Do you have an idea for the next big startup that could change the world, but don’t have any funds to get started? If so, you’re not alone! The truth is that countless business ideas are dreamed up every day, but the lack of funds prevents these ideas from ever taking off.
You can start a business with £1,000 and a bit of imagination, drive, determination and a will to succeed. You also need an idea or niche, plan and USP, Unique Selling Point in order to make an impact.
However, that doesn’t mean it’s impossible to start your own business with £1000 or less! In fact, with some creativity and outside-the-box thinking, even £1000 can take you far if you know where to put it.
1. Start as a side hustle
Starting a business on top of a full-time job can be daunting. If you’re interested in starting a side hustle but feel as though your job and other commitments are getting in your way, one option is to start small.
You don’t need much to make money on your own time, but it is possible to build up a healthy side business—and while you can't always depend on that income stream, it's certainly better than not having one at all.
Whether it’s an Etsy shop, freelancing or something else, starting as a side hustle allows you to test out your idea and see if you really want to go for it before committing more time and energy toward growing it into something more serious.
2. Start an eCommerce shop
The easiest way to start an eCommerce shop is with a free, simple platform like Shopify. Shopify takes care of hosting your store, accepting payments, processing orders and everything else you’ll need to get started—making it both easy and quick to get up and running.
That said, starting a business is hard work so don’t just slap some products in front of customers; take time to consider your branding, marketing strategy and products too. And if you decide that selling online isn’t for you (which is fine), then at least you know how big of a task it really is!
3. Start an online blog
Starting an online business on a budget is tough, but with some careful planning and a little help from your friends, you’ll be able to do it.
Use these tips to start a business for under £1,000. When launching your own website, there are three things that you absolutely need: web hosting, a domain name and some type of content management system (CMS).
Web hosting can run anywhere from £3-£40 per month depending on what you get; domain names vary widely in price but are usually between £15-£20; CMSs range from free-of-charge open source options like WordPress to paid solutions like SquareSpace.
4. Start a drop shipping store
One of the best ways to start a business with little cash is to sell items online on sites like eBay and Amazon. You can buy merchandise at a low cost, then sell it at retail prices — pocketing some serious profit in return.
And as more people start online shops and realize they don’t want to deal with shipping products themselves, drop shipping has become more popular than ever.
Let’s say you start an eBay store selling iPad cases. You buy 50 iPad cases from China for £1 each, and sell them on eBay for £50 each.
5. Open a pop-up store
Brick-and-mortar retail stores have a lot of appeal to startup entrepreneurs. They’re tangible, and they give customers a chance to experience your product in person. The downside is that they’re expensive and time consuming.
Opening a retail store usually requires rent, employees, inventory, products and equipment. But if you don’t need a long-term lease or stock more than a few pieces of merchandise, why not consider opening up a pop-up store?
There are plenty of successful companies that started out as pop-ups (Rue La La), so it’s worth checking into.
6. Start an eBay store
If you’re passionate about something—whether it’s antiques, scrapbooking or jewelry making—setting up an online store on eBay is a great way to turn that passion into a profitable business.
While starting an eBay store isn’t technically a small business, we wanted to include it because of its popularity with entrepreneurs.
Millions of people already shop on eBay and many more are looking for sellers like you! Get started by following these simple steps.
7. Start an Etsy shop
An Etsy shop can be a great way to make money from home. Etsy is an online marketplace for handmade and vintage goods. The best part about selling on Etsy is that you can sell anything, ranging from clothing to artwork, handbags, furniture, and much more.
As long as you have (or can make) something you think will sell, there’s an audience on Etsy that would happily buy it. Oh—and it’s free to open your shop! So if you’re thinking of selling online but aren’t sure where to start, setting up your own Etsy shop is a good first step!
8. Set up your own website
You can set up your own website with services like Bluehost, Wix, and Squarespace for less than £5 a month.
It costs about £50 to register a domain through Google Domains as well. This is an important first step because you'll want a place to send customers when they're ready to purchase from you.
If you don't have your own website, it's easy for them to forget who you are and contact someone else instead. By having your own website, you'll be able to better establish credibility right away.
Your site is also an effective way of collecting information like email addresses or phone numbers if people would rather not give that information on third-party sites such as Facebook or LinkedIn.
Each type of business will require different tools: Be sure to consider what kinds of tools will work best for each side of your business model; then search online for free tools that fit your needs specifically.
Some might seem small at first glance but many are surprisingly useful - and some will become indispensable over time once you start using them regularly!