Ms MacDonald said: “There’s also Business Gateway to make the most of, and online you’ll find loads of free business advice and tools that are available to everyone just by Googling.”
Crowdfunding
In recent years, all kinds of businesses have been using crowdfunding platforms such as GoFundMe and Crowdfunder to help acquire cash.
Mr Marshall said: “Using these websites is a great way to get an initial investment, especially if your startup idea is innovative and exciting.
“By appealing to individuals rather than investors you can retain the equity in your business and get your name into the public domain ASAP.”
Freelance
Starting out as a freelancer is a low-cost and flexible way to start attracting and retaining customers or clients.
Mr Marshall said: “As you have no office overheads or staff, it is an excellent way to gain as much income and skills as possible in a short term.
“As a bonus, being a freelancer will not only allow you to gain the capital required to start your business, but it can also give you a great reputation within the relevant industry – meaning success from the get-go.”
Speaking on his own experience launching a business while also saving a lot of money in the process, Nick Swan, founder of tech start-up SEOTesting, a remote-first business based in Cornwall, said: “As a result [of being remote-first], we’re able to save a lot of money by not having an office, shop or warehouse.
“The cost of rent only seems to be going up and up, so I would tell other business leaders and start-up founders to consider adopting the same structure for their businesses, where possible. As an added bonus, remote working is also beneficial to employees – once you reach that stage – as they get to save money on eye-watering fuel prices.”
When it comes to websites and advertising service offerings, Mr Swan also suggests business leaders familiarise themselves with search engine optimisation (SEO) and define a well-thought organic marketing strategy.
