Think starting a business is expensive and daunting? No way. Here's how to get going for under $1000...
Most people think that starting up a business is an expensive and daunting exercise. But in truth it’s now cheaper and easier than ever before.
Sure, once you get the ball rolling there’s going to be some hard work involved, but that’s part of what makes running your own show such a rewarding experience.
So if costs and complications have deterred you from starting up, here’s a step by step guide to getting your business going for under $1000.
Draw Up a Business Plan
The first and most essential step in turning an idea into a successful enterprise is drawing up a business plan. It will flesh out any weaknesses and bring all the costs together so you know your strengths and weaknesses and exactly what resources are required.
There are plenty of free templates available online that guide you through the process, but a good place to start is the Australian government business portal.
COST: FREE
Choose & Register a Name
Once you’ve drawn up a business plan and feel you’re on to a good thing, the next step is to decide on and secure a name. It should be unique but also clearly spell out what you do.
Choose something catchy, make sure the domain name is available and register both the domain and the business name so they’re all yours.
COST: $100
Get Branding
Given a name, it’s time to get branding. Logo design can cost thousands, but it can also be done very cheaply too. If you’ve got a bit of design flare then draw up an idea and then get it professionally sharpened, otherwise just outsource the whole thing through a site like Freelancer.
Once you have a logo get ready to roll it out across your website and social media presence. While you’re at it, give yourself a title and print some neat business cards.
COST: $200
Tech Up
Whether you’re an internet based business or not, you absolutely must have a website. There are some great free options like WordPress which will let you set up and update your content, as well as Google and MYOB’s latest initiative Getting Aussie Business Online. These sites guide you through creating a complete company website.
Given the free resources available, you may want to splash out on a sharp template for your website too. A decent looking page will cost you around $50 and hosting the site will cost $10 to $15 a month.
It doesn’t need to be swish, it just needs to be there.
COST: $250
Market Your Message
Having set everything up, you need to put it out there, get it in front of people. You may have a solid business plan, great logo and sharp website, but without marketing it’ll all go unnoticed.
Telling your personal network is the first step, but then you need to move outside your network. Write some copy for industry relevant blogs, get active on social networks and set a budget for search engine marketing.
Search engine marketing places ads for your business next to relevant key words in Google and you pay a small fee each time the ad is clicked on. Once your budget is exhausted each month the ads stop appearing. Simple.
COST: $360
All counted that’s $910 for a start-up in full swing. Expensive and daunting? No way.
Need more info? KBB Start Up Expert Mat Beech on Starting a Business on a Shoestring.
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