Do you have a good business idea but do not have money to start? In this discussion, I will be explaining some useful tips on how to start and run a business with little or no money at all.
Business is really all about developing an idea, deciding on the roadmap to achieving your goals, building a strong team, networking and putting in hard work to make it work. Also, always remember that for a business to grow and flourish, it needs to be scalable.
This may sound a bit impossible, but you can actually start a business even with very little or no capital at all. The trick is to first have a viable idea or product, an established profit-making process and your own belief in the idea as well as the zeal to implement it.
Now, note that no matter the industry, a lean business follows the same basic ideas to businesses reduce waste; waste in time, money and resources. So, here are some tips for running a lean startup/business:
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How To Start And Run A Business With Little Or No Money
Work from Home
Instead of renting a fancy office in a ‘choice’ location, work from home or a co-working space.
Hire a virtual or remote assistant
Scout for a possible co-founder or another dreamer, instead of hiring ‘experts’.
Accept interns/fresh graduates
If you can’t afford a team made up of professionals with long working experience, for the moment, hire interns/fresh graduates and work closely with them. The motivated ones can always learn on the job.
Use free software when or where necessary. Sometimes you may have to find an alternative means of doing what needs to be done.
Do not buy
Avoid buying things unless absolutely necessary.
Be Creative in Marketing
Find creative ways to market your product or service. Instead of paid ads, explore word-of-mouth or door-to-door marketing strategies. Attend business/networking meetings and volunteer at free seminars/conferences.
Ask for help
Get all the help you can. Ask your friends, family, neighbours, and mentors for help. However, be respectful of their time and honest about your intentions.
Focus on your strengths
The added personal touch will make you a better service provider than a larger competitor. Figure out what else could you offer your first clients.
Work hard and smart
Create a solid periodic plan and keep working hard until you can gain traction.
Focus on the customer
Your customers are going to be the ones to drive your sales and your profits. Figuring out what they really want, through surveys, focus groups, etc., you can ensure your business products/services and values align with your customers.
At the end of the day, your job as an entrepreneur is to provide solutions to your clients to make some money while at it. Simply utilize what you currently have and focus on your strengths. Soon enough, success will follow.
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