3 Tips for Starting a new Business on a Budget

An idea has sprung from the branches of your brain; it’s different, you think, if I can get this off the ground, the only direction my earnings will go is north. Up, Up, Up! And while this may be true, you may be standing on the precipice of a business venture unlike anything currently bouncing around the internet or the corridors of the business district, all new businesses (even the Fortune 500) need start-up capital. Success can spring from the smallest seeds; how can you best cultivate your orchard of ideas to make sure it bears the sweet, delicious fruit of relevance?

The Small Things

Setting up a business isn’t glamorous; before jumping up and down about logo designs and contracting letter heads, it’s best to attend to minute but significant niggles like ABN’s, GST (if applicable), accountancy, record keeping and business names. Sit down and draw up a business plan – What are you goals? What would you like your business to achieve in one, two or five years? How fast do you predict you’ll grow or do you intend to remain a sole trader? What procedures do you need to put in place before your first contract, to avoid pain later on? Look around at competitors and start drawing up a point of difference.

Location, Location, Location!

Do you need to hire an office space? Do you need a company car at this early stage? Before splashing limited cash on a flashy space or rental wheels, take stock of what you have. If you’re working for yourself, by yourself (or with one other person), set aside some space in your own home – a domestic location normally comes kitted out with computers, tables and chairs to tide you over until your concept proves plausible and generates enough return to sustain commercial rental. If you’re keen to meet clients outside the family home, share house or bachelor pad, there are various companies specialising in meeting rooms for hire in all capital cities and most major regional centres. Spend only what you must, claim tax deductions on the home internet and phone, and live within your means until margins swell.

Shameless Self-Promotion

Everything is on the internet now. If your business is reliant on high online traffic, the face of your company (website) needs to cut through the competition and leave a lasting impression. No mean feat, there’s only several thousand new blogs and websites created every day, no big deal. If you don’t have the money to plug out a crisp, professional website, log onto places like Word Press and explore your options. You NEED a website; it can always be upgraded later – in fact, it’s greatly recommended business owners stay ahead of the game and refresh their online profile every two years.

The most important tip anyone could ever give you when turning the cogs on a business start-up is quite simply this: Qualified financial planners and consultants are worth their weight in gold. If hiring a Fox Symes agent means skimping on the office space, do so and do it now. The rest will come in good time. Get out there!

Written by Jessica Hannah

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