‘Money makes the world go round’, especially if I am wanting to get my start up off the ground! Wrong. Whilst money may make a considerable chunk of the world go round, it does not have to be the be all and the end all of whether you can start up a business. At least not initially. Sometimes the sheer thought of just the cost alone of building a start up from scratch is enough to turn us off from pursuing the one thing that keeps us up at night (our business ideas). Therefore, the Twenty Mile Club, want to dispel any myths of just how much it costs to get your business going, by offering you some boot strap solutions to send you on your way. There is no time like the present, after all!
Big Cost #1: Getting a graphic designer or agency to create your brand = £500-£20,000
20MC Hustle: Be resourceful! The chances are your business is going to change over time, that includes the look and feel of it, especially when you are just starting out. The branding is important, but testing your product and service out in the market to see if it even has an audience should be a higher priority, otherwise it will just leave you out of pocket. Utiliyze the audiences you have immediate access to, such as Facebook and you will be over joyed to find just how many of your friend and their friends know someone in this field. If friends are too close to home, then outsource a freelancer in places such as People Per Hour and get them to pitch you their ideas of what the logo/colour palette should be and cap the price at no more than £200.
Big Cost #2: Getting a developer to build your website = £500-£15,000
20MC Hustle: We cannot stress has much you do not need to hire a developer to do this. There are so many templates available out there that you can use, in order to build even the swishiest of looking websites. Just head to wordpress, squarespace and strinkingly and have a marry old time deciding which one best suits your brand. Choose from themes such as e-commerce, restaurant, magazine, charity (to name a few) to be offered a whole host of attractive themes for your website. A lot of them are free however if you’re wanting to spend some dollar on them you would be looking at more like £150, that £15k. These themes are designed with YOU in mind, so just about anyone can use them- even your mother!
Big Cost #3: Getting a developer to build your app = £500-£15,000
20MC Hustle: The same goes for apps. There are platforms out there to serve YOU! Use simple app building tools that involve zero coding like Marvel.
Big Cost #4: Spend Legal fees on Terms & Conditions and/or contracts = £1000-£10,000
20MC Hustle: it is normal to get scared by the law- hell we get scared by the law ourselves! However, try not to get bogged down on this when you are starting out, instead opt for forums in which you can source easy templates online for first versions such as Lawbite or check out what your competitors are doing!
Big Cost #5: Hiring a PR or marketing agency to shout about your start up = £1,000-£10,000
20MC Hustle: Once again, look at the contacts that you yourself have- remember there is always someone who knows someone else who can help you. Reach out to micro influencers and bloggers with a following that you want to encapsulate; micro influencers with a following of 5k-10k will be flattered, whilst having a far more engaged following than a macro influencer- which will mean more click through rates for you and traffic to your pages. Devise fail proof marketing tactics (of which there are plenty) and ask to join private groups on Facebook such as The Publicity Coach who can share their knowledge with you re how to approach PR’s and journalists. Guess what, it’s all free!
Big Cost #6: Employing staff early doors = £1,000 a month +
20MC Hustle: We would urge against this, when alternatively, you can outsource your staff for when you actually need them. A lot of founders start off doing a ten-person job, to keep costs low – yes it’s a drain on your social life and can be somewhat exhausting, but that is the life of an entrepreneur (until you can afford to hit the big time-then hire away!). There are avenues such as Upwork, People per Hour or Freelance Near Me in which you can find content writers, programmers, designers and coders to do the jobs you need filling! You will be overwhelmed by the amount of proposals you receive once you post the task at hand. If it’s man power you want for things such as flyering or people to help you out at an event, then reach out to universities. There are countless of students or grads looking to make a decent day/night’s wage for helping you out without totally breaking the bank. When it comes to staff, try and be as lean as possible, until you actually can justify (not to mention afford) them.
Big Cost #7: Focussing on raising money, rather than selling, delivering and marketing your product = a minimum of three months of your time (atleast!).
20MC Hustle: It is easy to get carried away with wanting to fundraise immediately, however you need to be certain that there is a demand for your product and that people will actually want to pay for your idea, so you can see there is a clear potential for it to grow! Once you have this, then you can more confidently acquire funding in the knowledge that you have a product or service that consumers will want to pay for.
By putting these 7 hustles in place of otherwise big costs, you will be saving on money that you can put to good use later down the line. There is no good throwing money away when you don’t need to. There are so many start up forums online, that offer a wealth of knowledge from people who have previously set up businesses in similar sectors to your own or who are there for the sole purpose of mentoring others. Entrepreneurship offers a community feeling, because so many others will have equally battled the highs and lows of setting up a business themselves and normally are only too willing to share alternatives/contacts with you.
Pursuing a start-up is hard, but it doesn’t have to leave you broke before you’ve even started.
Twenty Mile Club