Now that you have an idea of a product to sell, there’s another burning question in your mind: “How much starting capital do I need?” You then walk to the bank with this question bugging you constantly.
Well, you’ll be surprised. In a good way of course.
You don’t need millions of pounds to begin with.
Starting a UK small business today is quite easy. Thanks to the Internet, there are much fewer barriers to entry. You may already have everything you need right at home. That’s especially true if you intend to sell digital products and services.
Here are a few things you need.
1. Internet connection: £20/month
Typical internet plans in the UK are £20 monthly. With speeds of 17Mbps on average, this is often enough for many small businesses. You may even have internet service at home already.
But if you’re willing to spend more, then you can get faster and more reliable internet services.
And as a general rule, wired DSL or fibre connections with unlimited data are best for business. I don’t recommend wireless internet, MiFi, or your phone’s 4G. Wireless is not always reliable; they’re more prone to signal dropouts. Also, they have data caps. You’ll be running those caps to the ground in a hurry when using them for business purposes.
2. Office Computer / Laptop: £0
Likely you have a computer at home already. So there is no need to buy another one. You can run your new UK small business from there.
3. Domain Name Registration & Website Hosting: £11/year
No modern business should be without its own website. But don’t worry; basic websites are not expensive at all. You can have one for as little as £11. That includes registering your domain name and the web hosting service. You usually have to pay for this again every year. But at that price, it isn’t much at all.
4. Web Development Services: £100+
This is where you’ll spend the bulk of your starting capital. Though you can design your website yourself, outsourcing it to expert web designers is always ideal. This means you don’t have to spend too much time studying how to design the best website. You can just leave it to those who are already good at doing it.
This way, you can focus on running and growing your new small business.
Starting your new UK small business really doesn’t require lots and lots of starting capital. You can use what you already have – skills, knowledge, and even tools. You just have to spend on the things that matter.
So as you’re approaching your bank, you wear a smile on your face, knowing that you don’t have to squeeze your savings for capital.
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