Ever wanted to go into business for yourself? Been tempted but the thought of it is way too daunting? For starters there’s the money involved in starting a business, then finding a place to work out of, paying staff, advertising and promotion, licensing, registration, insurance, and on and on it goes. How can anyone struggling to get by possibly start their own business?
It might just be more possible than you think.
It actually takes surprisingly little to start your own business. Of course, what you DO need to start is highly dependent on the type of business you want to create, and any business that wants to succeed in the long-term is eventually going to need all those things already mentioned, and a whole lot more. But getting started, actually getting your idea out of your mind, out of your dreams, and into reality need not be as onerous or restrictive as you might have been led to believe.
Here are four things that might be holding you back that you don’t really need to start your own business:
1. Money (at least not very much)
Now you probably think that’s crazy, if not impossible, however bear with me. To build a long term, successful business will require expenditure, which means you will need money – I admit there is no escaping that. However, to get started, to take that first step towards being an entrepreneur, requires very little to no money at all. Chances are much of what you need you already have, or have access to.
Keeping initial costs down is all about two things: taking the do-it-yourself approach, and utilising as much free stuff as possible. For example, my first attempt at owning my own physiotherapy practice was as an in-home service. I had a computer, a printer, a car, my hands, and my vision. It cost me around $25.00 to obtain an ABN, and I registered my trading name at the same time. My first step was to create a letter to send out to all the doctors and medical centres in my area informing them of my service and what I could do for patients. Using programs that came with my computer, I created my own log, letterhead, and information package. After printing and stationary it probably cost me around $60.00 to do that. I then created a small flyer to do a mailbox drop in areas I thought I might get a response from. Printing costs may have been around $15.00, and I did the mailbox drop myself. Once I started getting referrals, the cost of service immediately offset the expense of running my vehicle, and soon compensated me for my accumulated expenses.
Setting up a physiotherapy service for around $100.00 is no mean feat. Sure, it wasn’t an elaborate clinic, and if I had simply left it at that it would never have led to long-term success or sustainability. It was, however, a start. It gave me my first real taste of being an entrepreneur, and led me to the business I operate today. Unless you have major initial expenses related to your business idea – for example, the need to purchase equipment, storage space, or stock – there’s no reason money, or a lack thereof, should stop you from starting a business.
2. An Office/Storefront
Almost every business venture I’ve started has been run from my desk and/or my laptop. In some cases this has been a pragmatic approach – I simply didn’t have the money or resource to lease and fit out an office or storefront – however for the most part the simple fact was that I didn’t need a physical location in order to do business. And unless your business idea requires a physical space that you cannot already provide, neither does yours.
The Digital Age give us the opportunity to revolutionise business like never before. Think about the average office environment – what does it contain? For an individual, it’s typically a desk, a chair, a computer, a file cabinet, and a phone. Some may have their own printer, many use a printer that is assigned to a work group. This will often be a multifunction device, enabling printing, copying, scanning and faxing. Look beyond the cubicle: every other person essentially has the same thing. Some – directors, managers, and so forth – will have their own office, but the contents of that office, the things that actually need to be able to work, are essentially the same. You’ll probably also see some kind of board- or meeting-room as well. Pretty standard, right?
Now consider this. You most likely have, or have access to, all those things right now. If you own a computer, a laptop, or one of the better tablets or smart phones, you already have your workstation. You might even already have a small personal multifunction device that lets you print, copy, scan and fax; but even if you don’t, you probably don’t need it anyway. Being able to store and share documents and information electronically has almost eliminated the need for hard copy. Why print when you can read and edit on-screen? Why fax when you can email? Why take up physical space filing hard copy when you can store things digitally on a device a fraction of the size of the average novel?
Thinking along those lines, it’s not difficult to see how this can revolutionise workgroups. If everyone can work and share electronically, what is the need to have an actual office? You might say what about face-to-face contact, interaction and collaboration? Well, that’s all possible too thanks to almost every device that connects to the internet having audio-visual capabilities. If you own a recent laptop, tablet or smart phone, you already have a device capable of video conferencing, which helps bring people face-to-face. There are plenty of apps and software available – much of it free of charge – that will allow to connect one-to-one and as a group: and you don’t need to be in the same area, the same town, not even the same country to be able to do it.
But what about presence? What about having that location that represents your business? What if you need to meet with clients or investors or other VIPs? Meeting at your kitchen table or the local coffee shop might not cut it, right? In that case, let me introduce you to the virtual office. Virtual offices have been around for sometime but remarkably not many first time or developing entrepreneurs know about them. In fact, there’s a good chance you’ve already done business with someone who used a virtual office and never even realised it. What is a virtual office?
You can think of a virtual office as the façade of your business. Virtual offices are a business in themselves: their business is presenting a public face for your business. A basic virtual office setup will often include, for a recurring fee, a physical location address, a mail service – whereby you can have mail sent and either pick it up or have it redirected – and a ‘receptionist’ who can redirect calls to you or take messages as required. You are generally provided with a business number to give out and calls received on your behalf are greeted with your company’s name as they would be if you had your own employed receptionist. For additional one-off or recurring fees additional services can also be provided, from having access to an office/cubicle and business equipment, to the provision of a board- or meeting-room to hold face-to-face meetings with clients. Many virtual office providers have services in different cities, even different countries, and can extend the same range of services in area they are based in. Suddenly, your business can give the appearance of being national or multi-national – something to consider when planning the scope of your business.
A virtual office can be an excellent short-to-mid-term solution for someone wanting establish a professional presence for a new business. Yes, all of this comes with a price, however when you consider the costs associated with leasing, or worse, purchasing, a business property, there really is no comparison when first starting out.
The next two tips will appear in Part 2 of this article – be sure to Subscribe so you don’t miss out!