Keeping Start Up Costs Low
How to Start a Start-Up
Looking to start a start-up? Well I don't blame you because it really is the quickest way to get rich. Today I will be giving you some advice on what you will need to get your start-up off the ground and turn your idea into a reality.
1. A really awesome name/logo. Well recognized brands like Nike, Coca-Cola, McDonald's all have one thing in common. They are recognized throughout the world and have really great logos. Take some time to think of a great name and design a really great logo so that when your company takes off people will remember your name and easily spot your logo.
2. Great employees. These are hard to come by. If you get a bunch of tech-savy, smart, fun, and great people to work with and believe in your vision. This will come in handy in the long run and they will help you out threw your ups and downs.
3. Money. Either you are born rich, or you aren't. For those of us who don't have millions of dollars and are trying to start a start-up we need money for all the different expenses that are going to arise. So make sure you find investors, mom and dad, friends, and anyone else who believes in your idea and is willing to help you out.
4. Innovation. When we were younger we were always given rules and procedures to follow. For example, don't draw outside the lines, and we were really put in a box and told that we must do it this way or we are wrong. Well when you get into the real world they want you to switch your way of thinking and become "creative". Well this can be a big transition and hard for some so get inspired, and make sure to unleash your creative side.
5. Having fun. Start-ups require a lot of hard work, time, money, and thinking. You must remember that it can also be fun. You get to work with great people, meet really interesting people, and you can learn a lot of new stuff. So while you are working remember to have a good time.
Table of Contents
- How To Do It.
- Video: Winning Online Auctions
- Startup Saving Money Tips
- Low Cost Startup Ideas for 2014
- 2012 Top 5 Places to Start a Business in the United States
- Poll Time: Would You Start a Business
- Video: Startup Tips From Spanx Billionaire Sara Blakely
- Best Startups in 2011
- Top 5 Big Mistakes Entrepreneurs Make
- Video: Common Entrepreneurial Mistakes from Scott Edward Walker
- Poll Time: Your Favorite Common Entrepreneurial Mistakes?
How To Do It.
There are many start up costs for new businesses you have to pay rent on wherever your office building is, you need to fill that office with equipment, and you also need to pay employees. Now, some of these costs do not apply to all new businesses but they do apply to most. There are ways to save on your start up costs, for instance you can take on more responsibilities so you do not have to pay employees, or you can conduct your business from home so you do not have to pay rent for office space. Also, you can save a lot of money on buying used telecom equipment for your office space.
Let’s look at how and why you should buy used telecom equipment, used laptops, and other office equipment to use for your business.
1. Used equipment is just as good as new equipment and it generally is much cheaper. Used equipment does not mean it is damaged or not good anymore; you can get refurbished equipment that is just as good as new equipment. Thus, by saving money on this equipment it hopefully means you can pass these savings on to your customers.
2. Make sure you are buying updated telecom equipment, if a customer is on the phone you do not want to lose that customer because of old telecom equipment may be faulty or not have the same capabilities as some on the new equipment. So it is imperative to make sure that the equipment you are buying has all the capabilities of the new equipment and that it has everything you need to run your business.
3. As a small business owner it would be best to evaluate your current equipment and see if that is the most cost efficient way to do business. If it is not you may want to look into cheaper ways to do things, for instance if your new expensive equipment is doing the same things a piece of refurbished equipment and it is cheaper then you obviously need to consider doing it.
So let’s recap, in order to save money on your telecommunications you need to figure out what your business needs out of this equipment and from there you can make a better decision about what equipment to buy whether it is new equipment or refurbished equipment.
Now I am not saying to run out and look for used laptops for sale or to completely reshape your office around refurbished office items. But with the price of doing business so high it is a wise investment for business owners to pinch pennies wherever you can. This helps your business become more efficient overall because you are spending less money and still being able to get the job done. As a business owner you should always be looking to make your business more efficient because this directly increases your profitability, thus making you more money. Remember, just because the equipment is used doesn’t mean the equipment is not any good anymore.
Winning Online Auctions
Startup Saving Money Tips
When you are first starting out you need to think about where you will be working. There is always a “WOW” factor associated with a great office space, but these can come at a high price.
First you need to consider rent. What is your budget for rent? Do you even have a budget to start out? If you can do it, working out of your home is not a bad idea for a time. It will not be an ideal situation but the savings can be added to a future fund for rent or other endeavors. Just make your space work for you. Set it up just the way you like it and make that you work haven, your office.
If you do have the budget for rent, then the next thing you need to consider is how you are going to furnish your office. This is a cost that can get out of control quickly if you do not watch every dollar spent. You will need desks, file cabinets, chairs, as well as a whole host of other office supplies. This does not even take into account all the computer hardware and software you may need to get your business up to speed. These can be things like computers, phones, printers, and Internet components. All of these can quickly become a large cost if not watched carefully.
So keep this all in mind when you are first starting out. Setting a budget for your self can be a huge help in the financial success or failure of your new business venture.
Low Cost Startup Ideas for 2014
Most people understand that it’s not cheap to start a business but when you reach into a niche market or use resources at home, you can start your own business without spending over $10,000. Since time has change, the need for a different type service is required. Here are some great budget friendly business ideas to cater our societies’ need today.
Starting a business in blogging is easy because all you need is a computer connected to the internet. You might have noticed in the past few years a lot more people are blogging about all types of things like fashion, travel, food and etc. There are plenty of free online blogging platforms such as Blogger.com to get you started. It’s important to choose a good domain, post rich content on a regular basic and should never start a blog because it pays you well. It is vital to have passion in what you do to be happy and successful.
2. Content Writing
There are more businesses building a website and they need high quality content for their site. If you have good English writing skills, it is your opportunity to start a business service that offers writing articles, blog or on-page content. Although it might take a while to build up reputation and trust with a client, the startup cost is low. All you need is a computer connected to the internet.
3. Translation Services
There are many languages spoken in the world so it can be difficult to communicate with one another when both do not speak the same language. Whether it’s for business or personal issue, a translator will be needed when two people do not speak the same language. If you can speak another language and understand the culture of that particular culture, it is your advantage to start a business in this industry. You don’t need a physical office to start this service and you can start this business by building a website.
4. Dog sitting
It is more common nowadays for people to own pets like dogs and cats, so what happens when the owner goes on a vacation? They would most likely ask a friend or family member to help animal sit but most people are busy nowadays with work or family. We need more animal sitters now more than ever because more people are raising pets.
2012 Top 5 Places to Start a Business in the United States
Many business owners suffer from high business cost and heavy regulatory burdens from big cities like San Francisco and New York. More and more businesses are closing due to these high cost and moving to other parts of the United States that has booming unemployment rate and economic growth. You won’t be expecting these locations to be anywhere close to the west or east coast. As the United States economy continues to suffer with high unemployment rates and low economic growth, there are a few states in the United States new business owners can prosper.
5. Denver, Colorado – Denver is the second biggest center for the aerospace industry employing 19,500 people in the private sector. Global giants such as Lockheed Martin, Boeing, Raytheon and Northrop Grumman are all located in Denver.
Metro Population: 2,602,900
Projected Annual Job Growth: 2.6%
4. Des Moines, Iowa – The mayor of Des Moines, Frank Cownie, recently traveled to China organized by the U.S. Conference of Mayors to talk about Chinese investment in the United States. And there is no doubt Frank Cownie made a pitch for many financial services company in Des Moines.
Metro Population: 580,700
Projected Annual Job Growth: 2.1%
3. Fort Collins, Colorado – Fort Collins has a highly educated workforce thanks to Colorado State University, a major presence in this town. While 46% have college degrees, 18% holds graduate degrees. The United States’ average is 28%.
Metro Population: 306,200
Projected Annual Job Growth: 2.7%
2. Raleigh, North Carolina – Raleigh, last year’s top city for start-up business, slipped this year to number two because living cost rose to 5% above the national average. Although there was a drop, Raleigh is still attractive to businesses as it’s operating cost is 18% below the national average. The workforce in Raleigh is highly educated because there are nearby schools like North Carolina State and the University of North Carolina. Also, Raleigh was ranked among the second highest net migration rate in the U.S. over the past five years with many unemployed job seekers looking for a job.
Metro Population: 1,169,000
Projected Annual Job Growth: 2.9%
Drum rolls please…
1. Provo, Utah – This city has a $16 billion economy because of Brigham Young University. The school is the nation’s third-largest private college by enrollment and creates many new job opportunities. In 2010, the university ranked third in a number of start-ups produced through university research, just behind the University of Utah and MIT. The job market in 2011 saw a robust growth of 3% which is the third best in the United States. Utah is ranked tenth lowest overall for crime and has one of the lowest violent crime rate in the U.S.
Metro Population: 542,700
Projected Annual Job Growth Through 2014: 2.5%
Would You Start a Business
in One of These Places?See results without voting
Startup Tips From Spanx Billionaire Sara Blakely
Best Startups in 2011
I wanted to look back at some of the best start-ups of 2011 and give our readers some information about what they do and hopefully use there services. Starts-ups are a fun place to work, and if they do end up making it big, you could make some serious cash. These are some great ideas that these people came up with, and I’m sure they put a lot of hard work and dedication to release their products on time and without too many bugs. I myself have worked in a couple start-ups and it’s a collective effort by each team member to get their share done and even help one another out. Let’s have a look at some of the best start-ups and what they do.
1. Get Glue: GetGlue is a social network for entertainment. Users check-in and share what they are watching, listening to and reading with friends; get fresh recommendations, exclusive stickers, discounts and other rewards from their favorite shows and movies.
2. Zaarly: I really think this is a cool way to buy and sell with people. Think of it as a craigslist meets twitter type of tool. Zaarly will help you find anything, whether you need a local caterer or a housekeeper, swimming lessons or a private boat tour. All you do is ask and we automatically bring offers to you from people nearby.
3. Simple: This is a worry free alternative to banking. People keep their money in more than one place and they get charged a lot of money by every bank. Simple wants users to be able to have all their accounts merged and get rid of bank fees once and for all by splitting the net interest between all of the banks involved. It's partnering with Visa to create one, ultimate credit card that connects to all of its partner banks and 40,000 fee-free ATMs. Unfortunately it hasn’t been released yet but is set to later this year.
4. Lytro: Lytro is transforming light field technology from a scientific theory into a reality for everyone. It enables you to make photos, which can be focused after taking them. The unique software that Lytro developed enables you to refocus on your laptop, phone, and computer or on your Lytro camera, long after you took the picture. Pretty amazing right?
Top 5 Big Mistakes Entrepreneurs Make
1. Having unclear goals and an unclear mission. This is an important component because a start-up must have clear goals and missions in order to strive for success. When the team doesn’t have a focus, it would be hard to achieve your ultimate achieve your business goal.
2. Trying to prove that they are smart. Starting a business is tough because you might have to start from scratch. When someone tries to act smart without asking someone for help, it definitely hurts the company. What you learned in school was to ask questions when you don’t understand something. To have a successful business they cannot act smart and pretend they don’t need help.
3. Greed - doing it for money. Of course, many people own a business to earn large profits. If business owner’s ultimate goal is just for the money, the company might not last in the long run. There could be a high turnover rate of employees for the company and it will not be productive. Make sure you passionate about the business you do to ensure long term success.
4. Hiring people that they like rather than people that they need. Working with friends might be a great idea because you want to work with people you like to hangout with during the weekends. Although it’s a great idea, productivity might be low and relationships can be damage.
5. Not knowing when to let go. Often times a business owner needs to be able to take risks. Opening a business is a big risk but things can go wrong with a product you’ve been working on for months. Sometimes you might need to let it go in order to make something better. Business owners need to know that owning a business has a high risk factor.
Common Entrepreneurial Mistakes from Scott Edward Walker, CEO of Walker Corporate Law Group
Your Favorite Common Entrepreneurial Mistakes?See results without voting
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