How To Save A Small Fortune When Launching Your New Company

StrategyDriven Starting Your Business Article |Launch a new company|How To Save A Small Fortune When Launching Your New CompanyIf you’re thinking about launching a new company during the next couple of months, you’re probably worrying about getting the investment you need to get the concept off the ground. Sure, you’re going to need some cash to turn your business dreams into a reality, but there are plenty of ways to reduce your spending and save a small fortune if you pay attention to the expert advice on this page.

Today, we’re going to take a look at some of the most straightforward and simple ways you can limit the amount you need to invest in getting your venture off the ground. Depending on your business idea’s nature, you may have to tailor some of these suggestions accordingly. Just use some common sense!

Work from home during the early days

There is no reason to rent an office or buy business premises when you’re just starting out. In most instances, you can save lots of money by working from home. Maybe you have a spare bedroom or a garage that you can convert into an office? Perhaps you can take a desk up to your attic or something similar?

Working from home will mean you don’t have to worry about renting an office until you begin to make a profit. Of course, there are some downsides to working from home, and you’ll have to work hard to limit their impact as much as possible.

For example, working from home can become a real pain if you have family members or children in the house. So, you need to make sure they know to leave you alone when you’re sitting at your desk. The last thing you need is for the kids to knock on your door every five minutes.

StrategyDriven Starting Your Business Article |Launch a new company|How To Save A Small Fortune When Launching Your New Company Outsource some of the work

You can increase your output during your business’s early stages without spending too much money if you choose to outsource some of the work. You can’t afford to hire employees at the moment, so it’s sensible to find freelancers willing to help out on an as and when basis.

There are lots of excellent freelancing websites you can use to find the right professionals, and you just need to open an account to get started. In most instances, you will post a job, and the freelancers will bid for the work. You then select the individual you deem most suitable and let them get started.

Some of the best freelancing websites around today include:

  • People Per Hour
  • Fiverr
  • Guru
  • DesignCrowd
  • Upwork

StrategyDriven Starting Your Business Article |Launch a new company|How To Save A Small Fortune When Launching Your New CompanyPurchase the items you need in bulk

Experts from Supply Link USA and many other professionals claim that buying your essentials in bulk could help you to save a fortune in business expenses. Whether you need to purchase ink and toner for your printer and photocopier, or you need stationery and other items, bulk buying is the best solution.

Don’t make the mistake of buying the things you need from high street retailers because you will pay the highest prices. Instead, you should look towards getting in touch with the suppliers who stock those stores. At the end of the day, you’re in the business world now, and you can get lots of discounts if you’re smart.

Use the latest software

New business software reaches the market every single day, and using it can save you a lot of working hours, according to The Balance. Sure, you’ll have to make an initial investment to get the solutions you require. However, they could save you lots of money in the long run. Why employ humans to perform a task when there is software out there that will do it?

Take some time to research your competitors and the software they use to run their operations if you struggle to know where to start. There is no harm in replicating the processes used by other companies in your industry when you’re just starting out.

Also, find some reputable blogs and news websites that publish articles about your industry. That way, you should remain at the forefront of the market and ensure you hear about any new revelations or software releases ahead of time.

Automate as much as possible

Automation is everything in the business world at the moment, and you’ll need to automate as many of your essential processes as possible if you want to make a killing while reducing your expenses.

It doesn’t make sense to pay someone to enter information into a database for hours when you can find software that will do it instantly. The same goes for lots of other processes and actions within your operation. If you can work out a way to automate them, you shouldn’t have to spend any additional cash.

Depending on your industry and your company’s nature, it could be possible to automate everything from lead generation to distribution if you’re smart.

Ask friends and family to help

Lastly, sometimes you need to call on people who care about you if you need to reduce costs when launching a new business. You might even think about asking them for funding. While you might not have enough capital to employ workers outright, you’ll probably need some assistance. That is where your friends and family could come in handy.

Ask people you trust if they’re willing to lend a hand for a few hours for free whenever you need some help. If it makes you feel better, you could offer to pay the person for their time when your company begins to make a profit. You could even promise to offer them a job first whenever you’re ready to employ workers.

You should now have some excellent ideas that will help you to save a small fortune when launching a new business venture during the next few months. Be sure to spend a lot of time on your business plan and make sure you cover all the bases if you don’t want to face any nasty surprises. Understand your costs, budget accordingly, and make sure you have some cash spare in case something goes wrong. If you do that, nothing should stand between yourself and business success.

Are You Ready to Start a Home-based Business?

StrategyDriven Starting Your Business Article |Home-based Business|Are You Ready to Start a Home-based Business?Many people think about starting a business from home when they are passionate about something and/or have a talent. Working from home and being your own boss is an attractive prospect, but for most, it is certainly not an easy or quick way to make a living.

When deciding whether to start a home-based business, there are two key questions to ask yourself: are you ready to start a business, and are you in a position to run a business from home? The answer is not necessarily a simple yes or no, as there is a lot to consider. This article outlines the key points to examine before you make the decision.

Your personality and talents

We are all born with a predisposition for certain talents and traits, i.e. we are naturally better at some things than others. That is not to say that we cannot learn, diversify, and develop with experience, but often we have the greatest success in what comes naturally and what we enjoy.

Take some time to consider your talents and personality traits which could be assets when running a business, e.g. creativity, self-motivation, communication, resilience, discipline. You may decide that you are not well-suited to running a business and would be better suited to being employed but with more flexible hours/remote working options.

Your skills

While we are born with personality traits and talents, our skills are developed as we go along through experience and training. You might have design skills, organizational skills, writing skills, accounting skills, or people management skills, for example. You can gain and develop new skills as you run your business, but it is best to begin a business which complements what you already have.

Your talents, skills, experience, and interests should all come together to influence your choice of business. Starting a business in an industry in which you have no experience or knowledge is setting yourself up for an uphill battle, so capitalize on your assets. You should begin with a long list of possible ideas before whittling them down to just a handful of options which pique your interest.

Your home

Now that you have some ideas for a business, it is time to consider whether they are likely to function as a home-based business. There are several factors to consider including the location of your home, any local laws or licensing issues, how much space you will need, equipment, utilities, and living arrangements.

If you have a garage or spare room, you may be able to run a business, but if you are restricted on space or need a professional office where you can meet with clients, it may not be suited to a home business. However, if your business can be run from home with the exception of the occasional meeting or day in a professional office, you can make use of serviced offices Belfast as and when you need to.

Your income

Of course, the big question for anyone looking to start a new business is profitability. You may be exceptionally talented and/or skilled, but if people are not going to pay enough for the service or product, it is not a viable business. Can you make and sell enough units of the product to cover your running costs? You need to be sure that there is a market for your business and that you are offering something which other companies are not. Only businesses which can generate profit are worth investing your time and energy into.

How Can I Start My Own Business?

StrategyDriven Starting Your Business Article |Start my own business|How Can I Start My Own Business?While many ideas for businesses never fully come to fruition, some entrepreneurs dream big enough to actually put pencil to paper. Though starting a business amidst the current pandemic might feel impossible, over 69% of American entrepreneurs begin their businesses right from the comfort of their own homes. If you’re wondering how to go about making your own entrepreneurial dreams a reality, consider the steps below on how you can start your own business even during these uncertain times.

Have a Concrete Idea

It’s no secret that many business ideas seem good in theory but become much more complex in practice. Whether your idea for your small business is one you have fleshed out on your own, or one you’ve developed with the help of family and friends, make sure it’s a solid one. A good rule of thumb is to start simple. For example, should your dream be to develop an entire clothing line, it’s probably in your best interest to begin with one category of garment at a time, such as blouses and shirts. Focussing your creative energy on one portion of your idea will likely save you money at the beginning of your business venture, and it will also keep you from feeling overwhelmed as you work to get your business off the ground.

Conduct the Proper Research

The nature of the business world is a competitive one and thus requires the right amount of research if you plan on entering it. Conducting market research along with taking the time to do a full competitive analysis as it pertains to your business is vital to the success of your company. As you do your research, use the questions below as your guide:

  • Is there a demand for the product or service your company offers?
  • Who is your target consumer?
  • What is the population size of the consumers you plan to market to?
  • Does your target audience live in your area or are they elsewhere?
  • What do you plan on charging for your product or service?
  • Who else already offers your product/service and what can you do to set yourself apart?

Though your research isn’t required to be limited to the questions above, answering them will give you a starting point for where you stand amongst your competitors and what you’ll have to do to stand out as a business. For more information on market research and competitive analysis, utilize this guide from the SBA.

Develop a Clear Business Plan

It’s important to note that having a business idea is vastly different from having a business plan. There are numerous online resources available that outline the proper steps for developing such a plan. Block out some time in the coming weeks to sit down and write. A simple Google search on how to write a business plan should suffice for the information you’ll need to get things started. If you plan on presenting your finished plan to investors, be sure to keep it concise and to know your audience. However, if you’re composing your plan simply to keep yourself on track, make sure you’re using the future as your guide. Have an emergency fund should things go south, and look for ways your business can adapt should the pandemic continue for longer than expected. Business plans are essential to the overall success of your company and are a perfect guide for you to stay on track and organized.

Know Your Funding Options

Once you have a plan in place for your company and you’ve done the proper research, the final piece to the puzzle is locking down your funding. While there are plenty of options to choose from, make sure you consider non-traditional funding methods such as:

Crowdfunding: As the name suggests, this funding alternative is all about who you know. If you’re a big networker, this may be a great option for you aside from a regular business loan. Take to your social media outlets or even create a GoFundMe page and get the word out. Though those who fund your business are not guaranteed a return, you can always offer them perks when you do get your business off the ground.

Home Equity Loans: While most individuals use home equity loans for affording a college education or for funding a home renovation, they can also be used to cover business expenses. The appeal of a home equity loan comes from it’s low interest rates, making them a stable option long term. If you are unfamiliar with how these loans work, use this home equity loan resource as your guide should you be interested in using one to fund your business.

Microfinancing: This option of funding was developed specifically for entrepreneurs who may not even have the option to go traditional with their funding. Microfinance organizations provide small loans in order to help entrepreneurs get their business off the ground in the beginning. Microfinancing is an option for those who want to achieve their dreams but have no collateral to do so. For more information on microfinancing, consider this article on: what is microfinance?

While traditional business loans are still an option, the unique choices listed above may be more viable funding alternatives during these uncertain times.

As you put the steps above into action, remember to stay focussed on your goals. Starting a business can be overwhelming and discouraging at times, so be sure to maintain a strict budget and use your business plan as your guide when you feel lost. With the right research, a clear plan, and the proper funding, any business dream can be made possible.

How to Start a Painting Business From Scratch

StrategyDriven Starting Your Business Article |Start a Painting Business|How to Start a Painting Business From ScratchIf you’re handy with a brush and paint rollers, you may want to consider going into business for yourself as a professional painter. Your startup costs will be negligible and there’s a huge market out there for you. What do you have to lose?

However, you may feel a bit hesitant to jump on this opportunity if you don’t know the first thing about starting a business. Don’t worry, learning how to start a painting business isn’t incredibly difficult. And we’re here to help.

Keep reading for everything you need to know.

1. Research the Local Painting Market

Before you dive headfirst into the professional painting industry, you need to make sure there’s room in your community for your company. You also need to find out more about the costs of doing business, who you’re going to market to, and how much you can expect to earn with your company.

Ask yourself some important questions:

  • What is the local competition like?
  • What are they doing right/wrong?
  • How can I be better/different?
  • Who will I market to?
  • Do I have a niche in the industry?
  • How much money do I need to get started?
  • What are the costs of day to day operations?

Successful businesses are built on in-depth market research.

2. Create a Business Plan

Next, you need to create a business plan to serve both as your business blueprint and as your means of financial assistance. Creditors, lenders, and investors will want proof that you know what you’re doing. They’ll use your business plan to determine your credibility and the potential of your business.

Make sure it includes:

    • An executive summary of the business
    • A description of the business
    • Your market research and analysis
    • The structure of your company (organization and leadership)
    • A description of your services and products
    • Your marketing strategy and analysis of your target audience
    • Your funding requests
    • Financial projections of your business (ranging from the first year to several years)

Don’t skimp on your business plan, there’s a lot riding on it. It needs to be thorough and well-researched.

3. Get Financed

As noted, learning how to start a painting business may mean getting the startup funds you need. With your business plan in hand, apply to your bank for a small business loan. However, if you get rejected here, all is not lost.
There are several other options, such as:

  • Private investors (friends, family)
  • Angel investors
  • Crowdfunding campaigns
  • Personal loans
  • Trade future services for startup funds
  • Etc.

If you have poor credit and bad luck with investors, get creative to earn money to finance your business.

4. Take Care of the Logistics

Once you get the funds you need, you can start taking care of the logistics. For example, you can start procuring the official certifications you need to operate legally. In most states, you need a specific license to be a professional painter on top of the business license you need from the city.

You’ll also need to look into liability insurance for painters. This will protect you financially if you inadvertently cause damage to a customer’s home or business.

5. Start Marketing

Finally, learning how to start a painting business and make it successful means learning how to market to potential customers. You must strive to gain brand recognition within your community. They need to think of your painting business logo when they think of professional painters.

Here are our top marketing suggestions:

  • Build a user-friendly website
  • Perfect your website SEO
  • Get on social media
  • Use PPC and SEM marketing
  • Create a blog on your site

Experiment with different methods of marketing to determine what works best for your business. Don’t be afraid to invest resources in building brand awareness.

Looking for More Tips on How to Start a Painting Business?

Are you new to the world of entrepreneurship? Don’t feel bad, everyone has to start somewhere. Fortunately, there are people like us around to help.

Our blog is designed to help people like you carve their way into the business world. Whether you want to know how to start a painting business or are looking for the best marketing tips, we can provide answers. Be sure to check out some of our other articles before you go.

How to Start a Business with Little to no Capital

StrategyDriven Starting Your Business Article |Start a Business|How to Start a Business with Little to no CapitalYou have a great idea for starting your own business, but you’ve got little or no savings. While starting a business when you’re strapped for cash is a challenge, know that this doesn’t mean you can’t go into business. Nor does this mean that people will think less of your new business. There are many firms famous for starting with a few hundred pounds in someone’s garage, and you could be one of them if you take advantage of the resources that are available to you. Let’s look at a few ways you could start your business with little to no capital.

Use Sweat Equity

Don’t buy things when you could rent, and don’t buy new if you can make do with used. The main source of capital will be you and your efforts. Do everything you can yourself before you hire others.

This route isn’t an option if you don’t have the time to work for the business for free or the cost of entering the field is more than you have saved. But, if you are able to start the business on effort alone, recognise that you’ll have a lot of competition and will have to hire people to scale it up.

Leverage Your Day Job for Capital

A common criticism of artists and entrepreneurs is ‘don’t quit your day job’. There are several good reasons to keep your day job while building your small business, too.

First, you can live frugally off your income and funnel the rest of your money into the business. This does mean you’re pressed for time, but you can often build your business if you carefully budget your time outside of work. Your job also improves your credit. You’re eligible for no guarantor loans based on your current income. You don’t have to ask anyone else to co-sign the loan or ask family to loan you money for your business.

A side benefit of starting your business as a side business is that you have margin for error. If you need to tweak the design or change your business model, it won’t hurt the business. You can get feedback from friends, family and referrals.

Find Ways to Generate More Revenue from Your Business Idea

You may have to find new ways to generate revenue from your business. Find ways to generate cash flow from services while designing and selling a product.

Product-based businesses are capital intensive. Try to find ways to make money servicing current owners of the product, such as repairing or appraising the item. If you want to build an app, get started building websites and apps for others. Provide tech support for customers while you’re designing hardware. This will not just generate cash flow you can live on, but it will connect you to potential customers.

You can start a business with little to no cash, and it doesn’t have to involve a ton of debt. Understand your options so that you can find the best solution for funding your start-up.