Starting a Business on a Limited Budget

Posted on 11 August, 2016 by admin

In 2015, there were 5.4 million small to medium size businesses in the UK, according to Business Statistics report. If you are looking to embrace having your own business, then you are not alone.

One of the major factors that makes would-be business owners dubious, is the funding aspect. However, it has been proven possible to start up with the bear minimum.

start a business with limited budget

Government-backed start up loans are a secure option with relative low interest rates. The loans are available from one to five years, with no application or early repayment fees. In addition, you will receive free support, as well as guidance on your business plan.

Becoming your own boss definitely offers a number of benefits, such as having greater control over how the company is ran, and flexible working hours.

Working from home can be a viable option for some business types. For instance, if you are planning to start a cake or arts & crafts business, then you may already have all the required equipment to run the business. It is also possible to set up a website for your business on a budget, with many companies offering complete packages, from design, web hosting, domain names and email addresses.

There are also plenty of ways to market your business effectively for free or on a small budget, depending on which industry you are in, such as social media marketing, word of mouth, email marketing, as well as attending business events and workshops, where you can build your knowledge and network with other start-ups.

With added security of a job, you can start your business in your own time. With the revenues coming in, you’ll be in a good position when it becomes your full-time job.

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