Creating and sustaining your own business isn’t just a way to wealth, but a way to pursue your life’s dreams and find personal fulfillment. This path often at times isn’t an easy one but, its one that all of history’s greatest entrepreneurs have had to follow.
The idea of starting a business is always fun and quite exciting but there is one logistical barrier, “you dont have money”.Starting a business with a huge amount of money” has always been the predominant ideology, that consumes the mind of many. And hence, poses as a major pull back to many. But it shouldn’t be! Rather, it is entirely possible to start a business with almost no personal financial investment..
The question is …..is this possible?
It is very possible to start up a business with minimum capital. This is one thing entrepreneurs should have in mind. Seek how to minimise expenses. Here are vital business start up tips:
- Keep your current job: It is very necessary you get a source of income when aspiring to have a start up business. Owning and managing your own business doesn’t warrant you, abandoning other financial yielding opportunities. Adapt a financial support system.
- Design a business plan: A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. The addage “proper preparation prevents poor performance”, amounts to proper planing. This plan serves as the foundation of your business and a guideline to all your activities.
- Do a competitive analysis: Simply put, who are your competitors? what do they charge for the product or services they offer?, can you provide these products at a higher quality level or at a lower cost?. These are some of the questions to ask, in order to strategically plan your business and make it top!
- Also conduct the SWOT analysis, analyzing the success, weaknesses, opportunities and traits of your competitors to gain an upper edge.
- Research and test your idea: If you have as planned to start up a restaurant…. Try out by cooking for a fundraiser program at school, or ceremonies to see how well you can handle it, and how well others appreciate your services.
- Find opportunities to build business skills at a cheaper rate. If you want a successful business, be a successful businessman/woman.
- Streamline your staff plans
- Advertise your business: Consumers/customers will only consume what “they know of”. Create awareness on the existence of your product or services. In this light, “stop searching for the gold and forgetting the mine.” If you can’t afford TV ads or rent billboard space, go for the flyres. Print them out and distribute handily first to your immediate surrounding. Why? This is because there is already an existing “relation”. Make the most out of it! At this stage, try as much as you can to device varying marketing strategies. Best run business will fail if no one knows it exists.
starting a business with small amount of capital is not an impossibility…..” It can be done”