Every qualified professional that is stuck in their nine-to-five job, is obviously dreaming about starting their own business. It’s not just because they are tired to fulfill the tasks of their boss day after day, but it is because they want to reach their own aims and succeed in their own field.
The lack of a budget is something that prevents many people from launching their own business. The fact is that you can start a business with no money or just with very little costs, today this is quite possible and pretty easy. We’ve decided to speak on the main tips of launching a business without a good deal of money. Let’s review them!
1. A Startup or a Great Business Idea
A good business begins from a stunning and unique business idea.
- Someone sells courses online and provides tutoring services;
- Others resell healthy food and farming products;
- Someone creates mobile applications for kids;
etc.
Good business idea is a good start for your entrepreneurship and worthy revenue. So how to come up with the idea?
Think of what you can do the best and how your skills can be useful for people, your target audience. Think about friends qualified in the same field and ready to help you run your business together.
You can also get inspiration from famous and successful businesses like Apple, Coca Cola, BMW, or others. The task is not to imitate their success but take their advertising and promotion methods for a model, learn their way of development to become a market leader in your own business area.
2. Write a Business Plan
It’s impossible to build a business without proper planning. Business plan allows to define your main goals and direction of development as well as analyze the steps and stages you need to take to reach your goal.
Consider risks that you may face on different stages of developing your business, and think about competition in your business area as well as the methods to overcome it.
Business plan allows to determine your internal and external audience, create a description of your company, make a list of your products and services, create your strategy and analyze your market.
3. Find Investors
Every enthusiastic start-upper can find investors for developing their business project. There are online services where you can add you business idea, share your plans as for developing your business project and ask people to invest money in your project.
Someone will give a dollar, others will give a cent, and someone will even give a hundred bucks. You have time to collect a good amount of money for your business.
If your idea is unique and uncommon, you get more chances to find interested investors and may be even business partners.
4. Keep Track of Your Expenses
When you only start your business and you don’t get income, try to keep your expenses as low as possible. There’s no need to spend a lot of money for advertising, ‘cause you can start from promoting your services free of charge:
- Use social media like Twitter or Facebook;
- Take advantage of social proof methods (your friends are satisfied and they share their impressions with their friends, others recommend your services to their friends, and so on.);
- Print flyers or brochures and distribute them by your own resources.
You can use a lot more variants of promoting your business, for instance, choose a free template and free CMS to create your promotional website with ease. Leverage your expenses depending on the type of your business.
For example, if you sell products online, no need to buy a lot of goods from the suppliers and no need to rent a warehouse, you can choose a drop shipping method. This is possible when you work with a huge online market as its affiliate, you can copy the product from the market and put it to your store with your own prices and markups.
Once the product is sold to your customer, you buy it from a supplier and ship it directly to your customer. This means your customer pays for a product at your store, you take that money to purchase a product from a supplier and just ship it to your customer. As your price for a product is higher than it is at the main market, you get your profit.
5. Perform All the Key Roles by Yourself
When you just launch your startup you’ll have to be an accountant, a PR manager, a marketer, a client manager and a product expert by your own. You’ll be responsible both for supporting your customer, setting the prices for products or services, shipping those products, processing feedbacks, promoting your business, and much more tasks.
It’s tough at the very start but if you are persistent enough, you’ll get your first income very soon and be able to hire a team of experts to help you run and develop your business to the new heights.
Conclusion:
There are lots of variants to run your business without investing any costs. You can work as a freelancer, a pet sitter, a tutor, and more. If you are purposeful enough, you are sure to succeed very soon.
