"Find something you love, and go for it."
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Tips for Starting a Business on $300

April 28th, 2011 by shawn · 6 Comments

[Editor’s Note: This is a guest post by Daniel Frank from Giveacar Ltd.]

Many people think that starting a business requires a significant funding from the start, whether that
be through loans or personal funding but this isnít always the case. A great example of what you can
do with very little start up cash and a good idea is Giveacar. Founded by a Tom Chance, six months
after he graduated from University, this social enterprise originally ran out of his bedroom using an
old computer, a phone line and a £200 (about $330) website. The company now employs two other
workers as well as interns and has a turnover of over £300,000 ($500,000).

Of course this bootstrapping approach only works for some businesses. For example Giveacar’s
innovation was to provide a middleman service connection customers to reliable scrap yards and car
salvage auctions for vehicles they wanted to get rid of.  There was little equipment needed which
helped reduce costs dramatically. If you wanted to start a shop for example then costs are likely to
be far more as you have to hire space and equipment.

Use What You Have

If you’re reading this at your home look around you. There is a high chance that
you’re reading this on a computer. You must also have a phone line or a mobile phone as otherwise
you wouldn’t be able to access the internet. Do you have your own car? Yes well there you go, for
many businesses you have much of the equipment you need on hand. Of course ideally you will
want to get separate phone lines and back up computers, but they can wait a while at least.

Interns and Work Experience

Need a hand? Want to expand your business but still have a cash flow problem? There is a huge pool of young people looking for a chance to enter the work force, many of whom will be willing to help out for very little or even for free (well for a reference).  Similarly, many people who are looking for freelancing work need a portfolio. So if you ask around friends and see if their children need a stepping stone and you could find a source of bright and willing workers who will work for low cost.

Keep an Eye Out for Deals

This probably appears too obvious to be mention, but it bears repeating. You shouldn’t be paying the stated price for any professional service on offer. Ask around and negotiate for better deals. See if you can find friends of friends who can offer these services at discount or for a favour instead.

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    Comment by Promotional Luggage
    2011-07-07 19:54:26

    I wonder what is going on now, with them? How ha the economy affected things?

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    Comment by socialmediageo
    2011-08-12 04:46:42

    Helpful advice, tips and ideas on how to plan and start your own online business working from home in your spare time.

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    Comment by Tomsen
    2011-08-17 06:03:02

    If you are creative then you will always find a way to start business :) good luck !

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    2011-09-20 11:13:48

    Where there’s muck there’s money. Work toward your dreams :) Nice blog.

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    2011-09-22 10:49:18

    Business is for the people who want the excitement and satisfaction of doing something they love and enjoy. Great blog, very useful information on this.

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    2011-09-23 08:06:54

    The work ethic required to formulate you to build any business will always help in whatever you do later on in life.

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