The biggest challenge most aspiring entrepreneurs face is to get the initial capital to get their business started. While this may be an issue, there are many businesses that you can start on a shoe-string budget. Read on to know how you can start a business with a minimal budget.Decide what to sell:
The main cost of the business is either in procuring or manufacturing the products that you want to sell. If you are running on a low-budget, you should find a product that is cost-effective. Some of the products that can be manufactured at a low cost are candles, kurtas, handicrafts and jewellery. These products can be manufactured at home and do not require a huge capital either. Read small manufacturing business ideas that cost little to start
for more ideas.Create a business plan:
Even if you start small, your business needs to have a comprehensive business plan. This plan will help you in understanding the different aspects of your business that you need to concentrate on to make it grow. This will also help in planning for any additional expenses you may incur or challenges you may face. Read how to create a business plan
to know what you need to include in your business strategy.Draw out all the expenses:
It is important to be practical when it comes to starting a business at low cost. You need to keep a tab on each and every expense that may come your way. This not only includes the overhead business expenses but also labour costs, transition costs, storage and maintenance costs. Additionally, you should also take into consideration your personal expenses. Once you create a budget, you might be able to better prepare for any unmapped costs that may occur in the future.Get the necessary paperwork done:
Always be on the legal side and make sure you get necessary licenses for your business. First and foremost, you need to register for GST number
w3. Some businesses may need additional government approvals. For example, if you want to sell food items, you need to get FSSAI license. By being legally safe, you will not have to worry about spending money on fighting lawsuits later on in your business.Sell online:
There are many challenges you may face if you decide to build your own e-commerce site
like additional development costs, maintenance and feature addition costs. In addition to this, you may need to spend a lot of money to get traffic to your website. Therefore, selling online at an already established marketplace like Amazon is not just convenient but also saves you a lot of money. You can instead use this money to help your business scale new heights.
Many entrepreneurs have gone the online selling route and achieved massive success. Online selling is the most practical option for people who want to run a business at low cost. If you already have a business idea, register yourself as a seller on Amazon
and start your business today.