How to Start a Business On a Shoestring Budget

If you have a good idea, entrepreneurial spirit and a healthy dose of ambition, you can build a successful firm. To provide you with support to get your venture off the ground, Unicom explains how to start a business on a shoestring budget.  

Business-friendly nation

The UK was recently named the sixth most business-friendly country in the world by the World Bank Group’s Doing Business 2016 report. UK business secretary Safid Javid said: “this is international recognition of the UK’s strong and stable business environment, competitiveness and entrepreneurial spirit. Our economy is now growing faster than any other G7 nation.”

As such more people are starting businesses across the country. Smallbusiness.co.uk reported that research from Instant Offices shows that the number of new business start-ups in the UK increased 28% over the past financial year.

Five creative tips

You may think that you need a lot of capital to establish a venture, but if you get creative you can start off with nothing more than a shoestring budget. Here are five tips you can use to start your own company without spending too much money:

1) Use the internet: You can advertise on social media, utilise Survey Monkey for market research, sign up to LinkedIn to network, make business calls on Skype etc. – invest in good broadband and you’ll save money elsewhere. 

2) Spread the word: How do you attract customers without an advertising budget? Capitalise on the power of word-of-mouth advertising; tell everyone you know, from family to friends to colleagues, what you’re doing and you’ll create the beginnings of a consumer base. 

3) Base it at home: A report from Enterprise Nation shows that there are more than 2.1 million home-based companies in the UK. If you operate your firm from where you live, you can eliminate the need to pay rent for an office, making it much easier to get your business off the ground. 

4) Look for partners: You can’t do everything by yourself. You should find partnerships that are mutually beneficial e.g. trade products or services, so you can acquire the help you need to get your firm up and running without spending too much. 

5) Learn to negotiate: You’ll often find that there’s no such thing as a set price. If you learn how to negotiate with vendors, suppliers etc. you might be able to secure vital products and services at lower prices.

Start a successful business

Some of the most famous entrepreneurs in the world developed huge companies with limited budgets. If you’ve got a good idea, you can utilise these tips to start a successful venture on a shoestring budget.