You don’t need a wheelbarrow of money to start a business. In fact, most types of service-based businesses can be launched for very little money.

Affordable computers, inexpensive and empowering cloud-based services, and a marketplace increasingly keen to serve small businesses are just a few of the factors driving down the cost of starting up.

However, starting up with a limited budget does require careful planning and making some economic choices. Consider allocating funds to these business assets or activities that will create impact.

Basic branding package
Image is everything for a new business. Spend some money to establish a memorable look for your start-up. For example, most major office supply stores can design and print business cards for less than $100.

Website or blog
Your prospects and customers will check you out online before they make contact. Hire a graphic designer to create basic site with three or four pages. Or, consider using a blog platform that gives you direct control such as Blogger.

Virtual office
Separate your business from your home by joining a Virtual Office Service. For reasonable monthly rates you can enjoy services such as a prestigious mailing address, personalized telephone answering by a receptionist, call forwarding, package handling and access to professional meeting rooms.

Selling expenses
The rest of your start-up budget should be spent to woo customers. Set aside some money for travel, sales supplies and meals and coffee with prospects. If you plan to make sales calls yourself, make sure your business wardrobe is up to date.

Spending on the right things is more important than the amount of money spent. Do some research to identify suppliers offering best value – and don’t hesitate to negotiate.

Got any tips to save money while starting up? Please share your comments below.

By Roger Pierce