Ask yourself what skills can you offer, everyone is good at something, even talking. Small service businesses (ie virtual assistant or proofreader), online store or even a writing are all low cost business you can run from home. Freelancing is an industry that has grown rapidly since the introduction of the internet. Businesses using websites such as eBay and Amazon selling items online have flourished, with people selling items second hand.

Research is a key part of any business, dig deep to find out how your competitors operate their own business, the prices they charge, website design, payment methods, terms and conditions, and wording they use to attract customers. The information you’ve extracted, will help you type out your own business plan.

Sometimes a business can start with an idea or name, but choosing one is a difficult process. You may find that as your plan develops an idea will come into your mind and fit perfectly with your business type. Don’t panic if a name doesn’t come to you straight away, you can always use a temporary one.

Any business large or small needs a business plan. The plan will help you to define the goals you want to achieve, it’s also an important and beneficial tool for the other parties interested in funding your business.

Points of your business plan are: Business idea, present market, business/personal aims, competition, marketing/advertising strategy, premises, management/staff/training, operation/ legal issues, financial information, how will you be successful with your business.

Without capital most traders would disappear. In the UK the government runs a scheme for small businesses called the ‘New Enterprise Allowance’ (NEA). All applicants must make an appointment with a mentor, to go through their business idea. The business idea will be scrutinised. The next is typing out a business plan. Once your plan has been accepted you’ll have access to the grant and if you require it, the loan.

Some people prefer to have some money put to one side for further costs during the first few months, this is useful if your not breaking even. Anything that will help you feel less stressed and spend important time on your company will help in your first year.

If you’ve passed all the previous hurdles, your now ready to start up your business. You can use some of your business funds to set up a simple website. There are a lot of things you can do on a shoestring budget such as article marketing, blogging putting your website link on social network sites such as Facebook and Twitter. You can create your own flyers and postcards to send out in your own local area.