Thousands of people launch new businesses each year. It’s great that the entrepreneurial spirit lives on in many of us. Especially in the face of economic adversity. Many people have brilliant ideas for new businesses, but one thing seems to let a lot of them down: Money.
The sad truth is that some business ideas need a lot of capital to gain traction in the market. Without that cash, their startup will be nothing but an idea on paper. However, there is a light at the end of the tunnel! You might not think it, but it IS possible to launch a new startup on a shoestring. Here are some ways to do just that:
Work from home. It might seem obvious to some, but not to everyone. Working from home solves a lot of financial and practical problems associated with startups. First of all, you don’t have to spend money leasing business premises. You can even work from your bedroom if you so wish!
Second, it makes things more flexible for you if you’ve got a family in tow. You will find it easier to manage your home life around your professional one. And, third, you no longer have to worry about rush hour traffic.
Outsource everything. Another major expense of any business is paying for employees. On first reflection, you might think that you only have to pay their salaries. But, you must also cover other costs like tax, insurance and even pension plans in some cases.
It makes more sense to hire people on an ad-hoc basis. But, how can you do that? By outsourcing your work, of course. There are literally millions of freelancers and outsourced service providers out there. They can help you with all kinds of things like data entry, warehousing, transport, and more.
Only when your business has grown significantly should you consider hiring employees.
Use a lawyer to lower your tax liability. The problem with today’s government is few entrepreneurs know about small business tax relief. There are many ways that your new enterprise can save money and pay less tax. The trouble is, how do you know which tax relief strategies apply to you?
And what happens if you’ve lost track of how much tax you owe. The IRS could send you a large bill that may bankrupt you! Sometimes, it makes sense to hire an incredible tax attorney if you need one. They can negotiate with the IRS on your behalf.
Plus, they can give you advice on strategies to save money on future tax liabilities. A tax lawyer is an essential person to have in your business, just like an accountant.
Do most of your marketing on the Internet. There was once a time where the best way to increase brand awareness was through printed media. These days, the Web has taken over as the prime marketing platform.
The good news about marketing your startup online is it costs you a fraction of the price of printed media. Plus, it’s also easier to reach a global audience. Especially with pay-per-click advertising on search engines and social networks.