Whether you are starting a business on the side as you keep your day job or you plan to dedicate yourself to your business full-time, financial planning is key. Starting a business will cost you something in terms of time and money but you can find ways to ensure that you don’t overspend as you are starting out.
OpenForum.com offered “4 Tips for Starting a Business on a Budget” for entrepreneurs who are fearful about launching a new venture, those who imagine their goals exceed their resources, and for those who are tempted take on a lot of debt to start a business. Gail Morgolies Reid, author of The Complete Idiot’s Guide to Low Cost Startups, offered tips and according to Reid, you should:
Use the space you have
If you work out of your home you can save a lot of money. The costs of office or workshop space can be a burden to a burgeoning business. Plus, you may not really know what kind of space you need until you have been in business for a while; if you lease a space right away, you might find it isn’t quite right for you.
Depending on your business, you may need to see clients in person but you can find low-cost ways to do this: reserving a free meeting room at a library or paying for meeting space at a business incubator.
Use the equipment you have
If you already have a computer and a phone, you can use these to get your business started. As your business grows, you may want a separate phone line and may need to purchase a different computer.
If you want to separate personal calls and business calls, you can use a free voicemail service that will allow business contacts to leave messages for you.