Research has found that almost half of the UK businesses were started on less than £500 and a third of businesses were started on less than £250 or less!
The report of over 1,500 small business owners carried out by Yell Business suggests that costs shouldn’t hold back a start up business.
More than 93% of those businesses also recorded a profit in 2016 with over 85% saying they felt that their business was successful.
The findings are in stark contrast to other reports that the perception of people who would consider starting their own business would be costly.
Individuals who were not taking the start up plunge took the survey which found that they felt that there ‘could be’ lack of start up funds available (40%), there was a risk of failure (25%) and 23% said they ‘wouldn’t know where to start’.
With a large proportion of UK individuals reported that they have thought about running their own business and they were not happy within their current employment.
In some cases, we’ve found that redundancy and unsettled work places force the individual to re-focus on starting their own business. From those that have been discovered to have been in such a situation, there is a high success rate.
For anyone thinking about starting a business, there has never been a better time. The digital arena is full of accessible social media tools and platforms to reach your audience. You don’t need an expensive creative agency to eat away at your start up costs. In fact, this is now the opposite, with web design platforms such as Wix and affordable hosting such as Godaddy you can have a website live in just a few hours.
There are numerous e-commerce platforms for you to easily sell your products and service to your customers such as Shopify and eBay.
Create your social pages on Facebook, Twitter, Instagram, Pinterest, LinkedIn and so on and start to build your audience. record video and let people behind the scenes see your efforts in starting up and you will be rewarded. People generally like to help other people succeed so use the opportunity to gain awareness of your efforts.
When and if it comes to funding and you do need start-up costs there are many startup loans available, some with government grants, local council initiatives and more. All accessible. And, if there is no funding in your area you can look at alternative business finance. The alternative finance space is now teaming with great funding options.
You may find a much better deal than approaching your local high street bank who offer traditional forms of business finance. There are crowdfunding websites, ideal for raising the capital you need for your business idea or product idea. There are unsecured business loans, startup loans, secured loans, asset finance and invoice finance products – great for when you get going.
If your business is in retail or takes card payments from your customer there is a great product called a business cash advance which works with your cash flow and only repays when your business makes sales.
Above all else, if you are thinking about going into business don’t be put off thinking that it could cost a lot of money. Take the mindset that there has never been a better time to launch. Embrace the digital revolution and go for it.