Guest article by Debbie Miodonski

When starting out in business the whole area of ‘finance’ fills most people with dread!

They squirm at the thought of it and push it to one side, hoping, if they ignore it long enough, the nasty gremlin will go away.

Well, I’ve got some bad news and some good news for you Lovely Ladies!

The bad news – I’m afraid ‘finance’ isn’t going anywhere….

The good news – It’s not as scary or daunting as you think!

There are two sides new start-ups need to focus on from the finance point of view.

Firstly, Business Start-Up:
Money you spend setting your business up – the good news is it doesn’t have to cost a fortune!

Secondly, The Scary Bit:
The accounting and record keeping side – good news again, it’s easier than you might think!

Business Start Up: It Doesn’t Have To Cost A Fortune!

Setting up in business does not have to cost you a fortune. It can if you want it to! But it doesn’t have to. Obviously, all businesses are different and you may need to spend money on set up equipment.

Many business mums these days, set up online businesses which gives them the flexibility to run them around family commitments.

Depending on the nature of your business, you may not even need funding or a start-up loan.

Choose where you spend your money, time and energy wisely.

Here are a few areas to think about, nice-to-haves, but not necessarily essentials for new start-ups.

Business Premises
You do not necessarily need to rent an office. Many businesses are run from home, without the expensive cost of renting business premises.

This cost of hiring office space will come straight out of your profit and you will be tied in for a certain period of time.

This could be an unnecessary cost you can avoid. If you can work from home – do so. It is cheaper!

Fancy Logo & Graphics
You do not necessarily need fancy logos and graphics to start with.  There are companies who offer good value graphics etc. sufficient for you to get up and running.

Don’t spend the earth, you might change your mind on your design, logo or business a few months down the line! offer graphic services from $5 (about £3). No affiliation – just a happy customer from them…

Fancy Websites
You do not necessarily need a fancy website to start up. Again, all singing all dancing sexy websites are lovely, but, not an essential area to spend your time and money when you first start-up.

You may not even need a web-site to start with.

Expensive New Computer
If your current home computer is available and sufficient to run your business, use that! It’s all very nice to have a fancy new Mac or smart top of the range PC with all the latest gadgets, but, again, not necessary.

Fancy Adverts in Magazines
Beware of advertising and marketing companies selling you space in magazines.  Again, it’s a nice talking point for you to have a posh advert in a magazine, but there is plenty of free advertising to exploit too. Do your homework first!

I know there are plenty of other areas you can think of yourself. Money is a scarce resource and it can make or break you a fledgling business.

Choose carefully and wisely!

In the next part, we’ll look at the scary bit of accounting and record keeping so watch out for the next issue.

Your action plan
What areas are essential for your business start-up?  What can be put on your wish list for when the business is earning money?

It’s a good idea to think these things through and be clear your start-up costs so that you aren’t left wondering where your money has gone.

I’d love to hear what you’re going to be focused on, post in the comments below.

About Debbie Miodonski
I love all things finance and numbers fascinate me!  I am the founder of (check out my Facebook Page) and Mums Business Basics. I am a Money Coach for Mumpreneurs.  I help other Business Mums to understand their number’s, overcome their fear of finances and grow their business.

Recently, I have set up Mums Business Basics, which compliments Small Business Money Mastery. It has a new FB page and a thriving online community, in the FB group “Mums Business Basics”. Its aim is to help Mums with great new business ideas understand the basics of running a business and to achieve a guilt-free work / life balance.

Sign up to get instant access to Debbie’s FREE webinar “How to get customers to pay on time” and also receive her newsletter packed with useful goodies.

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