You might have the best idea in the world or the largest drive to get into business, but with little to no money, you might find yourself scratching your head at how to get into it. But don’t worry – we’ve got you covered. Read on to find out how you can start a business with £1000 UK money or less.
Planning is Key
No money means starting a business is a whole lot riskier – without a back-up, any major issues could be the end of it completely. This makes it all the more important to do your research.
This could mean carrying out market research to establish how marketable your product or service is. This doesn’t have to cost money – knocking door to door or asking passers-by can give you valuable insight into how well your product would do and what changes need to be made in order to make sure it’s as successful as possible.
Having a strong business plan is also incredibly important – you need to have a clear direction of where you want to get, and how you’re going to get there. The Entrepreneur site has great advice on how to write the perfect business plan – you can find out more here.
Unfortunately, businesses need money to be set up and run. But this doesn’t mean that if you’re running low on cash, there aren’t ways to get around this. One way you might want to consider is getting a business loan – this is a really common method of starting out, but you need to manage this properly in order to make sure you don’t get into unexpected debt.
Another method of obtaining funding is by starting out with franchising. Franchising allows you to buy a small investment business and use it as a springboard to success. It’s worth checking out Franchise Local, who advertise small business for sale options for you to franchise.
They list hundreds of opportunities for you, so you can find the perfect business for sale UK, as well as what’s flexible for you, and offer you the perfect opportunity to enter the world of business. The funding you get from franchising means you don’t need much money to start it up and can earn back quickly – you can read more here.
Make Use of Freebies
There are plenty of ways to access free methods and resources if you look hard enough. One of the easiest things you can do for free is market your business – one of the best ways to advertise is word of mouth, so by talking and encouraging friends to share your business, you’ll find your audience growing quickly, as well as your sales. Social media is also a valuable source for marketing and advertising your business.
If you’re particularly silver-tongued, you might want to try your hand at bartering. This can allow you to get more for your money or even get things for free! This guide gives you great tips on how to barter when running a business.
Although it has extra challenges, starting a business with almost nothing is certainly possible! Good luck!