Quitting your job and working for yourself is such a fun and exciting prospect! Soon, you will get to be your own boss and have more control over your destiny. You now have the power and potential to make more money than you ever did before!
Becoming self-employed sounds glamorous and enticing, doesn’t it? Of course, there are some downsides to setting up as a sole trader. The main one is figuring out how to fund your business during its early stages!
As you can appreciate, it’s a problem that many people find quite challenging. But, the good news is that it’s possible to become self-employed on a shoestring. Intrigued? Keep reading and I’ll show you how.
Set up a dedicated workspace in your home
Perhaps the biggest cost to the self-employed is business premises. Have you seen just how expensive it can be to lease and insure an office? In some parts of the world, it’s just not an option. Even if you can afford to do so, you’re better off working from home for now.
Why? Well, first of all, you get to spend more time with your family. You also don’t have to worry about a daily commute to and from “the office.” And, most important of all, you can spend the money saved on other areas of your new enterprise.
Use things you already own
Just because you are self-employed doesn’t mean you can’t use equipment you’ve already got! In fact, it makes sense to do so until you can afford to upgrade to newer and better items.
The focus here is on starting your business on a shoestring. That means no unnecessary spending during those crucial early stages!
Outsource where possible
The beauty of outsourcing is that you can pay someone else to take care of time-consuming tasks. That leaves you with more time to get out there and make a living! You might not think it, but outsourcing is cost-effective to self-employed people.
For example, you could hire a “virtual assistant” to help with many different tasks. They could update your website and handle phone calls, for a start. You can even have them do online research for you.
Do you offer a service to your customers? If so, you could connect that to a “white label” outsourced system. In other words, you pay someone else to do the work and make a profit for little effort!
Get a small loan to pay for startup essentials
Sometimes you’ll have to borrow some cash to start your new business. It’s always better to use your money, but there are times where you need a “top-up.” MoneyBoat is a lender that can offer small loans that can get paid back in instalments. Providers like them are often more approachable than banks; perfect for new sole traders!
Just be sure that you can afford to pay the money back as soon as you start trading.
Sell online without spending a fortune
Did you know you can sell online for less than the cost of a fast food meal? Many folks assume you have to spend big bucks to trade on the Internet. But, domains and e-commerce software are cheap and easy to set up.
Now you know how to get started on a shoestring, it’s time to get busy. Good luck!