When setting up your own business or, even thinking of setting up your own business there is always an excuse which comes down to money.
I was thinking of starting my business 3-4 years ago, I had a couple of clients but it wasn’t the right time and, I also let money be the excuse. Most people use this as an excuse but it doesn’t necessarily have to be so.
Now we’ve been set up for a few months it is surprising how little we have had to buy for the business or spend out for it to get everything up and running.
That’s not to say that money is not an issue as depending how you start your business you will need money for bills etc…. But, if you budget well and know what you pay out each month it is easy to know how much you need in savings to keep you going in case the worse happens and you have no business for the first few months. This is why a lot of people start whilst they are still working. Yes, it is a lot of hard work and time so you would possibly have no social life for a while but you can manage it.
Depending on your business obviously depends on your needs to get started but there is no need to over complicate or over think about the things you need to get going. Some people start without a website, some people start without business cards – Marketing-wise a Facebook page and twitter account are free!
Some people need uniforms and maybe a van but, is it possible to do without? Tools-wise could be a problem but there are grants and loans for those and when it comes to materials you could ask payment up front from customers.
There are ways around money if you look hard enough although I used it as an excuse! Now looking at what we’ve spent out over the last 6 months it’s not been much. We already had a laptop, car, printer and paper. I created a website, Facebook page, Twitter account and started contacting friends to let them know what I am doing.
Even clients came along from day one as I had already spoken to friends and family about what services I would be providing who helped spread the word this still didn’t pay the bills though so I needed that backup until I got to where I needed to be. I was so worried about not having enough and expecting to have to pay out a lot that I’m still going so it must be OK!
The most important thing which I didn’t do as well I thought I had was to budget, I know what the monthly outgoings were at home so what I needed for that but not how much I needed to get going. Yes, this has turned out to be lower than I expected but what if it had happened the other way?
The key to this? Being organised. Budgeting for work as much as home or vice versa depending on what your strengths and priorities are!