Starting a Business on a Budget

If you want to start a business and you have very little capital, bear in mind that statistics show that 80% of small

businesses fail in the first 5 years.  There are many reasons given, the main one being that a lot of new business

owners do not have enough capital to keep their business afloat.

My advice is to start with the basics, and as the money comes in, put it back into the business.  You can start off

from home or a mobile service.  This saves paying rent for a shop.  Use all the free government assistance

available for small business.  Look up on Google ‘Business Enterprise Centers’ and find one in your area.  They

offer courses in Marketing, Budgeting for a Business and Strategies to Improve Profit.  You will find like minded

people at these courses that you can network with, and who knows, they may need your business services in the

future.

For extremely cheap business cards, pamphlets and sometimes offers of freebies, try Vista Print an American

based company.  Do your research first, because if there is somewhere cheaper locally, its obviously a better

option and keeps the money in Australia.  However, when you first start out you are always going to take the

cheapest price.

cheap business cards

cheap business cards

There is also a government program called NEISS especially designed to help people start a new business.  If you

are accepted for this program, they will pay you a fortnightly allowance, which works out the same as Job

Search, and you will not have to look for a job whilst on the program.  This allows you to concentrate on building

up your business, and at the same time gives you the peace of mind with a small income.  The program only lasts

for a year and after that you are on your own.  There are a few conditions whilst on this program, like taking out

insurance for the business and having to keep a profit and loss spreadsheet.

It is a fantastic way to learn how to run a business, whilst being paid and not having to look for work, and at the

same time being supported by the government.  Another site for helping you in business from the Australian Goverment is http://www.business.gov.au .

You need to start small.  Have the basic equipment and a small quantity of stock.  It’ll be trial in error to begin

with, but you won’t lose too much money if some of your stock doesn’t sell.  Marketing is very important and can

be expensive.  So word of mouth is the cheapest and most effective way of going about it.  Another free marketing

strategy is your local newspaper or television station.  They may be looking to interview people starting out in a

new business venture.  All you have to do is ring them up and let them know you are about to start up a unique

business and ask if they would be interested in promoting it.

A friend of mine was starting up a bead business.  She called Brisbane Extra who agreed to call at her home and

film an interview with her that later appeared on TV, thus promoting her business for free.  The same goes with

your local newspaper. Take the initiative now and who knows you could have a thriving business in the very near

future.

This is a guest post by Deb Diplock from Woodford Newspaper

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