Did you know that more than 50% of small businesses fail within their first 5 years? So how do you make sure your business in Hong Kong doesn’t become a part of that statistic?
Staying afloat in business means having positive cash flow. When you’re just starting out your business, you may not have access to much capital, be it debt financing or equity financing. During this phase, it is imperative to know how to bootstrap and not run out of cash while you grow your business.
Here are some great tools for growing your business on a budget.
- Toolkit for Business Startup
As you dive in into the world of being a small business owner, you may feel overwhelmed by the amount of information out there. Thankfully, the folks Entrepreneur.com, have created a collection of business startup kits. They have kits for over 20 different kinds of businesses, which will guide you through all you need to know as you get started.
- Business Planner
As you start your new business, you’re going to need a plan. Whether or not you’re looking to raise funds, your business plan will help give you a clear idea of how you’re going to move forward. If you are brand new to the business playground, this can be a daunting process. The Business Model Canvas is a neat online collaborative tool to keep you guided and focused, saving a ton of time for anyone new to business model creation.
- Start proper accounting from day 1
Small business owners have countless things they have to juggle. One thing that often gets put off is accounting. Many business owners put off accounting to the day when relevant tax authorities come knocking on their doors. Don’t make that same mistake. It doesn’t cost much to get started with proper accounting and we cannot stress how important it is to keep your books in check from day 1. The longer you hold off on it, the messier it gets and the harder it will be for you to keep track as days move along. You can get started with a free 30-day trial on Quickbooks, or just use one of these free accounting templates from Frugal Entrepreneur.
- Build your own web presence easily and cheaply
Even if you are building a brick and mortar business, you still should have a website for your business. This doesn’t have to cost a lot of money – check out these free website builders you can use to get your web presence up quickly and easily.
- Freemium cloud based software
Many of the apps around us such as Gmail, Google Drive and Dropbox that we use as individuals have freemium business versions. Make the most out of our cloud-based era and save on all the unnecessary costs you would incur by setting up offline alternatives. What’s more? Storing your documents on a reliable cloud service means you will never have to worry about your hard disk crashing and losing your information. Check out a convenient list of Freemium small business apps here.
Remember: cash is king. So whenever you can save without it affecting your business operations too, go for the savings. Your business bottom-line will thank you.