Afraid That Starting a Business is Too Expensive?

Entrepreneurialism

Sep 19

Is the fear of starting a business being too costly keeping you from going after your dreams?

It’s a valid concern, and I get it.

I started my first business, MegaBug Photography, when I was 18 years old. I was a full-time college student, worked 25 hours a week as a bank teller, and all of my spare cash went to tuition.

So I had a $0 budget for my business.

Which forced me to be resourceful and learn everything from bookkeeping to marketing on my own.

This led to so much learning and empowerment, but I’ll be honest, a lot of stress too.

It’s ok to be a business do-it-yourselfer, but it’s essential to know your limits. Filing your own taxes could lead to more implications than designing your own website, for example.

Conversely, if you hire everything out you can stunt the growth of your business which can push off your self-employment dreams.

Instead, be strategic by following these steps:

1.Write down everything that’s required to run your business.

Research the costs and ask for quotes. (It often feels less overwhelming to actually know the numbers than to imagine what they will be.)

Don’t overlook benefits like health insurance and retirement. You may not need to pay for these now if you plan to keep your job, which I recommend, but it’s a good idea to have a sense of what they will be.

2. Mark what you’re capable of doing yourself and are willing to learn.

Make sure to emphasize tasks that align with your skills and keep in mind the amount of time it would take to implement, especially if you need to learn how to do something.

(Psst! I always recommend managing your own social media.)

Then prioritize these tasks. You don’t have to do everything at once, it’s ok to start small.

You don’t have to be perfect either, other than the tax and legal part, which most likely falls under #3 anyway.

3. What’s left is what needs to be hired out.

Want my recommendations? I share what I recommend hiring out versus doing yourself in Self-Employed School, along with tips and strategies on how to do your own marketing and website design.

Just getting started in business and looking for a roadmap? Check out my Begin Your Business online course. We’ll cover everything from pricing to forming an LLC, assembling your team to getting your first clients, and everything in between.