No money, no business?
The good news is you can start a business with little to no money
Starting a business has always been an idea of investing money to generate more money, but starting a business with limited money requires an entrepreneurial shift in mind set.
The usual way of starting a business venture is by asking “Where is the market gap? What are the customers/clients lacking that they need?” Next, we create a means to take advantage of that market gap. We then consider the resources necessary to take advantage of the gap and go out seeking those resources. Business plans are drafted and presented to potential financiers with the promise of a profit. But what if after all this attention to detail planning fails? And your whole project is turned on its head? Is there an alternative way to venture into business?
Well, there’s the good news and the bad news. The good news being yes, there is an alternative way to start your business if you adopt a new mind set to approach entrepreneurship and the bad news being, you will have to put in a little bit more consistency, time and effort at what you are building. Not that bad, eh?
Let’s get started with some guidelines that will provide you with some insight to effectively launch a business with limited resources as well as nurture your alternative entrepreneurial mind set .
1. What do you have?
Consider what you have at your disposal that is:
Think carefully about your answers to the above questions in that order. Think outside the box about those immediate answers to your answers and be sure to write down those wild outside the box responses. These responses could be your creative pool for the next interesting if not breakthrough idea in your current industry or craft.
2. Who do you know?
After identifying what you have combine the findings with who you know so that your idea gains some momentum. Map out your network of connections and collaborating enables you to use what you have efficiently and effectively. Stitching together these partnerships not only creates new markets but also, drives and shapes the trajectory of your new venture for success. If you do not have many reliable connections, start creating an audience by blogging or using the social media platforms in place or simply outsource.
3. Budget for what you can afford to lose.
In the event of a loss to your business, you do not usually lose everything and in this case of a budding business you can actually budget for how much you can lose in the event of a loss. This allows you to maintain flexibility in your business and minimise the stress in managing it. For instance, if you choose to invest and expect that you will get a specific return chances are that you may never launch or take the leap of faith to start the dream business you had hoped aside from not making the returns you had projected.
4. Be flexible, experiment and adaptive
With a versatile mentality and mind set, you gain a competitive advantage in the market. Being fixated on a single objective/goal does not guarantee success but being receptive to changes in the environment. As a new player in the market, you are not tied to the way things have always been done like the big companies run but rather, your business can be realigned take the advantage of changes in either consumer preferences or shifts in technology easily. This is he alternative entrepreneurial mind set we were referring to earlier.
You should be able to transform both positive and negative contingencies into useful tools for new opportunities.
Types of businesses that can be started out on little investment
The businesses that emerge from limited investment power and alternative entrepreneurial mind set fall in to one or more of the following categories: Service industry, Micropreneurship, consulting, personal creations and content provider.
In conclusion, it is commendable to focus on what you do with what you have at your disposal since it enables individuals to get into business iin ways they would otherwise have not thought of. If you are intending to start a business from low investment options, I recommend that you give it a try.
No money, no business?