So, you’ve thought of a great idea, done the market research, and come up with a business plan. What’s next? You’re officially about to become an entrepreneur, so it’s time to get everything in order! Making the leap to entrepreneurship doesn’t have to be as stressful and expensive as many people think. Here are some steps you can take to get prepared without going over your small business budget.
Set Up Your Office
Before you can start running your business, you need a workspace. Renting an office has its advantages, including the ability to accommodate employees and meet with clients in a convenient location. However, it can also be expensive. Consider starting your business in a home office to keep everything budget-friendly. This arrangement comes with some added benefits, including greater comfort, a short commute, and zero office distractions!
Fast Company recommends setting up your home office in an area with lots of natural light and adding a comfortable lounge spot where you can think or take a break from work. You’ll also need an ergonomic chair, adequate storage space for supplies, and some personalized decor to keep you feeling happy and motivated. You can save a lot of money on your office furniture and supplies by shopping around for online deals through websites like Rakuten. From pens and paper to filing cabinets and tech, you’ll be able to find great deals on everything you need to get your home office ready for work.
Invest in The Right Tech
The right technology will set your business up for success and help you save a lot of money in the long run. First and foremost, your business needs a great website. Small Business Trends reports that 86% of consumers use the internet to search for local businesses and 91% have visited a store after interacting with the business online. A website will lend your business credibility and will also help you leverage the power of cost-effective digital marketing.
As a busy entrepreneur, you won’t have a lot of time to bother with mundane business tasks. Thankfully, automation tools can help you avoid spending money on employees. There are many areas where software and apps can perform better than humans, such as scheduling social media content and email marketing. That said, you may want to tap into the global pool of talented freelancers so you can outsource projects or tasks that require a human touch, like customer engagement or content creation.
Choose a Business Structure
Choosing the legal structure for your business is another important part of getting off the ground. This decision will affect how much money you have to pay in taxes as well as your financial obligations and personal liability, so making the right choice is important for the future financial health of your business. The most common business structure is a sole proprietorship, which may be good for low-risk business owners testing out new ideas. This is inexpensive and fairly straightforward, but you may have trouble raising money from investors or getting loans from banks. Think about your business structure carefully, and consider talking to an attorney to ensure you make the decision that will save you the most money in the long run.
Start Making Sales
Marketing your brand-new business on a budget is by no means impossible. Start by creating a Google My Business account so your customers can find you easily using Google Search and Maps. At the same time, you’ll also want to set up a social media account for your business on Facebook, Twitter, or Instagram, so you can interact with your audience and keep them engaged with informative content. Consider also setting up a business blog while you’re at it. When it comes to digital marketing, focus on the most cost-effective strategies like social media posts, email marketing, and ad retargeting.
The path to entrepreneurship is paved with hard work. Be ready to dedicate a lot of your time to this venture as you make all the appropriate preparations for your new business. While anyone can become a business owner, knowing what to expect and being prepared will help you save a lot of money and stress along the way.