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Video:How to Create a Business on a Low Budget

with Jaclyn Mullen

Creating a business on a low budget may seem challenging but simple tips can multiply a small investment and generate revenue. Watch this how-to video from About.com to learn more about creating a business on a low budget.See Transcript

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Transcript:How to Create a Business on a Low Budget

Hi this is Jaclyn Mullen founder of JaclynMullenMedia.com and you are tuned into About.com. Today we're going to be talking about how you can create a business on a low budget. Yes that's right and I'm even going to give you some tools that are free. But by low budget I mean under $2000. So let's get started.

Have a Business Plan

First things first, every single business definitely needs a business plan, and there are plenty of free websites and resources where you can go to get business plan templates. It's very important to know what your services are, who you are marketing to, and how you're going to market to them, which leads me to the second thing: website. Believe it or not, you can actually get a website for very minimal money, if not free. Yes you can set up a free blog through Blogger.com or even leverage one of the popular content management systems now which is WordPress.com or WordPress.org and create your web presence for next to nothing.

Market Your Business

Which leads me into the next thing: marketing your business, getting it out there to those consumers. Fortunately we live in a day where social media is so prevalent. So free social media channels – we’re talking Facebook, Twitter, LinkedIn and even blogging. So once you’ve got your business plan in place, you know who you’re marketing to, and how you’re going to market to them, you of course have to make money, right?

Low Budget Options for Businesses

So how are you going to make that happen on a low budget? Well you got a ton of online payment processing options now such as PayPal and WePay, two of the many online payment solutions that are available to you. And guess what, the good news is that they don't charge you until you get paid. So you won't start out in the red. And then the last two things that we’re going to get into, bricks and mortar. I know many of you are probably thinking - how am I supposed to start a business without an office, but you can turn your home space into an office to keep those overhead costs down. All you need is a laptop, a cell phone, perhaps even a printer and a desk, and you can designate your own office space without having to go out and incur any rent elsewhere.

Trade Services to Stay on Budget

Finally, trading services - now this is something that you may not want to do as your business grows, but while you’re getting started, it's totally okay to trade services with other professionals. As an example, let's say you need some bookkeeping and you’re a graphic designer. You can in fact approach an accountant about creating business cards for them, in exchange for bookkeeping for yourself. Now remember, as your business grows you may not want to use the trading strategy or rely upon it solely all the time because time is money. But to get you going, we totally recommend it.

Thanks for watching About.com. This is Jaclyn Mullen signing off.

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