When it comes to setting up a new business, there are many factors you need to consider, particularly if you are starting a business on a budget.
There’s that important balance between blowing your budget on the physical items that need to go into your office and ending up with a minimalist space that cannot function quite right.
If you’re considering setting up a business on a budget, here are some top tips for you.
Sort your branding
Branding is essential when it comes to the success of any new business, from an advertising firm to a cake decorating business. Consider whether you want a specific palette of colours (advisable) and whether you want to stick to a certain font or two (also advisable). Design a logo or get someone to do it for you, and most importantly, grab the domains and social media accounts for the business name. When setting up your accounts, choose the same profile pictures for consistency across platforms.
Find the right location
If you are renting or even buying a premises, you need to ensure that it is in the right location. For example, if you are hoping to open a modern restaurant but the only premises is right near a barely used industrial estate, you may need to think again. Likewise, if you wish to choose somewhere in the ‘posh’ end of town, you will most likely be paying a premium for being there. Research the up-and-coming areas, then plump for something suitable there instead.
Buy your basics
Write a list of all the equipment that you need to ensure your business is ready to go. Next, go through that list and decide what is imperative and what could wait a little while. If you are setting up an office space, furniture such as office booths, rise and fall desks, proper office chairs, will be imperative. Likewise, decide what tech you will need to support you. If you are opening a shop, you will need a device to take card payments and perhaps a monitor to display any product advertising in the window or somewhere within the shop. Visit similar venues and take photos, subtly, or make copious notes to support your new venture.
Consider staff and expertise
Many people who are just starting out in business make the mistake of trying to do everything themselves when they actually need support. If you are not well practised in the art of setting up a website, hire someone else to do it. Of course, it doesn’t come cheap to use the professionals, so perhaps advertise it as an opportunity for someone in college to practise their skills. Alternatively, you could spend a little time watching YouTube videos and teaching yourself how to set up a WordPress site, for example. However, if you do need someone to help you get the venture off the ground, ensure that you get the right person. Ask for references, look at experience and choose someone who is trustworthy and likely to get along well with you.
Getting your name out there can be a tricky thing to do for any new business on a budget. Encouraging friends and family to share your posts on social media can work well, but only if they are in the right area and have the right followers. Promotion via the means of a competition could be an option, though it is imperative to follow the social media platform’s rules to avoid being penalised if breaking them. Finally, if you can, you could offer your services to someone for free or a heavily reduced rate in exchange for an honest review. Many local bloggers and influencers would be willing to take that on for you.