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Five Low Cost Business Ideas

Though it always helps to have money behind a new business, having capital to spare is by no means essential. In 2004, Facebook started in a college dorm room with almost no financial backing, in 1962 Sam Walton started Walmart with a meagre $25,000 investment and when Bill Hewlett and Dave Packard started Hewlett Packard, they had just $538 in assets.

Though these are extreme examples, they prove that a lack of money is no barrier to success. So if you’re thinking about taking the plunge and becoming your own boss, take a look at these five low cost ideas for launching a business empire of your own.

1. Work from home

Any business that lets you work from home will instantly be more affordable than one which requires investment in commercial premises.

There is a huge amount of potential for growth in online ventures, so take a look around to see what interests you and then get to work building your business.

2. Work with remote collaborators

Employees are expensive. From paying wages and taxes to investing in their training, staff can add a huge amount to the start up costs of any new business.

To reduce your initial expenses, try using the internet to find remote collaborators and freelancers for your projects. Graphic designers, writers, photographers, accountants and even secretaries can be found online, with tools like Skype and other VOIP services making collaboration easier than ever.

3. Keep it simple

Often, the simple business ideas are the best.

If you’re launching a new service or a new product, try to focus on your main USP. Once your brand is established and has a decent following, you can begin to diversify and make your business more complex.

4. Provide a service

Providing a service like cleaning, pet care or administration is a cheap and easy way to set up a business.

Though you may require a few initial investments in equipment, by relying on yourself and working in other people’s premises, you can avoid many of the expenses that other types of start ups incur.

5. Open a franchise

With much of the hard work already done, a franchise allows you to open a business that already has a recognised name, a reputation and a following.

This will save you a huge amount of time and money when it comes to marketing, with your franchisor doing a lot of the work for you.

Just because you don’t have millions of pounds to play with, doesn’t mean you can’t start a successful business venture of your own. All you need is a bit of imagination, commitment and the capacity for hard work.

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups. I am an author of various websites including Franchise UK https://www.franchise-uk.co.uk

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