitment consultants at all costs in your early days. Instead use your network, word-of-mouth recommendations, social media, Linked In contacts or job boards such as Indeed.
- Avoid expensive office space – find flexible space you need now and then grow from there.
Borrow Money from Family and Friends
If you need some money to buy equipment or stock, ask friends and family for a start-up loan. It isn’t always sensible to borrow from people you know, but if you have a good business plan and your venture show promises than your loved ones will be keen to invest. If you do go down this route, make sure you agree terms before any money exchanges hands.
Do All the Work Yourself
To build a successful business you need to work hard specially in your early days. Do all the work yourself it will help you to build up enough cash reserves to invest in new equipment or premises, and so grow the business.
While marketing has a reputation for being very expensive, there are variety of effective tactics that can be performed with only an investment of your time. Social media marketing, SEO and content marketing all fit within this category — and, honestly, those are really all you need.
Success in business is not about starting out with lots of money. It is about adopting the right thinking, attitude and having the determination to put the effort in and give it your best shot.