Have you been wanting to start your own business, but are afraid the business start up cost will be too expensive? You’re not alone. The cost to begin a business is what holds a lot of people back. When you ad up the cost of leasing a work space, equipment, furniture, supplies, computer equipment, licensing fees, registration fees, accountant fees, and consulting fees it cans get pretty astounding. There are ways to minimize your business start up costs, though and you won’t even have to add a second mortgage to your home.
1. Start out small. It’s great to think big, but you can save a lot of money by starting out small. If you have some space in your home that you can work out of, it can save you a lot of money. You will avoid having to rent or lease an office. Maintaining an office can be expensive too. Electric bills, heating costs, water bills, and even the furniture can be a big chunk of your business start up costs. You may never need a brick and motor office, especially if you primarily work on the Internet.
2. Register your business and file all of your paperwork yourself. Sure it makes things easier to have an accountant register your business when you first start out, but you can actually take care of it yourself. You can learn what paperwork is required to register and start your business in your state by visiting your state’s website. You will still have to pay whatever fees are charged by your state, but it should lower your business start up costs quite a bit by avoiding accountant fees.
3. In the beginning, do all the work yourself. This will benefit you in more ways than one. It will save you money, but it will also help you to learn all the ins and outs of your new business. It will help you identify any weak parts of your business as well. Finding areas to improve could save you a lot of money in the long run.
4. Find a mentor in your area. Having a mentor can save you money on your business start up costs because you can learn from their mistakes. Networking with other small business owners, and learning from their mistakes is a good way to save money even in the long run.
5. Visit the Small Business Administration’s website. They have a wealth of information to help small business owners. Anything from options to finance your business start up costs to help writing your business plan. Visiting their website is bound to save you a lot of money.
You don’t have to throw all of your savings into your business venture. Starting a business is a lot of work, but don’t let the business start up costs scare you away. you’d be surprised how much money a little research can really save you.