Starting a Business with no Money?
Most times, it is overwhelming and complicated to come up with a business idea and following through with starting a business. A lot of factors have to be considered; coming up with an idea, registering the business, business plan, fundraising and many more.
The following factors are key points to consider before delving into a business.
- Understand yourself as an entrepreneur before you start
To start a business, one requires an enormous amount of thought and careful examination. There is need to take a good look at your strengths, weaknesses and skills most importantly. This will place you on a path where you can start thinking about what you can do and what you cannot do. Even if you come up with the best business idea, it is important to pay attention to this, because you may not have the skills or the personality traits to enable you turn your ideas into a successful business. You can do this by coming up with business ideas where you are naturally best suited for to be successful. For example, someone with a decent level of programming skill is well adapted to starting a web development agency, someone with short attention span may consider accountancy related businesses, someone who finds it difficult to speak with new people will not consider a heavily customer-facing business. This at least gives you an idea of the thought process. What is most important is to understand yourself and if you are well suited to any of the business area that comes to your mind before you start up.
- What is your motivation?
When starting up a business, be clear about why you are doing it. It may seem obvious but really there are actually many reasons why someone should choose to turn their back on their nine to five job securities for the uncertainty of starting a business. Therefore, you have to have a clearer picture of what you want to achieve; Independence, wealth, creating job opportunities for people, making the world a better?
Many entrepreneurs are motivated by a mix of the above although, many would really not like to admit it. So, when you understand your driving force, you will better understand the type of business you should start. This is because, if you start a business that does not align with your personal ambition, you may likely fail at it. Your personal goals and drive must be compatible with your business. For instance, a person who seeks influence will do well in the media sphere, a person who seeks fame may consider the entertainment world, a person who is seeking to save the world may consider climate change initiatives. So, it is important to understand these factors so you can focus on business ideas that will help you get to the height you want to attain.
- Is it for a good reason?
There is every possibility that you will want to start a business for many reasons. You should also bear in mind that your aims may conflict with each other. To create long-term family business that will be passed down to generations may be incompatible with making serious fortune because you may find need to sell the business in order to realize its full worth.
It is very possible to create a successful business solely to make money but, there should be at least one additional motivational factor largely because it can take years between starting a business and receiving any money from it.
- Understand your entrepreneurial passion
You are more likely to be successful at a business that you are passionate about. This is because you will work harder and persevere more on a business that you have passion for and thus, you will succeed in it. Most times, the only difference between an entrepreneur who starts a successful business and an entrepreneur who fails is passion. So logically, if you want to succeed in a business, start with an area you have passion for.
- Coming up with a great business idea
To come up with a business idea is relatively easy, to come up with a great business idea is hard. You must critically explore as many ideas as possible before settling on the final one. It is often long and time-consuming process, but has some patience and fantastic results will be birthed. You can come up with ideas by solving a problem that prospective customers care about. Begin by thinking about a significant problem you can solve and what ways you can solve them. A lot of successful companies today started out on a mission to solve real problems that affect thousands of people and provide them with solutions. Identify areas where solutions are already available but you can do better than the already existing in terms of innovation or efficiency or even cost. With less cost, you can help your customers save more. Furthermore, you can build a business for a future need/ market. Do this by asking yourself what the world will look like in the next five to ten years. Think about the new niches that may be open for innovation. Markets for crytocurrencies have grown over the years.
- Test your business Premise
After a thorough research on your business ideas, it is time to test and validate if the premise of your proposed business works in the real world. So many startups that skip this stage end up wasting time chasing ventures that would never work. To assess the performance of any venture, it is important to work out the measures you want to adopt in measuring success and failure such as how much revenue would then venture generate? the number of customers that the venture will generate etc.
- Have a marketing strategy
A good understanding of how you would reach your target audience is key to growing your business. Know the various channels available and how you can leverage each to achieve your goals to its fullest potential.
Then position your offering. This means you have to identify your product’s attributes and how you are going to communicate them to your customer. This can be done only when you must have identified your unique selling point (USP) from your competitors. You have to identify where you are offering superior functionality and value to your customers.
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