How to Build a Small Business on a Budget

For those of you wanting to start your own small business, there is a lot you will have to figure out and one of the biggest issues will be your finances. Unless you have a sizeable nest-egg saved up for the day you finally decide to launch your business or you were born into wealth, you will probably need to figure out how to build that company on a budget. It certainly won’t be easy, but if you have the will and the passion, it is totally doable.

Get the Necessary Tools

The first thing you need to do is gather all of the tools that you will need in order to get your business off the ground. The biggest one is a pretty obvious one and that is a computer (unless you plan on launching one of those non-technological companies that don’t exist anymore…). While you might prefer to have a huge desktop set up in an office of your own, starting small means that you should go for a more affordable and accessible computer, like a HP Pavilion x360 2 in 1 convertible laptop. Not only is a laptop slim and easily transportable, making it easy to work from anywhere, convertible laptops mean that you can also use them as tablets. They are a win-win.

Build a Budget

This might seem like a no-brainer, but before you can make any money, you have to figure out how you spend money and where you can cut back. By drafting a budget (and sticking to it), you will have a much higher chance of succeeding. The first step is to analyze how you currently spend money, so that you might be able to catch any issues and fix them. 

For instance, do you buy coffee every morning and spend more money than necessary on retail purchases? Maybe make coffee at home instead and take a break from shopping. These little things might seem small, but every little bit counts. Once you know how much money you have to work with and can predict how much you might have to work with the upcoming year, you will be able to sit down and create a budget for your business. This way you will be able to cover upcoming expenses, like new office equipment, and will be able to track your spending and earnings throughout the year. 

Handle Your Own Marketing

Starting your own company with limited finances means that you will be responsible for getting the word out all on your own. You will not be able to simply hire a marketing or public relations firm to do it for you, so you have to take advantage of what is already out there. Start by researching how to market a small business and start with a few action items. For instance, you should immediately start by taking advantage of free publicity and social media platforms are the easiest and best way to do that. Make accounts on Facebook, Twitter and LinkedIn (at the very least) and build some brand awareness. Be straightforward, responsive and creative. Plan what you will post ahead of time and make sure to engage with your followers whenever the opportunity arises. Building a social presence takes time, so get going as soon as possible. 

Save Money

Though this is related to building a budget, it deserves its own section, because we aren’t just going to tell you to cut corners in order to save money. There are plenty of services out there that were designed to help you save money in ways that you will never notice. Signing up with something like Digit will help you save small increments of money that you literally won’t notice is missing. The service hooks up with your bank account and tracks your spending habits in order to make withdrawals at a time you are least likely to notice. It then puts that money is a rainy day fund for you to access at any time. Easy peasy.

Be Patient and Passionate

The truth is, building a business on a budget might mean that you will have to be patient before you start seeing financial return. You must understand before you get underway that nothing will happen overnight. Just because you have done all of the above and you feel like you are doing everything right, your business might take a little while to start pulling in revenue. You just have to stick with it and be patient. And whatever you do, don’t allow yourself to feel discouraged. Maintain your passion for your business, because as long as you stay passionate and driven, great things will happen for you.