5 Businesses To Start On A Low Budget

Starting your own business is a big step, but it doesn't have to be an expensive one. Of course, there's risk involved in any kind of startup, especially if you are giving up a steady job to be your own boss, but there's obviously a big advantage to keeping costs down as much as possible.

So if you want to start your own business but don’t have large amounts of funding to spare, here are five low-cost ventures you could consider.

eBay business. If you want to try your hand at e-commerce, eBay is a relatively inexpensive way into the market. First, you’ll need to register, providing your personal information and bank account details. Once your seller account is established you can open an eBay shop. There are three types to choose from: Basic, Featured and Anchor (see: http://sellercentre.ebay.co.uk/shop-levels-basicfeaturedanchor). You will be able to list your items for sale cheaply – paying a maximum of 20p per item, with Anchor shops paying only 1p. But you’ll also need to pay subscription and selling fees.

Domestic cleaning business. Generally speaking, domestic cleaning businesses are not only cheap to start, but they’re also relatively inexpensive to run, with very few overheads. You’ll need cleaning equipment and materials and possibly transport, but not much else aside. However, be prepared for hard graft and demanding clients. Although you’ll need to market your services, your reputation will be your most valuable business asset – if you provide an excellent standard of work, you’ll get clients through word of mouth.

Window cleaning business. Traditionally thought of as a low-cost enterprise for the entrepreneur on a budget, window cleaning has undergone some changes over recent years. It’s not just about buckets, ladders, squeegees and sponges any more. In fact, ladders are fast becoming obsolete thanks to “reach and wash” systems which enable you to clean windows up to 65ft high from the ground level – a long rod feeds water from an electric pump up to a brush with soft bristles. As well as the necessary equipment and materials, you’ll need a van big enough to carry it all and get you around. You can grow your business by printing up cards and leaflets – and even knocking on doors if you need to.

Handyman business. There are lots of people who don’t have the time, the inclination or the competence to handle DIY projects around the home. But the handyman can come to the rescue. If you have good practical ability and all-round DIY knowledge then you can put your skills to use by starting a handyman business. You’ll need transport and the necessary tools. But don’t take anything on that you’re not qualified to do. For electrical work, for example, you’ll need certification from the NICEIC (see: http://www.niceic.com), and for gas engineering you’ll have to be registered as “gas safe” (see: http://www.gassaferegister.co.uk). If there are any gaps in your knowledge, consider college classes – look for suitable NVQ and City & Guilds courses.

Market stall business. If you want to go into retail, running a market stall can be a cheap way to enter the industry. You need find something to sell that will give you a decent profit margin and for which there is a sufficient demand. There are various types of market you could trade at – some are privately owned, others run by the local authority. Look into the options and do some research – visit the markets in your area and find out if anyone is offering similar products to yours. You could also gauge demand with customers by providing some free samples. Look for a temporary pitch at first to see how the business goes – if your stall proves popular in a certain location you could look into making it permanent.

Whichever business you decide to start, make sure you inform HM Revenue & Customs (HMRC) about your change of circumstances as soon as possible.