6 ways to scale your business on a shoestring
Building a business from scratch can be costly. In fact, not having enough cash to support their entrepreneurial vision is one of the most common reasons people are put off starting a business. However, it is possible to launch and scale a business successfully without the need for a huge budget. Below we have outlined six ways to scale your startup on a shoestring.
1. Focus and plan
Start your business based on your existing skillset. This will help you scale quickly because you will already have a strong understanding of what your business is offering, and it will save you money on outsourcing from the offset.
Having focus also means understanding where your priorities lie – which areas do you need to invest most of your time and money into for your business to be a success? Where can you afford to hold off for a while? At this point you will also need to create a financial plan which ensures you have the budget required to cover all of your overheads.
2. Work from home
Co-working spaces offer the chance to work with other entrepreneurs and are often a valuable source of networking. However, they can be costly. At the beginning, it’s important to save money on space by working from home.
You can also claim a percentage of your rent/mortgage payments, business internet bills, even stationary costs back in business expenses, helping your business to be as cost effective as possible.
3. Use the cloud
Time is a precious commodity for anyone self-employed. Streamlining your processes with project management tools will cut down on the time you spend organising your workload, leaving you free to focus on your clients.
However, this doesn’t mean you need to invest in high-cost tools. There are a range of free or low-cost project management software available that will provide everything you need to get started. Trello, Asana, Zoho Projects, Bitrix24 and BaseCamp are all free project management tools that can help streamline your working day.
4. Be active on social
Networking is a necessary element of business growth, enabling you to meet fellow entrepreneurs who can help you grow your business. But finding networking opportunities near you may be a challenge. Social media is an ideal platform to connect with other freelancers, without even needing to leave your desk.
Cultivating a strong community will help to spread the word about your services, as well as creating quality connections that can offer opportunities for skill swaps and collaborations.
5. Try virtual assistants
Finding the time to balance paperwork with client work is a common struggle for anyone starting up on their own. A virtual assistant provides professional PA, administration, or secretarial services assistance remotely. Services can start from as little as £15 an hour, meaning you can get the administrative help you need without having to consider employing anyone part-time.
6. Use free or low-cost website builders
Presenting your business professionally and creatively online is important in securing clients and demonstrating your skill. But well-produced websites don’t need to be costly. Online platforms such as WordPress, Wix, Doodlekit, Squarespace and Rocketspark are simple and inexpensive alternative that eliminates the need for a developer or designer. By offering features such as inbuilt templates, drag ‘n drop editors (no HTML knowledge needed), MBs of storage, they provide an easy, customisable experience.
Do you need some extra help with your business finances? We can help! Get in touch with our team of business advisers today on 01903 234094.