Building a business on a budget

Once one has decided to build a business, one of the biggest and most intimidating barriers is the amount of money initially needed to get the brand up and running. Perhaps this fear is what’s stopping most people from chasing after their dreams. However, this article is a guide to finding the most resourceful and crafty ways to create a professional business that won’t leave pockets completely empty.

Utilise free online resources

Free online resources can be a little gold mine for those who are truly starting their business from scratch. For example, Adobe’s free banner design feature gives access to hundreds of expert-looking templates that users can take inspiration from or even use themselves for their own branding. There are personalisation options too, where it’s possible to insert a name and logo onto the template to give it a more individualised feel. This can all be done for free, or, for access to even more templates and fancy features, there’s only a small fee to have even more creative functions available.

Budget the finances

Budgeting is a smart business strategy, and one that is essential for a business to thrive, particularly during more financially difficult times. Budgeting means approaching the business plan with a sense of realism, in order to not overestimate or underestimate current and future financial situations. To create a budgeting strategy that will work, it is highly recommended that owners think carefully about every financial detail that they may approach, and to do that it could be useful to research budgeting strategies of competitors, or even create a budgeting team from the members of the organisation.

Track the financial journey

The most effective way to track financial progress is to understand how to calculate your net profit margin. Simply put, the net profit margin is a ratio that compares the company’s profits to the total amount of money it earns. Keeping track of finances, including profits and losses, will help the business become more effective in understanding how it operates and where it stands in terms of financial stability.

Don’t be afraid to make changes

Adjusting a business plan with new knowledge of financial changes is better than sticking with the original plan and watching the business crash and burn as a result. These adjustments could be due to a change in business pace because of seasonal, economic or general industry factors. It is much smarter to form new ideas and strategies based on how the market is performing now, as opposed to when the business plan was initially made.

Get out into the community

Customer loyalty can be born from attending or holding marketing events where teams are interacting with potential customers firsthand. These events do not have to be lavish affairs, as that will most likely not connect to the target audience anyway. Instead, attending charity events, giving out free testers in the street, handing out flyers, or setting up a stall can be great ways to make contact with a new market. The point is to make connections and learn the faces and demographics of those interested in the brand. It is crucial to recognise that, even in the digital world, people consider real-life connections with tangible people and even physical objects to be irreplaceable. 

The editorial unit