Low-risk ways to start a business (Part 2)

Following on from our previous blog post on starting your own business, we take a look at additional ways you can get your new venture up and running, whilst cutting out some of the risks and stress.

Go light

People often think that finding a venue, shop or office is the first step to take when it comes to trading, but there are other ways to do without this upfront cost.

If you’re offering services you may be able to work from home, but you will need the time and space to do so.

If you need to have client meetings but can also work flexibly from home, you may want to look at renting hotdesking space.

Lots of these schemes come with meeting space, or as an extra to a basic package. Fees are often flexible, and will be less if you only sign up to one or two days a week, rather than full-time.

This can give you flexibility as your business expands, and a professional look and access to services that you might not find working directly from home.

Go mobile

Don’t forget to think flexibly – there are other options, too.

Lots of businesses operate out of a vehicle, whether it’s selling coffee from a VW camper van or doing dog-grooming out of a Ford Transit. You could even load up your services on a bicycle.

For some clients, the fact you can come to them can be a selling point gives you an edge over your competitors.

Plan ahead

Whatever your plans and outlays, it’s really important that you’ve thought it all through beforehand.

Do your sums – your startup costs and running costs, and work out how many hours or items you’re going to need to sell to cover your costs.

Don’t plan on running on empty. Work out your cashflow, identify any pinch points, and how you might deal with them.

Don’t forget your own time

Your time is a cost, too, especially if you’ve already got one venture up and running.

It’s no good devoting all your time to new plans only to see your established business falter because you neglected it. Think about how much time you want to spend on your new plans.

Every new business will take a little while to pay off – but be clear about when this should happen, and what’s reasonable for your other commitments, family and finances to sustain.

Talk to us about starting a business.