Guest Post – How To Start A Business On A Budget

Guest Post – How To Start A Business On A Budget

This week I have an amazing guest post from Em, who is an amazing blogger and writer. She will be giving you tips on how to start a business on a budget!

How To Start Your Business On A Budget

If lockdown has taught me anything, it’s that you need to have multiple sources of income. For many, running a business seems like an unreachable dream. With high start-up costs and the chance of failing in the first year, most people won’t even try to start a business. What if I told you that you can start your dream business on a budget and grow it with minimal investment? Here’s how you can start a business today with a small investment!

Start With The Basics

When you’re starting a business, it can be tempting to go big or go home. Before you spend £00’s on a new logo and website, keep things simple and start with the basics. First, you need to decide what you NEED to invest in. Each business will operate differently. If you’re selling a virtual product, then you won’t need a printer or physical products. You also won’t need to factor in shipping costs. If you do sell a product, you’ll need to think about sourcing your products and where you will sell things. Once you know what you need to invest in, you need to find the best prices for your essential business needs. Here are some budget-friendly things that you will need when setting up your business:

  • Social media accounts – Instagram, Pinterest, Twitter etc. are all free for you to use!
  • A logo – You can make one for free on Canva or hire a small creator who can make logos for around £15
  • A website – Blogger and WordPress let you make websites for free, but you should purchase your domain name. Domain name costs vary per name
  • A product to sell – Whether it’s digital, a service or a physical product, they each have their own costs. If you’re making an eBook, Canva is free to use. If you’re selling products, can you bulk buy resources for cheaper?

Keep Your Range And Products Simple

When you’re starting out, it can be tempting to offer 20 products and services to ensure you don’t miss a sale or target buyer. Stretching yourself thin isn’t good for many reasons. If you’re selling a product, you may not have given proper time and care into developing it. If you’re selling a service, offering so many different types can mean you’re selling more than you can take on. It’s better to accept 10 clients and give them the support they need rather than accept 30, have to turn some down and get no rest. It’s not good for your mental health. Keep your product range simple and perfect what you have. As you grow, you can take on more clients or sell more ranges. Spending money on products that flop is a massive waste of time and money.

Do As Much As You Can By Yourself

If you’re starting up, you don’t want to be offloading work to third parties. There are some things that you may really want someone else to do. That’s okay! If you budget for it, you can offload work sensibly to others who can do it better than you can. If you’re able to learn in, why not do it yourself? With my blog, I’ve done everything myself. I’ve built my business using tutorials and free courses. When it comes to coding, I’ve asked my peers for help. If you’ve got family and friends who are willing to help you for free, it may be worth asking them to help out. Doing what you can by yourself will save you a lot of money. If you can create a basic logo and website by yourself, you’re all set for business!

Sell Your Skills

Just because your business sells a product, doesn’t mean you can’t sell your skills as well. For example, if your hustle is reselling, write an eBook to share how you did it. If your business is candle making, create a crafting workshop for others to join in. If your business is blogging, offer consultations or coding services. If you’re able to sell your skills on the side, you can make more money from your business. Selling your skills also means that you’re using them to your advantage. If you know how to code, you can create your website by yourself. It’ll save you a lot of money, and the website can help you to make sales. If you have a skill that people are worth paying money for, flaunt it!

Use Social Media To Your Advantage

Social media is a free resource that can help your business grow fast without consuming your budget. Create an account for each social media platform and build a dedicated following. You can schedule promotional posts ahead of time using free apps and scheduling tools, so you don’t have to be on social media constantly. When using social media, make sure you’re using hashtags, engaging with bloggers and followers and posting regularly. You want to keep your audience excited about new products and be able to share existing ones. It may be worth adding a blog section to your website as you can promote your products, talk about updates and gain new traffic that way. If you need help with social media, I recommend these courses and services to help!

Run Giveaways And Collaborate With Bloggers To Create Hype

When you’re releasing new products, run a giveaway to create hype with your followers. It’ll attract new followers and even new customers. Giveaways don’t have to cost a lot to run, just the cost of the product (and shipping). It’s a great way to lead up to launch and get some attention to new products. If you’re feeling adventurous, you can team up with other established small businesses. They will help you promote your giveaway and also means you have more to give away! If you team up with a blogger to host a giveaway or send them products to review, you’re getting their traffic. When choosing a blogger, you need to find the balance between the blogger’s following, their work quality and their engagement. Sending a product doesn’t take a lot out of your budget either!

Growing a business takes time and a lot of work. Don’t be put off if you spend a bit over your budget or aren’t a millionaire overnight. Running your own business can be draining, but it’s an amazing accomplishment when you start to get sales and acknowledgement for your products or services. Keep at it, I believe that everyone can be a successful entrepreneur if they work hard and put their full heart into it! What tips would you give new business owners? I’d love to hear how other small business owners managed to start a business on a budget!

About the Guest Writer!

Em is a UK blogger focusing on blogging, business and sustainability on her blog “Love, Em“. With 4 years of experience in the blogging world, she is keen to share her knowledge. Emily is passionate about helping others, and since leaving college, has decided to put her passions in writing. You can find her over on social media!

Blog

Twitter

Instagram

Pinterest

If you would like the chance to guest post on the blog, make sure to send me a message on my socials!

 

Fast Fashion: The Facts

Fast Fashion: The Facts

Fast fashion is the reason why I shop secondhand. From being the queen of Depop and eBay to charity shop diving, I am starting to get the hang of it.

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I went to an event in London where they were offering tips on how to be more sustainable and one thing I took away with me is that I know I could easily shop secondhand. After all, I had been doing it for months already. So I started following sustainable and Eco friendly accounts on Twitter and Instagram to get some more tips and follow like minded people. But when it comes to the fast fashion industry, what are the facts? We are always hearing how bad fast fashion is, but how bad actually is it? Let’s find out, shall we?

  1. It takes 2,700 liters of water to make one t-shirt. That’s how much we usually drink over a 3 year period
  2. Americans buy twice as many items of clothing than they did 20 years ago
  3. Extending the life of clothing by a further 9 months would reduce carbon, waste and water footprints by around 20-30% each
  4. It takes polyester 100 years to degrade on landfill
  5. Australians are the world’s second largest consumers of fashion. On average they consume 27kgs of new clothing and textiles a year and the average woman only uses 33% of her wardrobe
  6. Greenpeace estimates that around 20% of clothing won’t be worn a single time
  7. Around 40% of apparel in the United States is imported from China.
  8. 80% of garment workers are women aged 18-35 who have no access to maternity leave
  9. In 2018 fashion shoppers spent £3.5 billion on Christmas party clothing
  10. Asos sources more than 59 million plastic mailing bags and five million cardboard mailing boxes every year to deliver to their customers
  11. The fashion industry contributes £28 billion to the UK economy
  12. Over 100 billion garments are made each year and 40% of the items will be discarded or unworn
  13. Only 10% of donated clothes in charity shops and thrift stores ever get bought
  14. In the USA 10.5 million tons of clothing is sent to landfill every year. That’s about 30 times as heavy as the empire state building
  15. 1 garbage truck of clothes is burned every second which is enough to fill Sydney harbor every year
  16. Total green house gas emissions from textiles production are more than all international flights and maritime shipping combined
  17. The global apparel and footwear industry accounts for 8% of the world’s greenhouse gases
  18. There are roughly 40 million garment workers worldwide, the majority of whom make less than $3 a day
  19. In Bangladesh, garment workers make £44 a month which is 1/4 of a living wage
  20. 60% of garment workers in India and Bangladesh have experienced harassment, verbal or physical abuse

Aren’t these facts insane? Do you feel any differently about how and where you buy your clothes from? For me, I can’t buy anything from a retailer unless it’s an absolute necessity such as knickers and socks (haven’t found anywhere sustainable to buy these so if you have recommendations please send them my way).

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Sources:

The Guardian

Huffpost

Greenpeace

Google images