In 2019, it seems that everyone and their grandmother wants to own their own business. And, why not? It offers a level of autonomy and financial freedom which is seriously lacking in the job market as it currently stands. If people want to be their own boss, who can really blame them? Starting said business and taking the road to independence, however, can be a much more difficult task than perhaps first anticipated.
So, how do you go about starting your own business with the spare money in your bank account? And, more importantly, what kind of business is a prime candidate to do so? Find out all that and more below!
Choose a ‘Cheap’ Business
Starting a business with spare money can be a great idea. But, it’s definitely made more feasible if said business is fairly cheap.
If your grand business idea requires lots of luxury stock – which you will need to pay for upfront – then, it’s probably not the cheap business idea which you are looking for. In which case, if that is the business idea you are desperate to achieve you may need to look for outside investors to help you with the initial stock.
Cheap business ideas need to be something which you can feasibly start with some spare cash – say, $100 or so. No more and no less. That is about the right amount of money you will need to get yourself set up with a decent website for the business idea, whatever it may be. If you have more money at your disposal then, of course, you can consider applying that to stock and other business necessities.
But, try to cut spending wherever possible – just because you want it doesn’t mean your business needs it.
Look for Free Solutions
Setting up a business can accrue a lot of additional costs – many which you may have never even considered before actually sitting down to start! Accounting software, marketing tools and even tools to work with (whether actual tools or something like a computer) can quickly mount up. Which may lead you to spend much more of your spare money than you actually bargained for.
Luckily, there are lots of free solutions online for small startups to take advantage of.
Go to Stockio.com for free stock photos, Medium for sharing your business content, Google Pagespeed Insights for ensuring your website is running well, Canva for a free photoshop alternative, TweetDeck for free Twitter management, and many, many more. It depends on your business needs, but if you need something free then you will likely find it somewhere.
Set Up a Website
In the modern business world having an online presence is a necessity. Without one, even if it’s just a social media account, your potential customers/clients will have a very difficult time finding you. You need to put yourself out there to begin with.
A website will be a good way to generate interest in your new business, especially if you’re able to generate organic traffic. The more people who visit, likely the more success you will find yourself with. Marketing can also be quite expensive – especially if you don’t really know what you’re doing – but, having a website can allow you to do a lot of DIY marketing. And as such you can achieve a lot for very little money or free if you learn some basic digital marketing skills.
Money-Free Business Ideas
Of course, you may want to start your own business, but finding the right idea can be very difficult even with lots of money at your disposal. So, he’s some quick ideas to get you started!
- Freelancing – there are a lot of freelancing streams which you can take. Whether your skills lie in writing, coding, designing, translating or whatever else there is a way that you can freelance successfully without having to learn lots of new skills. If you do it in a day job then you can probably transfer over to a freelance basis.
- Manual Labour – cleaning, decorating and even something simple like garden maintenance can all be relatively cheap businesses to start.
- Virtual Assistant – time is money and not every business wants to spend a lot of money for so little of someone’s time. Which is why rather than hiring a part-time assistant or receptionist, for example, they are seeking virtual assistants. The tasks of which can include setting appointments, filing documents and other day to day admin tasks.
- Pet Care – we love our pets. But, with a growing need to work long hours and be away from home long periods they don’t always get the care they need. Which is where a dedicated dog walker, pet sitter and/or trainer becomes a necessity. If you have an affinity for pets furry or otherwise, then this may be the perfect little business for you.
- Blogging – do you have an overriding passion for a particular subject? Then setting up your own blog may be the ideal way for you to earn a little extra cash on the side. But, be warned, this isn’t a get rich quick deal. You may find yourself putting in a lot of work for little reward, so be sure you are prepared!
- Consulting – like freelancing, there’s no reason that you can’t put your skills from your day job to work but, in this case, in a consulting capacity! There are lots of consulting roles out there in the business world, so it really does depend on your skills: business consultant, marketing consultant, legal consultant, PR consultant, accounting consultant, etc., etc.
Of course, you can also take up a number of these ideas and work one small job at a time. There’s nothing stopping you from being a jack of all trades, rather than committing yourself to one solid business.
Starting your own business with your spare cash isn’t always easy, but it can actually be the start of your business dreams. And if you’re worried about anything, then you can always spend some money on corporate solicitors to ensure your business – no matter how small it might be – is legally sound.
And remember, slow and steady wins the race. You don’t need to spend lots and lots of money to make a business successful. Time and dedication are important business currencies also.