How to Become a Frugal Entrepreneur

Becoming a Frugal Entrepreneur - Part 1

 

Have you ever considered setting up your very own online business but weren't sure where to start or how to go about it? The trouble, for some, is that we can ponder the theory for too long and then give up when we can't think of what to make, trade or sell. All of that before we even begin to prepare our business plan, let alone stop to consider how we'll promote, market or advertise our new enterprise.

 

Becoming an entrepreneur of any description means taking chances and, ultimately, taking responsibility for the outcome. Becoming a frugal entrepreneur means it's best to start somewhere you can, without a shadow of a doubt, afford the start-up costs.

 

How affordable is FREE?

 

Sounds impossible? Fear not! There are several easy options and we're going to discuss them all here! As a frugal entrepreneur, my time is my own and I can give it freely wherever I so desire. So, I don't want to see anyone sneaking off thinking this is just another worthless article that's ultimately trying to trap you into parting with your hard earned cash. It is, in fact, a series of articles that can help lead you through the start up of your new business with as little personal expense as is possible. Bit by bit, I'll try to provide helpful information and suggestions based on personal experience, along with any other tips you may deem me fit to provide.

 

IN THE BEGINNING

 

This little heard of company has been around for a long time. Indeed, I was charmed by its potential before I'd even heard of the global market force that is eBay. For online sales, our little known company can't hold a candle to it's multinational rival, but where eBay can provide an instant customer base, eBid can provide you with so much more for so much less. I'm not suggesting you don't utilise eBay as part of your sales strategy, I'm saying harness the frugal power of eBid whilst you can do it FREE.

 

A BIT MORE ABOUT IT

 

eBid offers you 5 store fronts, secure invoicing, multiple currency payment facilities, 'Buddy' points for taking part in all manner of trading activities - be it buying, selling or bringing in new custom - and the potential to go global with your business. As a frugal entrepreneur, you could do worse than consider the possibility of setting up your own homeworkers' co-operative or online sellers association, a micro-company, if you like. A simple buisiness plan incorporating eBid will show you where savings can be made and extra advertising revenue released. But first of all you need to decide if you're going to be a sole trader, a partnership, a co-operative or go for it in a bigger way and start planning your future company. Part one of this frugal business planning feature is to introduce the concept of helping like-minded others in a bid to generate some extra income that will lead to future business.

 

SIMPLE SUGGESTION

 

By nominating yourself as an online stores manager and then combining your skills with those of several others, you could easily stock 5 stores and create a group department store, offering to promote and sell other people's items on a sale or return basis - NO CASH OUTLAY. It's about cutting costs by spreading them, but I don't mean spread them over the long term, I mean sharing them among like-minded individuals who can each have the opportunity to earn more. The potential to charge a commission for playing your part is something you'll have in your pocket for the future.

 

Where else can a group of friends set up a potentially global enterprise for so little? eBid has everything you need, including the right pricing structure. When someone asks about fees, I can honestly reply, 'WHAT FEES?'

 

STOP AND THINK

 

Before you launch headlong into filling your spare room, attic, garden shed or garage with stock, stop and consider putting together a proper business plan. These can be kept relatively simple and, with a very basic knowledge of spreadsheets, you'll soon can juggle figures and produce cash forecasts that will be able to impress any bank manager or potential investor. But they still need to show a bottom line and convince YOU, the entrepreneurial business owner, that your set up costs are an investment and not just a waste of time and money. Frugal business start-up it may be, but nobody wants to be out of pocket by more or for longer than is absolutely necessary. You are, afterall, aiming to become a frugal entrepreneur.

 

Look out for Part 2 of 'How to Become a Frugal Entrepreneur'.

Business plans, forecasts, initial start ups, free web-based products and much more.