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Nowadays, many people have thought about starting their own business. However, they may step back easily due to funding issue. There are many ways to start your business with low budget, you can even try to apply for entrepreneurship funding to further lower the startup costs. 4 low cost business ideas will be introduced in this article, as well as the eligibility and application process for applying entrepreneurship funding.
Expertise in Your Field
Having a solid grasp of your chosen industry is crucial. It helps you better understand market demands and the competitive landscape, giving you a strategic edge.
Securing Funding
If you need capital to get your business off the ground, finding investors or funding are the main keys. Yet, if your funds are tight, you may consider low-cost startup methods that require less capital to launch your venture.
Growth and Expansion Plans
In the early stages of your startup, it's important to think about future growth. Having a clear business development strategy helps you make smart decisions when it's time to expand your business.
Personal Interests
Choosing a field that aligns with your personal interests can keep you motivated for the long haul, thus increasing your chances of success.
Digital Marketing Consultancy
Put your digital marketing skills to work by offering services like online advertising, social media management, and search engine optimization for other businesses. This is a great way to leverage your expertise with minimal startup costs.
Handcrafted Goods
If you're skilled in crafting, why not turn it into a business? Market your handmade products, be it jewelry, leather goods, or home decor.
Home-Based Care Services
Tap into your local community's needs by offering child care, pet sitting, or even home cleaning services. This is a fantastic way to start a business with minimal investment.
Online Education
Create and sell online courses in areas you're knowledgeable about, like cooking, music, or language teaching.
The cost of starting a business isn't as steep as it used to be, especially with the low-cost startup methods we've discussed. While the initial capital required is lower these days, a stable financial source is still a must. Here's a breakdown of the key expenses to plan for:
Living Expenses
Make sure you have enough savings to cover your living costs until your business starts turning a profit.
Marketing and Promotion
To draw in customers, you'll likely need to invest some funds into marketing efforts.
Inventory or Tools
Depending on your business type, you may need to purchase inventory, equipment, or tools.
Rent for Shop or Office
If your business requires a physical space for storage or operations, you'll need funds for rent or a deposit.
Worried about overspending and running into cash flow issues right at the start? Apart from low-cost startup options, there are numerous startup funds and financial aid programs available in Hong Kong. Let's dive into the details of these opportunities!
Hong Kong offers a variety of startup fund programs, catering to different sectors. Generally, applicants must be 18 years old or older and hold a Hong Kong Resident Identity Card. Some funds also require that your company is established and registered in Hong Kong. It's crucial to read the specific requirements on the relevant startup fund websites to gather more information. Keep in mind, applying for these funds can be a complex and time-consuming process, so if you're interested, make sure to allocate ample time for approval.
While the application process can be complicated, it typically follows these basic steps:
Upon successful application, most startup funds in Hong Kong offer seed funding of no less than HK$100,000 to nascent entrepreneurs. This amount may potentially increase, along with multifaceted support from the program. The support may include access to co-working spaces, assistance in designing business models, and guidance on enhancing product innovation. Such resources are invaluable in scaling your business and accelerating market expansion. However, as mentioned earlier, applying for these funds is a lengthy process, therefore reserve enough time to apply.
Not everyone aspired to start a business qualifies for startup funds, and not all businesses are suitable for such applications. If you still want to start your own business, you may consider applying for Promise's No Doc Loan For Self-Employed. For loans up to HK$100,000, no income proof is required#. All you need is an ID card and a mobile phone number to apply. The process is straightforward and convenient, you do not need to show up in person*. Funds will be transferred instantly with Faster Payment System (FPS)^, providing quick access to cash. This not only solves your initial funding needs but also offers support during challenging times in your business journey.
