The Essential Guide To Starting A Business On A Budget

If you’re keen to launch your very own startup but you don’t have the financial backing to lease a large premises, hire lots of staff and outsource most of your business functions, the chances are you might consider staying in your full time job instead. However, if you are keen to wave goodbye to your employed position and you want to become the master of your own destiny, a self funded venture is the best route for you to take. Not every business needs a ridiculous amount of investment to get it off the ground. Take a look at this guide to launching your startup on a budget.

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Freelance

Don’t assume that you need to veer away from your current job completely to start your own business. You could choose to take your little book of contacts and do your current role but in a self employed capacity. Even if you have dreams of a different sort, this can be achieved in the future. For now, you can set yourself up doing the accounts for IT contractors in the same vein as you have been doing. Only this time, all of the money lines your pockets rather than some faceless corporate blue chip.

Home Office

Forget leasing an office in the city center and paying an extortionate amount of rent. Instead, work from home. While not ideal, you will save a small fortune on overheads. Working from home will also allow you to have a little bit of a lie in each day as you no longer have to worry about an arduous commute. Ensure that you don’t succumb to procrastination or work on the dining room table. Working from home only works if you can find a space distinctly removed from the rest of the house. An office space or even a shed in the back garden is ideal. You can get up, have breakfast with the kids, and then hole yourself away from nine until five in the same way you would if you were working off site. You still need to be disciplined when working from home.

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Essentials

Sometimes you have to spend money rather than save money. Starting a business, even one working from home, does encounter some expenses. If you work in a customer facing role, you must consider your insurances and the legislation that you have to adhere to. Check out a site like golegalyourself.com and source a custom built legal package specially tailored to your startup. This won’t be some generic template from the Internet, but instead, it’ll help shape your business within a legal framework. This will ensure that your venture doesn’t fall foul of the law. Just because you are setting up your business on a budget doesn’t mean you can cut legislative corners.

Starting a business is not for the faint hearted. You need to be committed, determined and willing to put in the hours to get your venture off the ground. Follow this guide and start your business without breaking the bank.