There has never been a better time to pool your funds and start a new business. All over the world there are specialist government schemes in place that have been designed to encourage innovation, and while they don’t make the endeavour as easy as some would like, it’s no longer as difficult to get a company going as it once was. With this in mind, today we’re going to take a quick look at what you need to do to start a business with less than $5000 in the bank. Don’t worry, while this might seem like an impossible task, if you follow the advice in this article, you’ll soon find the road ahead becomes much clearer. I started my own company last year, and within less than 6 months I’d turned over nearly a quarter of a million with a 40% profit margin. Impressed? I sure was. It can be tricky to know exactly how successful an idea will become, but so long as you pay close attention to the information in the following few paragraphs, you’ll be in the best position to replicate my results.
Come Up With Your Concept
This is obviously the most important element to any successful business, and so you’ll need to spend a lot of time researching different markets to see if you can find a suitable niche. It’s best to operate within a specialist area like this, as it means your target market will be easier to find. Once you have the idea, put it down on paper and start writing your business plan.
Registering Your Company
Next up, you’ll need to register your company so you’re allowed to start trading and earning money. In the US, you’ll need to get in touch with the inland revenue and fill in a few forms. In the UK you need to get in touch with HMRC. Neither of these endeavours should take a long time, and most people work through the paperwork within a couple of hours. Just make sure you pick a really cool and memorable name for your firm.
Employ Dedicated Team Members
During the early days money will be very tight (that $5000 isn’t going to last forever), which means if you employ staff, you’ll need to start making a profit within a couple of weeks. Otherwise, the pot will run dry. To make it less daunting though, you could use an agency like Resource Employment Staffing, as this will mean you aren’t obliged to keep the team if you don’t need them anymore.
Dealing With Growth
From the very first time someone spends money with your company, you’ll need to have a clear plan in place for growth. You need to know exactly how the money you’re taking can be put to good use, and so creating a guide in the early days is most definitely a wise move. So guys, now you know how to start your own business on less than $5000, you should feel a little more optimistic about what the future holds. I wish you the best of luck with this, and hope to see you earning millions within a few short years. Good luck!