Business Basics for the Frugal Entrepreneur

Having cleared all debts and decided that '9 to 5' isn't the life for you, it's time to take stock of what is available and how financial security could be established from that.

You want to be a frugal entrepreneur, so you literally want money to grow on trees. But first, you must plant your acorn, that little seed of an idea from which greatness can grow.

Feel free to discuss any aspects of starting your business from scratch. Mine is starting from a virtual standstill after following a frugal lifestyle challenge for several years. I now know how little it costs to live and how often money is wasted for a quick fix.

Never forget that trading is trading, be it with cash or without; the ultimate aim is to make a gain in your own favour.

Have a think about what you most like doing, have a look around you and see what enterprising opportunities are hiding in and around your own home, then start processing all that new data. The old addage that you need to speculate to accumulate still holds true, only we're speculative investors in our own time and lifestyles.

What's needed?

The preliminary idea, no matter how far fetched it may seem
The will to try, try and try again without incurring debt
An end product or service worth something to others
A business plan to show it can all work
A bank account
Register self employed with HMRC
National Insurance contributions (for your state pension)
A sales strategy
Free advertising, marketing & promotions
Customers or clients
As much help and support as you can muster

Ideally, the products and services you will offer will be things you love making or doing. Work isn't work if you enjoy it, it's a way of life, not just a means to an end. If it makes you rich, in whatever meaning of the word you choose, then that is better still.

Join us in the free forums to discuss frugal entrepreneurial ideas.

NYK Media
www.scottishmultimedia.co.uk

What is a Frugaleur?

Have you got what it takes to become a Frugaleur?

We've all heard of entrepreneurs. Then there was the emergence of mumpreneurs, dadpreneurs and any other type of 'preneurs' you would care to name. But at the end of the day, they are just people with vision and a will to succeed.

In our current economic climate, it isn't always easy to see beyond the overdraft, the mortgage, escalating costs of living, the next debt payment or, even, to the next pay day.

But some people carry on regardless, in search of personal success. These people have no obvious source of funding, no angel investors and no backing from any financial institution. That could be because they are a new breed of entrepreneur; they are followers of a frugal working and living ethos, debt free and proud of it!

It is NOT impossible to earn enough Cyberdosh (Cyber = virtual, dosh = cash) to generate yourself a healthy income and build a business, but the big difference between the successes and failures is readily available cash!

Most people need it to start up, advertise, generate business, achieve targets and grow to become successful enterprises.

So what is a 'frugal entrepreneur'?

It's someone who is starting out with very little, in some cases nothing, and pursuing their dream or creating their own frugal empire.

Never give up the dream - you could be self sufficient in earning your own bread, even if you're rubbish at baking it!

Frugal Entrepreneurs (Frugaleurs) are driven not by the need to make money, but by the need to realise dreams.
(Shamelessly adapted from a definition found on http://www.entrepreneur.com/)

My definition of a 'frugal entrepreneur' is someone who tries to make as much out of life as possible without relying on others.
The ultimate goal is to live a rich and fulfilling life without having financial worries.

• Business entrepreneurs judge their successes on how much profit they make.
• Social entrepreneurs judge their successes on how much social change they can achieve.
• Frugal entrepreneurs judge their successes on freedom from debt and fulfilment of a lifestyle dream. If it happens to lead to a fortune in the bank, then so be it. It's simply a by-product of a frugal lifestyle of making do, mending, bartering, recycling, reducing, reusing, sharing and helping others reach their goals. You can always give the cash away if you don't want it.

As a frugal entrepreneur, I've pursued many, many different projects - some work, some don't, none have earned my fortune, yet. But I think the secret has to be living well below your means, regardless of how little or how much that may be, while making what's left work hard for you, preferably with as little risk as possible to your capital.

What is absolutely risk free, provides an adequate income and guarantees that your capital increases to beat inflation year on year ad infinitum? The banks and building societies certainly can't guarantee this, nor can premium bonds, so my guess is that many people could soon be pulling a great deal of money out of many financial institutions in favour of investing elsewhere. The big question is, WHERE?

You can discuss all aspects of frugal entrepreneurialism here.

Dictionary Definitions

Frugal - http://www.thefreedictionary.com/frugal

Entrepreneur - http://www.thefreedictionary.com/entrepreneur

Mumpreneur - http://mumsgotabusiness.com/what-is-a-mumpreneur/

Frugaleur - A frugal entrepreneur is in the business of making frugalism pay for good living.

NYK Media
http://www.scottishmultimedia.co.uk/