How to start a business without lots of money and confidence
It is a common misconception that to be a successful entrepreneur you need to have lots of money, confidence, and experience. However, everyone – even the most successful business people – had to start somewhere. So, if you are looking to get into business in 2022, here are a few ways you can start without needing a huge budget.
- Ask yourself what you want out of the business
Are you looking to get a little bit of money from a hobby of yours? Or are you hoping to set up a lucrative company? Begin by assessing what skills you have, what your goals are, how much money you have to invest, and how much time you have free.
- Research your idea
Conduct thorough research into the existing products and services in your chosen area, as well as collecting information about your target market. This way you will be able to find a niche that has not yet been capitalised on, allowing you to have an immediate edge over your competitors.
- Test it out
Starting with a soft launch or market research means that if the idea needs some work, you won’t lose much money in the process. Test out your idea, taking on board feedback from your staff and customers. Use this feedback to improve your business ready for the grand opening.
- Register your business
Whether you opt to structure your business as a sole trader, limited company (LTD or PLC), limited liability partnership (LLP), or guarantee company (LBG), it is a legal requirement to register your business with the Government and Tax Authority.
To register your new business, you will need your address, names and details of the directors, information about shareholders, Memorandum and articles of association, details of anyone who has over 25% shares in the company, and of course, the company name.
When choosing a company name, it is essential that you check the name has not already been registered or trademarked by another business. You can do this by searching through the Intellectual Property Office.
- Consider a flexible office space
If you have little budget to begin with, you may not feel like you need to spend money on an office space at all. However, if you want to give clients the right first impression, you don’t want to be hosting important meetings in your living room!
Therefore, you might consider serviced office from BE Offices. Services offices can host anything from 1 desk to 1000 and can easily be scaled up or down depending on how much you need to use the space.
This makes it an extremely cost effective and flexible solution, allowing you to have a great business address, ergonomic furniture, and all the mod cons, without having to fork out for it yourself.
- Grow your business slowly
Utilise free tools such as blogging, networking, and social media to advertise your business on a budget. Strategies such as search engine optimization often take a while to come into effect, however once they do you will see steady growth for your business.
Though you might be starting your business out with little money and low confidence, over time you will be able to reinvest your profits, increase your spending budget, and grow your expertise and confidence as your business grows alongside you.
