Back in the days when launching your own business setup was not so widespread, investors were willing to provide millions of dollars on the basis of mere outlines of business plans and ideas. However, the internet and the advent of online businesses changed the trend.
The talk has shifted to usefulness and the frugality of the business idea more than the capital and resources invested in the startup. With internet, technology, and the right skills at your disposal, you need only a minimal amount of investments to start a business; sometimes, the only investment is your time.
Are you looking to start business of your own and startled by all this information? Well, you are in luck because, in justification of the above, we have summed up all the cheap and easy ways to start your own business. Just a heads up: the key to starting a business cheaply is working virtually. Let’s find out how.
1. Develop a strong product/service proposal
Your product/service should offer something valuable to the audiences. It should be driven by something more compelling than an urge to make proxy money. It should be a useful new addition to the market and bring a brand new incentive to the target audience. Otherwise, the chances of your business soaring are quite unstable.
When you’ve found something pragmatic to give to the society, make sure the quality and production of that product or service does not falter in any aspect. From gathering the resources for your product/service to delivering it to the customer, everything should be highly promising and worth the buck.
2. Save up on the basic Kickstarter
As a young startup only in its infancy, you don’t need to spend heftily on getting a logo made and a website designed. These are basics you can outsource to a cheap freelance designer and save up their costs to spare on other essentials.
You will find thousands of free or inexpensive online website design software that offer templates with all the necessary as well as additional features and aesthetics for an ideal website. Just personalise one of these templates with your business’ credentials, details, product information, themes, and objectives and you’re good to go. They are a cheap alternative to building your own website from scratch or hiring a full-time web designer for the task. Once you’ve settled in and the business is soaring, you can shift your website and its audience to whatever new costly form you like.
Same goes for the company’s logo. Although the logo should be a true representative of your business motto, it shouldn’t cost you half of the capital investment. You don’t have to hire a full-time designer from day 1 when you can get the same quality of work done by freelancers and home-based professionals.
You don’t need an office space right away as rent; taxes, power, and maintenance are just going to be added costs to your business. When you’re only starting a business, the primary costs should go to the design, development, and production of a top-notch quality item or service. Office space comes secondary.
You can conveniently work from home and co-ordinate with all your co-workers and accomplices online. There are lots of team management software and apps that provide a list of features for efficient online coordination among team members.
4. Set up your email
Email should be your main means of communication with customers, sponsors, investors, and other business contacts. You should, therefore, design a digital business card and email it to potential investors. The card can be sent along with your business idea, logo, estimated investment, product description, and other essential information. Remember to keep it precise and professional and mention the high-value points of your business idea.
An inside tip: people are more likely to give you respond back to a comprehensive email that’s been broken down into small sections, rather than long paragraphs pleading for funds.
Social media is the cheapest and least demanding platform for marketing of any sort of business. You do not need a formal education in marketing to advertise your brand/business on social media. Everything is quite self-explanatory and basic.
Just make sure to keep your social media marketing content largely useful and informational rather than promotional. Give your social media profiles a humanistic touch that portrays your business atmosphere and mood as accurately as possible. Offer free customer service online and be responsive to your audiences. If you manage to pull this off right, then you’re headed in the right direction.
Brenda Cagara has been writing for websites, articles and blogs for five years now. She had a fair share of writing on varieties of niches but main focus business, finance and taxation. Currently, she is working with Dubai business consultants (Riz & Mona), who offer company formation and business setup services across all states of United Arab Emirates. Other services are products registration, visa processing, bank account opening, trade license, trademark, local sponsors and much more.