Is There Really Such A Thing As A £1K Startup? Recently, there have been claims all over the internet that it’s possible to start a business for as little as £1,000. Countless blog posts have been written about it, and many of them seem pretty informed and fact-based. On the other hand, trusted resources like the Telegraph report that average startup costs for the first year alone can reach highs of £22,756. That’s a significant discrepancy, and it could spell the difference between failure and your ability to make a go of things.
Sadly, once you get into the details, that £1K Startup dream can seem even further from your grasp. After all, new business owners need to consider everything from marketing to production materials and more.
But, what if we were to tell you that this modest budget prediction isn’t such an outlandish idea, after all? While it’s not exactly an easy goal, some business owners do manage to make it work. And, we’re going to look at how.
Modest beginnings for a £1K Startup
Focusing on modest beginnings is vital when starting a business for less. That’s because you’ll soon blow that small budget if you look straight into employment, commercial premises, and more. Instead, you need to think about keeping things small in the short-term, a goal that many business owners achieve by starting from home. While it might not be the setting you’d imagined for your business baby, online capabilities mean that you can now begin most businesses from your home office. This dramatically reduces upfront expenses, and could see you building your customer base/profit margins before you ever really need to push the boat out.
Rent, don’t buy
For some startups, like construction and production, the need for the right tools to get the job done makes itself known pretty fast. Make no mistake, though, that rushing in and buying equipment upfront would be foolish, and would most certainly blow that £1K starting budget. Instead, you’d be better off considering options like plant hire, as offered by companies like Easy Plant Hire for as little as £50 a day. As long as you have a decent working plan in place, this will be an easy way to get off the ground without facing the extreme costs you would otherwise.
Realise that this is only temporary
It’s also vital to note that this initial £1K figure is only a temporary offering. Just because you can start a business for that amount doesn’t mean you can keep one going for the same money. Only by bearing this in mind and starting to monitor expense vs. profit from the off do you stand any chance at taking your initial attempts further. You may even find that you need to reconsider funding in your first six months, so make sure you’re prepared for that!
Admittedly, the claim of ‘starting a business for £1,000’ isn’t quite the simple solution that many make it out to be. But, as you can see here, it’s still an achievable goal if you set your mind to it.