Many people enjoy their careers and the knowledge and experience they gain from them. Of course, some people feel destined for better things. For many, quitting their jobs and working for themselves helps them realise their goals.
But, what happens if you don’t have the means (i.e. the time or the money) to do so? Are you sailing close to the window from a financial perspective? Do you seldom have any spare time after work to do anything else? If so, setting up a new enterprise may be nothing but a pipe dream to you.
I’d like to tell you that nothing is impossible – even if you’re low on time and money! Don’t worry. This isn’t one of those annoying self-motivation blog posts you often find online. What I’m doing today is giving you some practical advice on how to achieve what you may think is the impossible!
Set up a company
There are plenty of reasons why it makes sense to become incorporated. For a start, you pay less tax than you would if you were a sole trader. Second, you’re more likely to get work from large corporate clients. And, third, if things don’t work out, you won’t lose your house or prized possessions!
The good news is that it’s cheap and simple to organise company formation. You don’t need to pay an accountant to do it for you. Many providers even offer you deals on business banking to help you save even more money.
Create a business plan
Before you do anything, spend a day or so drawing up a detailed business plan. Doing so means you can make sure your new business is on track with its future goals. It can also help you borrow money if you need to raise capital to invest in your company.
You can save a lot of time and money by not hiring employees! Don’t worry; I’m not suggesting you do everything yourself. Instead, be a smarter entrepreneur and outsource your work:
- Bookkeepers can handle your company’s financial affairs and submit tax returns on your behalf;
- Freelance marketing agencies can manage your online marketing and online sales;
- Logistics companies can deal with storing, shipping and physical goods on your behalf.
In fact, you can outsource just about anything these days! By delegating common tasks to third parties, you can better manage your day.
Work from home
Because you are outsourcing, you won’t need to lease an expensive office. Nor will you need to commute anywhere. This gives you more flexibility with your day – perfect if you’re a parent with children in tow!
Worried about not looking professional? You don’t need to use your home address for your business. Instead, an inexpensive “virtual” business address offers the ideal solution. What’s more, many providers offer meeting room rental for when you need to meet with clients.
Use your own devices
You don’t need to spend money on IT equipment or smartphones when you can use what you’ve already got. Plus, you could even lower your tax bill by using a “homeworking” allowance against it!
Now you know how to start a business on a low budget, it’s time to get started!