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Managing a New Business on a Tight Budget

When you are starting your own small business, money can be tight. There are lots of hidden costs which sneak up, and suddenly your budget has gone. There is so much to consider, website costs, marketing, printing services, your products themselves, equipment you may need, and that’s just the start!

How Do I Begin to Prepare My Budget?

You need to be strict, and make a realistic list of what you will need to set up. In time as you start to make money, you can then invest in further equipment or materials you may need. Initially purchase exactly what you need and only this. It is easy to get swept up and purchase unnecessary things you might not actually require at this point. Also gather quotes from a variety of companies, although this takes time, you could save yourself a lot of money working out how you can get the most from your budget. Remember to assess what you are getting for your money. If you buy cheap you can end up buying twice. Make sure your purchases are informed and of the quality you require, if it means spending a little more, it could be worth the investment.

Remember be strict with your list, ask yourself, do I really need this right at this moment? Will it help my business bring in profit and make more sales? Also don’t get swept up by others trying to push unnecessary products or services on you when they know you are setting up. It is easy to add an extra 2000 leaflets to an order for only X number pounds more for example. Stop and think about all these ‘offers’ it’s an extra X number pounds out your budget? You might make changes down the road, so your printed leaflets might be unless.

My Budget is Running Low, What can I Do?

It is amazing who you know when you get talking to people. Tell friends and family exactly what you need, sometimes it turns out that they have a friend who can help you for a fraction of the cost, or perhaps your friend has a hidden skill that you did not know about before. You can again make a list of people around you that might be able to help you in a particular way and make deals. Perhaps you could swap some of your services or products, in return for some help from them. Networking and talking to those around you can really help progress your business. Don’t be shy to tell others where you are having a problems and what you might need help with, you never know if that golden contact is within reach!

The main key to budgeting is to keep an organised plan. Don’t rush into special offers or deals and spend extra money here and there. List exactly what you need, what you are willing to budget, and don’t go against your plans. If something is more expensive than you thought, really think about your purchase, is there a way to reduce the costs, or is it worth spending slightly more for better quality?

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