(Pixabay Licence)

There are all kinds of reasons as to why you should start your own business.

• You can escape the 9 to 5 grind of the daily commute (if running a business from home).
• You can follow your personal passions with your business idea.
• And you can boost your regular income if your business is a side-hustle.

But many people reject the idea of starting their own business, and that’s because of the financial cost involved. Startup capital is often needed, and then there are the other expenses to consider, such as office furniture, business software, and marketing costs, as examples. And to be honest, running a business can be expensive. However…

The costs can be minimised with a little bit of frugal thinking. 

So, if you are considering running your own business, and if the financial aspects are causing you to worry, have a look at our frugal tips below to make things easier on your pocket.

#1: Don’t get a business loan

A business loan is the typical way to fund your startup costs. And while it might be practical for you to speak to your bank or other loan provider about acquiring one for your business, know that there are less financially demanding ways to raise funds for your business. You might raise money for your business using a crowdfunding site, for example, or you might ask friends and family for a loan (assuming they don’t expect you to pay any interest). 

You might also stick to your day job, using a share of your monthly income to get your business off the ground. Then, when your business finally starts to make a profit, you might decide to leave your regular job to focus more heavily on your business. 

#2: Use free software

There are all kinds of software programs and downloadable apps available to help you with the running of your business, so you should definitely commit to a few. However, some of them require you to pay upfront, and others are dependant on a monthly subscription. If you’re trying to run a business frugally, you might reject the expense. Thankfully, there are workarounds. Some software tools will give you a free trial at the outset, so you might swap from one to the next, taking advantage of these trial periods until you are ready to pay for something that is worth investing in. Some programs also come with a free version, and while they don’t come with all the bells and whistles of a paid package, they might still be good enough for what you need. 

In a bid to be frugal, you might also use file-sharing sites or third-party websites to source the apps and programs you need, but we would warn against this, as if you download from untrusted sources, you might open yourself up to malware and viruses. To protect yourself, you should stick to trusted sources, or, at the very least, install (official) security software onto your computer in the event that you do fall foul of any problems. You might also take advice on malware and viruses from articles online. Mac users should consider this article on macOS security, for example. 

#3: Don’t assume new is best

There are all kinds of things you will need for your business, including office furniture, a computer, and other pieces of equipment that are relevant to your business idea. However, you don’t have to buy everything brand spanking new. Rather than buying a new computer, you might consider saving money by buying a refurbished model. The same applies to other pieces of equipment you need, including your office furniture. You should also check for second-hand deals on eBay, Gumtree and other online sellers. And look for any business clearouts near you, as you might be able to source furniture and office equipment for free or at discounted prices from those businesses that are closing or making room for new purchases. 

#4: Market your business cheaply

(Pixabay Licence)

You need to market your business, but you don’t have to spend a fortune when doing so. You can use Facebook and other social media platforms to spread the word about your business, and you should take advantage of free business listing sites online. For your website, you could use a free website builder instead of paying for a web designer to give you an online presence, although you might consider the cost of a professional down the line for the betterment of your business. And you might want to get along to local business meetings, as not only will you get to spread the word about your startup by doing so, but you might also meet somebody willing to market your business in their mailouts. 

So, don’t assume starting a business is going to cost you a small fortune. Be frugal, as you will then be able to put money aside that will later help you to grow your business.

Take care, and thanks for reading!