Starting a business is a colossal task but one that is extremely rewarding, considering where to begin with startup business investment and where to invest your money to get the best return is invaluable.
Whether you are starting out with savings, a loan or money from family, friends, or an investor, it is paramount that you stretch the finance as far as possible when embarking on a new business.
Stretching your startup business investment wisely
Look at your own skill set – Start by looking at your own knowledge and skills. By using these, you could initially save money whilst you get going. Enrol on a college course to help improve your skills – Courses like business, accounting and basic skills in marketing provide invaluable lifetime skill and can often, be offered at a discount or even free by local colleges and business training programmes.
Ask for help – Don’t be afraid to ask family and friends for help, especially if they have skills that you need help with to start your business. Startup business investment doesn’t have to be just about money, so quiz them on their knowledge and experiences. You can always offer them a small token or gift in return for their advice.
Buy the equipment you need – Make an equipment list and prioritise. What can you get by without for the time being and what do you need to get going? Can you borrow or buy second-hand equipment to get you started? Are their other companies offering similar services but at a low cost, which could help you to achieve the process whilst you save for your own equipment?
Researching new product ideas – Use money to research in the development of new products to sell and look at how you can produce them. Research into the quality, timescales and pricing of materials whilst being mindful as to how you can make a profit.
Build your audience – Create a mind map for all the methods that you could use to build your customer base. Will it be through online retail, through a platform like Amazon or through your own company website? Use social media to also reach further afield.
Plan ahead – The more building blocks you add, the more the business will grow. Think about the months ahead and create both a short term and long-term plan for how you envisage the startup business investment will expand the business in the future.
To find out more about protecting your new business with startup business insurance, please speak to our team at Crendon Insurance. We will provide a confidential review of your business which focuses on startup business insurance to protect your business in terms of selling online, manufacturing and storing stock, employment and public liability.
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