Startup

HOW TO START A BUSINESS WITH LITTLE OR NO CAPITAL

start business little capital

There is a prevailing notion that one needs a considerable amount of capital to start a business. However, It’s dependent mostly on the type of business endeavour one wishes to pursue, unless it’s as capital intensive as starting a product based business which mostly require deep pockets, if not, what’s most important is conceiving a brilliant idea and following relatively these simple steps, you can transform that idea into a multi-million dollar company. start business with little capital

A COMPANY’S MOST IMPORTANT TRAIT IS THINKING OUTSIDE THE BOX

Small businesses affords one the luxury to think and appropriately strategize with less bureaucracies and long organisational command chains that impede faster decision making. A Business’ strength sterns from providing superior solutions to a specific societal problem, how superior is the service am offering? How do I provide cheaper services without compromising on quality? How do I provide superior customer services? How do I use customer service to create competitive advantage? What makes my products or services unique? How will I make money? The purpose of starting a profit institution is profit maximisation, design a business plan that encompasses these areas. The First year is the survival stage, most businesses die during this period so it’s prudent one considers this when designing the plan and factor in strategies to ensure the businesses survival and growth.  These basic questions if well answered should set you up for a successful business. start business little capital

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USE THE AVAILABLE RESOURCES AT YOUR DISPOSAL

Work from the comfort of your home or a local library or café or any convenient place that offers free Wi-Fi. Do you want to sell smoothies or perhaps start a catering service? Most big companies started from garages, so what stops you from turning your garage into a workshop?

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FINDING A NICHE AND DOMINATING A SMALL MARKET SEGMENT

Generally, competition is considered a vital element in business that helps businesses to innovate and grow but as a start-up it’s a luxury you cannot afford, competition could help companies evolve and provide better services but it’s the adversary killing most businesses. How do I create a market segment that is uncontested and renders competition irrelevant? It’s simple by finding your own micro specialization, doing a competitive analysis should help you know your market and other competitors providing similar services, determining which specific market to enter. This should inform your decision on specifically providing services that are distinctive and unique. Don’t be a jack of all trades, specialize, it’s the only way you would gain an experience curve and build upon your skills and trade. start business little capital

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BUILD A BUSINESS AROUND THE SKILLS YOU ALREADY POSSESS

Individually, everyone possess a set of skills that sets us across opposite ends of the table whether acquired or innate, we all do have unique skills that other people will invest a substantial amount of time and money to acquire. This immediately becomes your golden nugget.

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MAKE USE OF THE INFORMATION FARM THE INTERNET OFFERS

In a world where information is just a click away and knowledge is power, a start-up should widely research and find relevant information that would help you to grow and sustain your business. Benchmarking is a useful tool which will help pinpoint common flaws of most businesses and their strengths and how you could use it to your advantage. At all times you should be informed about new trends, better and effective ways of improving the way you do things. start business little capital

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DO ALMOST ALL THE WORK YOURSELF

In as much as additional hands will help ease up pressure and help do the work faster, try as much as possible to do majority of the work yourself, so you wouldn’t have to incur additional cost.

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MAKE USE OF TECHNOLOGY TO PROMOTE AND MARKET YOUR PRODUCT OR SERVICE

Build free websites using online tools such as moonfruit.com, wix.com or basekit.com. Social media is also a cost effective way to sell your product and reach a wider range of customers. Facebook.com, twitter.com, you could even take advantage of YouTube by posting videos to help showcase your product even better.

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Starting a successful business has nothing to do with vast amounts of capital just a brilliant business idea and the zeal and commitment to succeed. There are a million and one problems around you just find a solution to one and you are a millionaire.

 

 

Also read 6 Tools All Entrepreneurs Need to Boost business

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