This Podcast Is Episode Number 507, And It's About Starting And Operating A Small Construction Business On Limited Funds So you have a great business idea and are convinced you can make it work, but you don't have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loan could put a squeeze on your business plans. Many entrepreneurs use creative thinking and shrewd planning to get businesses off the ground with the smallest budgets. Freelancers in all industries deal with the same problems due to the nature of their work. Most of you came from the skilled craftsman trades; some worked as construction company managers and have now started or thought of starting your business.   If you just did, congratulations, you have decided to own and operate a construction company. Practically, solo contractors manage every aspect of their business, but we are here to help you navigate it. Here are the things you need to consider (especially when you are on a limited budget) to keep it running. Making your construction business fit your finances Starting your company on the tiniest of budgets means working harder to ensure your business doesn't implode from a lack of funds. Even if you don't have funds, you probably have something that many established companies don't have - time. You can build income and cash flow from your hard work if you have time. Remember that the easiest businesses to get off the ground with limited capital don't require plenty of resources or initial outlay. These are generally service-based businesses, such as handyperson and residential home-improvement services. Minimizing costs and eliminating expenses It goes without saying that if you have a limited budget, you will need to direct your spending where it has the most significant impact on your business. Here are some tips to make your money go further. Harness free business support. Business support or advice doesn't need to cost a fortune – there are plenty of ways to get help and build your knowledge for free. Use the Internet to research success stories in your chosen industry and find out if there are any government business mentoring services you could access. You could also approach your network of friends and family or industry associations to put you in touch with someone in your industry who could share their knowledge.  Do it yourself. Almost any business task can be completed by yourself, depending on how much spare time you have. If you don't have the design budget for an expensive-looking website or are unsure how to design advertising material, consider learning how to do it yourself. For example, you might be able to attend a free or low-cost course on how to use design software or use Internet resources to teach yourself.  Work from home or lease low cost. Working from home can be a great option; you don't need to meet clients at your premises, as most will invite you to their property. If you need a physical office to meet clients, leasing a room in a shared office or splitting the lease on a property with another business is an excellent way to minimize costs. Shared office spaces often have shared amenities such as meeting rooms and coffee break areas, which are great for meeting clients. Order only what you need. Avoid the temptation to order large quantities of stock from suppliers in anticipation of large orders. Less supply means you save on storage costs and reduce the risk of theft or damage. The downside is that you may have to pay more for items, lowering your margins, but you can order in bulk once the business is booming. Minimize fixed costs. The more fixed costs you have, you are financially tied down. Some fixed costs like power and telephone line rental can't be avoided, but other costs such as transport costs or office supplies will vary each month. Think carefully before financially committing to services that may...