In this day and age, it seems like everyone is launching companies online. But starting a brick and mortar business is also affordable and can allow you to not only be your own boss, but have the company of your dreams. Here are five tips to consider when building your own company on a budget.
Save, Save, Save
Before you can go at it on your own, you need to save money. Generally, the rule of thumb is to have at least a year’s worth of savings in the bank. Not only is starting a business tough, but you will also be spending more than you earn during your first year with trying to build capital, hiring employees, finding an office or storefront, and building up a group of customers.
If you want to rent an existing storefront, you need to shop around. Stick to your budget and find a property that caters to it. Remember, that you need to be in an ideal location with heavy pedestrian or vehicular traffic so that people see your store. Talk to existing merchants in the area where you are considering leasing, as well as landlords, to find the best deal.
Now, if you want to literally build a brick and mortar from the ground up, you will need to have enough money to deal with construction prices, zoning, furnishings, and more. Look around when finding the best construction services and material for your store or property.
Build Your Brand
In order to start making money, you will need to start getting customers. This is where smart marketing comes into play. Even brick and mortar businesses are taking the lead of ecommerce companies and turning their attention to digital marketing. Not only is this type of marketing inexpensive, but it is also super efficient way to market your business.
Splurge vs. Skimp
It’s critical to only splurge on the items you really know you are going to need, such as good flooring, carpeting, showroom displays, and appliances. The rest of the stuff that you only want you should try to save as much as you can on, including wall décor, signage, and furnishings.
Get Capital or a Loan
Try to get capital or a loan from a bank or investor. Even though you have saved, you never know when a rainy day will come and you will need to spend way more than your budget will allow.
It’s totally doable to build your own brick and mortar biz on a budget. All you need to do, besides work hard and think outside of the box, is to follow these simple guidelines for a great startup!