Youth Business Trust

So . . . you have a great idea and you're brimming with excitement about being your own boss! But then you do some research and find out you need more money, legal papers, an accountant, business loans . . . the list seems endless. Suddenly, the prospect of starting the business seems to be more trouble than it's worth—and you end up staying with your current job. But starting a business doesn't have to mean emptying your pockets or draining your bank account. Here some ways to cut your expenses when starting a business:

Get free advice from a successful mentor who's already been through the rough-and-tumble first stages of starting a business. A good mentor who's already experienced business success will have been through a lot of ups and downs and can offer useful advice on what not to do when developing your business. This alone could save you thousands of dollars!

Have your business plan reviewed by a MBA or graduate business class.
Most MBA students are required to take a class on devising complete business plans. You'll be able to see your company from the perspective of numerous objective eyes. This will give you insight into any loopholes you may have overlooked when drafting your original plan. Pinpointing these errors early could save you money in the long run and will also help you be better prepared and organized for the future.

Barter strengths with other business owners.
Start networking with other small-business owners by joining your city's chamber of commerce or other local business group. At the networking events, don't by shy—ask questions. What are the needs these other businesses have? How are they struggling with different aspects of running and growing their companies? Pinpoint the areas in which they need help and creatively offer those services of yours that can enhance their business.

Get low- or no-cost advice from business development organisations.
They provide resources and information regarding every aspect of business. More often than not, entrepreneurs are creative people with great products but are lacking in some of the other, "not so exciting" areas of business. Services at these centers include such things as one-day seminars on getting started, free one-on-one counseling, legal clinics, online resources and downloadable forms.

Hire students to help with the small tasks.
When you're just starting out, it's critical that you focus on the things that will bring in the business—developing your marketing strategies, perfecting your sales skills, performing the work your customers expect from you. But if you're going to find success, you won't have time to do it all. Interns can help out by running errands, making copies or helping with mailings.

Enlist the help of your support network. When you start a business, it's imperative to enlist the help and support of people you trust. It's easy for entrepreneurs to get into the mindset of "If I need to get something right, I have to do it myself." While this may be the case, spreading yourself too thin keeps you from building your business properly. In addition, as your business grows, you won't have time to be the janitor, the accountant, the secretary and the CEO!