Going out on a limb and starting a low cost business from home is one of the easiest ways to get started in your own business.
This is not to say it doesn’t have some pitfalls, but with just a little preparation you should be able to avoid the most common issues when getting started.
So with all that said, I’ll do my best to point you in the right direction if you are seriously considering starting a low cost business of some kind.
Now keep in mind that the angle I’ll be coming from is that of a business owner who started his own low cost business about 13 years ago. In case you didn’t know, my business is the cleaning business.
To be specific, commercial & residential cleaning to go along with carpet cleaning and floor care has been my vocation since the day I decided to throw my hat into the ring so many years ago.
Obviously I’m a little biased, as the cleaning business has been very good to me but the tips I’ll provide will help you in the cleaning business or just about any other endeavor you decide on.
Starting a low cost business tip # 1
Make sure you are mentally ready! Yea I know you have been thinking about starting a business for some time, but have you REALLY dug in and thought through each detail? Ask yourself these questions…
A – Do you have the time? We all get only 24 hours per day. Each hour you put into this new business is one hour off your day! This is not to say you need 10 hours per day, but you will need a few each day to get any type of momentum going.
B – Do you have some disposable income to work with? You may not need a lot of money to get started, but you WILL NEED SOME. If you only have small change to work with you might be better served by saving up a couple of hundred to give yourself some margin for error.
C – Can you sell “YOURSELF”? I know that may sound unimportant, but it’s not. When you start a business of any kind you aren’t really selling a product or service as much as you are selling “YOU”. In essence, people need to feel comfortable with you BEFORE they ever do business with you or your company.
Starting a low cost business tip # 2
Do your homework. In other words…EDUCATE YOURSELF! The fastest way to success is not by re-inventing the wheel, it’s by learning from those who have walked before you. Nobody is born with all the knowledge needed to succeed instilled in them.
This means find and follow the folks who have already set out and achieved what you are looking to do THEN do what they say! For instance, if you were looking to start a landscape business, then find a landscaper who has written a guide or course on how to get started.
I wouldn’t stop there either, as I would also probably purchase several other related books about business in general just to give me a better foundation for getting started. Learning from others SAVES YOU TIME AND MONEY in the long run so view your investment in education as part of the start-up costs.
Starting a low cost business tip # 3
Add up the initial start up costs. There is no point is just guessing at this point, as you NEED TO KNOW EXACTLY how much money is going to be needed to get the ball rolling.
Far too many people just “wing it” when getting started in a business. This results in nothing but bad news for the most part because you don’t need any surprises at this point. For instance the cleaning business can be started for just a few hundred dollars if need be.
This would cover the fee to get your name registered, some insurance, flyers, business cards and the other smaller details needed to start on a shoestring budget. After you get that out of the way then you can focus on just good old fashioned hard work to make the phone ring.
Starting a low cost business tip # 4
Put your “To-Do List” in a logical order. This is nothing more than making a common sense checklist and checking it off as you move forward. This should be done each night so that you know EXACTLY what you will be doing the next day. You need to wake-up with a purpose!
Starting a low cost business tip # 5
Keep it simple! I could go on and on about this topic. Way too many people think that need the latest and greatest of everything in order to have success. Nothing could be further from the truth.
This means you don’t need the latest computer, smart-phone, printers, expensive software programs or the other do-dads that cost a lot but provide little tangible value.
Whenever you look at a task, think “how can this been done easier and cheaper”? There may not always be a better or cheaper way, but you should be asking that question all the time to keep your time and money in check.
Starting a low cost business tip # 6
Chip away each day. Rome wasn’t built in a day as one of my old mentors used to say. So just put one foot forward and don’t ever stop! You will be amazed at how much you can accomplish after just a short period of time.
You won’t get rich overnight as many of the “so called gurus” suggest is possible, but great wealth is EASILY within your reach in a shorter amount of time than you would think.
To put this in perspective, I went from starting with a 100 bucks in the cleaning business to having 22 people working for me in about 3 years. I would have never thought that was possible if I didn’t actually go out and do it!
Starting a low cost business tip # 7
Don’t get frustrated! We all want instant gratification, and that’s just human nature but the fact is you will have ups and downs as you move ahead. Learning a new skill will lead to mistakes from time to time.
The key is to not let the mistakes get in the way of your success. We all make errors in judgement in one way or another in both life and business. Keep it all in perspective and learn from EVERYTHING, the good and bad.
Starting a low cost business tip # 8
Treat your customers like GOLD. This is a MUST. In fact one of the benefits of treating customers so good is the fact that the better you treat them, the richer you get. Now why is that?
It’s pretty simple! Customers who buy from you are much more likely to buy from you AGAIN, not to mention refer you to their friends and family. That sure sounds like a WIN – WIN scenario huh? Yea I thought so.
Starting a low cost business tip # 9
Re-Invest your profits. I know…sounds boring doesn’t it? A trip to Aruba sounds better, but the perks will come later if you play it smart in the beginning stages of your new business.
Take the vast majority of your profits and put it into more and more marketing, focusing on what is working the best for you. This approach will lead to more and more customers and more and more money. This is the real secret recipe for getting rich, so make sure you follow it!
Starting a low cost business tip # 10
Expand your reach. You are now making money, and that’s great but now it’s time to think bigger and bolder. Get into well thought out related lines of product or service to expand your offerings.
For instance I started out cleaning houses, then jumped into commercial building because their was more money there. Then I jumped into floor-care services for even more money.
Then after that I wound up investing 40+ thousand into my commercial and residential carpet cleaning company. One thing led to another, and before I knew it I was making the big bucks by combining all these services under one umbrella. You can too!
I would LOVE TO HEAR WHAT YOU THINK! Add your comments below and get the conversation started.
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