When I first started The Frugal Cottage I intended it to just be a blog about how to save money. I quickly realised that it could be so much more than that; I could perhaps create a small online business that would supplement our income. Something that would run along side our day jobs. But starting a small business seemed quite daunting, so I decided to do some more research about it first.
Starting your own small business might seem like a big step, but if you ever want to be your own boss, you need to start somewhere! Depending on the type of small business you want to start, money will always come into the equation. I have wrote a post before about starting a blog was the best decision I made for our finances. You need to think about what is best for you. For some small business ideas, it might be necessary for you to consider getting a small business loan so you can get started on your idea. These often have lower rates depending on the amount you want to borrow. Just be careful and have a concrete plan on how you intend to pay the money back!
Onviosuly there will be some kind of initial outlay; expenses that you will probably need to pay up front. If I use the example of this blog, needed to pay for my domain and hosting up front before I could get started.
Another thing to consider when when setting up your own small business is the impact of social media. When I first started The Frugal Cottage I only had a Twitter account and posted stuff occasionally to it. But, I was missing out on people seeing my content and becoming valuable readers! When you’re starting out, try to have a social media plan in place so you can make a good start and get up and running with it quickly. The more people see your business, the better!
Ongoing expenses need need to be considered too; how are you going to pay for ongoing costs when you first start? Factor how much you need to earn to pay these, so you know what you need to be bringing in from the start off.
Then, the world is your oyster, so to speak! After all, the biggest companies in the world started off small one day. Who knows where your idea might lead?
Are you thinking of starting out? What’s stopping you?
Follow me on:
Facebook | Twitter | Instagram | Pinterest
This is a collaborative post.
We are at a different stage to you and are nearing early retirement (50 & 53) having done the frugal journey you are currently undertaking.
It has taken me over a year to pluck up the courage to start a blog. And I haven’t yet got the courage to make my website public – still tweaking the tech stuff which is over my head!
The social media angle is really important so I am taking your advice and working up a plan for both that and the blog in the coming months.
Blog start up costs are low, just wondering whether you have invested any money in courses to help grow your blog? There seems an awful lot out there and I am not sure whether they are all great, middling or not worth it.
Any advice you can give?