3 Low-Risk Ways To Get Your New Business Started

Once you’ve got an initial business idea and believe that it will be a success, there are some basic things you need to do before you start spending money. How much will it cost to get your business up and running? What is the competitive market like? Do you have any alternatives? It’s very exciting in the initial stages of running and starting your own business, but you don’t want to be overly reckless. 

Whether you are starting your business from scratch, or just adding something new to your portfolio, you don’t need to jump into these things feet-first and can instead take some low-risk approaches to protect your investment. 

Test The Water

There is no need to commit to a five-year business plan straight away. There are many different things you can do so that you can avoid becoming overwhelmed. You could look at trading temporarily, getting a short-term deal or test out trading over a business quarter so that you get an idea of what you can expect in the future. 

If you want a brick-and-mortar store, some business premises owners may be looking to fill up space on the market, as this could save them money on their own business and insurance rates. It might be worth talking to your council, as they are often looking to revitalise the local high street and your business idea could be what they are looking for. Local commercial property agents will be able to help you find the right premises for your business, with your location aspirations and budgets in mind. 

Collaborate with others

It could be worth scoping out whether you can successfully work with another business to minimise risk. Consider hiring a pop-up stall in their store or having your product promoted alongside theirs. On top of cutting costs and sharing a business premises, you might find that you can work as a separate brand alongside them, whilst benefiting from their experience and pre-existing customer base. 

So long as you are not in direct competition with new business contacts, there are bound to be plenty of different ways in which you can work together whilst you find your feet, all without impacting each other’s business. 

Communication

There is no use going to all the hard work of setting up a new business if you don’t tell people about it! There’s no need for expensive marketing or hiring designers, social media is free and easy to use and lots of people like the thought of talking with the actual business when they are considering making a purchase or investing in a service. 

You don’t need to be constantly hard-selling to your customers on social media platforms. A lot of customers will be more interested and willing to purchase if you chat about your business, yourself and local news. There are plenty of different website providers which offer options for new businesses, no matter if you are planning on selling your products or highlighting your services online. In the world of digital, it’s important to remember the traditional media sources – there are still plenty of local newspapers and community publications where you can show off your business and ideas to your local area.