Entrepreneur on a Budget: How to Start a Cheap Business

 

Find Related Hobbies & Do What You Love

Being an entrepreneur doesn't mean you have to start the next Facebook or Google. You can do something you love and be your own boss. The best way to start a cheap business is to find something you're passionate about and figure out a way to make money doing it. For example, if you love baking, you could start a home-based bakery or sell your wares at local farmers markets. Get creative and don't be afraid to think outside the traditional business model. If you want to start a business on a budget, the best place to start is by finding related hobbies. If you're an avid gardener, starting a plant nursery could be a viable option. You could even offer services to help others create a beautiful garden. The key is to find something you're passionate about and then find a way to monetize that passion.

 

Identify Simple Products and Services

Do some research and make sure there’s a specific group or community you can cater to or a demand for what you want to sell. 
As for products; once you know what you’re selling, figure out how to produce it cheaply. You may be able to find used equipment or get bulk discounts on supplies. Many manufacturers will let you buy in small quantities if you're planning to resell their products. Research wholesale distributors for other options as well. 

​

Find Great Suppliers

This can be one of the most challenging and frustrating parts of starting a business, especially if you’re on a tight budget. 
To find great suppliers; network with people in your industry – meet with other entrepreneurs at trade shows, conferences, networking events and through social media. Make phone calls instead of emailing – in order to save money, talk to potential suppliers directly over the phone. It also helps that voice-to-voice communication is much more personal than an email exchange. Also, shop online – take advantage of online marketplaces like Alibaba which allow you to connect with thousands of manufacturers from around the world.

 

Reach Out to Existing Communities

When you’re starting a business on a tight budget, one of the best things you can do is tap into existing communities. This could mean working with local groups or partnering with existing businesses. Not only will this help you save money, but it will also give you access to valuable resources and networks. So get out there and be friendly...even if you have to do so virtually. Just let folks know you exist.

 

Create Some Banners for Facebook Ads

Facebook Ads are a great way to reach out to potential customers, but they can be expensive. Luckily, there are ways to create Facebook Ads on a budget. One way is to create your own banners. You can use free online tools like Canva or PicMonkey to design professional-looking banners. Another way to save money on Facebook Ads is to target your audience carefully. Make sure you target people who are likely to be interested in your product or service.

 

Promote Your New Venture

So...we've established, you want to be your own boss, but you don't want to break the bank doing it and that's understandable. And lets face it, not everyone wants to use Facebook for advertising. However, when it comes to promoting your company through other avenues, it can be pricey! Fortunately, there are plenty of ways to get your business up and running without spending a fortune. Here are a few tips;  contact local businesses to see if they would like to cross promote or promote their services with a deal or giveaway, offer incentives in exchange for feedback, share information with people who might have similar interests or needs as your target audience and attend networking events (this goes back to getting out there and being friendly).

 

Well There You Go
You don't need a lot of money to be an entrepreneur. In fact, you can start a cheap business with just a few hundred dollars or less. Just believe in your abilities, research, copy trends and methods that work and don't give up. At least give it a worthy try...and remember there are so many services to offer so try other options as well. Best of luck to you!!