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By Emily Roberts
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There is a common misconception that starting a business is an expensive proposition. You need equipment, a website, an office, and staff to get the venture off the ground. Sure, in some instances, you will need all that and more: but there are ways to minimize your expenditure and secure funding to help you get going.
Why start a business?
Whether you have been ‘packaged out’ or are looking to transition into a new career, there has never been a better time to start a business. Working for yourself gives you unprecedented freedom. You can work flexible hours, from home if you choose, and any profit you make is yours. For anyone tired of working for someone else, while they reap the benefits, there’s a lot to like about being your own boss.
Financial support for entrepreneurs
There is a ton of support available for entrepreneurs. Fundera recently compiled a list of 105 different ways to secure money for your small business. You might not be eligible for all of them, but it’s worth taking a look.
Look for free loans first. These don’t need to be repaid, so it’s a win-win for you. If your startup is in a tech, science, or health niche, there are Federal small business grants available. These include the Small Business Technology Transfer Program and the Small Business Innovation Research Program. Check grants on offer in your state too, as there is less competition for state funding.
To check the full list of available grants and funding packages, click here.
Tools and equipment
Many businesses need tools and equipment to get started. For example, if you want to set up a handyman business, you’ll need a truck, basic tools, and possibly gardening equipment. Some of these you’ll likely already have, but you may need to purchase other items.
Look for second-hand equipment and shop around for good deals. If you need heavy equipment, such as construction equipment and plant, or expensive IT items, look at equipment financing services from a company such as Charter Capital. Charter Capital provide leases and loans to support specific financing need, which may significantly help your new startup. You can borrow between $10,000 and $1 million with this company, which makes them a popular choice amongst businesses of all sizes.
Write a business plan
Now that you know there is financing available, it’s time to write a business plan. This is where you outline what your business is, how much money you need to get started, and also where you forecast your cash flow projections. There are some useful business plan templates online. Use one of these as a starting point.
Start small
Unless you got laid off and you need to get started immediately, it is usually better to work on your business part-time, until it’s established. Then you can quit your main job without losing any sleep. Work from a spare room or hot desking small startup hub. Don’t pay out for expensive offices unless it’s critical for your business’s future success.
Around half of all businesses fail in the first year, but this is often because of a lack of experience and/or incompetence. Plan your venture wisely and you can avoid becoming another statistic.
Emily Roberts is a young writer who is passionate about literature and blog writing.
