Many of us may have impressive and incredible small business ideas. However, we tend to put them on hold because of lack of capital. We assume or rather presume that the formula for a successful small business should be something like this. A great business plan in place and a truckload of money to materialize the venture. However, the truth is stranger than fiction. However, many of business ideas remain as dreams due to lack of capital or because many think raising cash can be a daunting task.
To start a business with little or no capital, you need a shift in the mindset. If you are willing to put in ridiculously long hours of work with little to no sleep, you can materialize your dream of starting a business with little to no capital. We have put together a few useful tips that can help you start your venture with less than $1000.
Alternative Entrepreneurial Mindset To Start A Business:
Pen down your skills- This is the first and foremost thing you should do once you have decided to start a small business. Consider your skills, your previous experience, knowledge as well as the tangible resources that you have access to or have before you to start your business. Pen down this on a piece of paper and brainstorm with your close friends and family. Also, ensure to write down the responses while brainstorming. If you are starting a business around your personal expertise, you won’t have to hire a business consultant.
Leverage social media platforms to advertise your business- Create business pages in the popular social channels such as Facebook and Twitter to not only talk about your services or products to the potential customers but also to tell your family, friends, and past colleagues. Your family and friends can spread the word and will introduce your venture to a larger audience.
To increase the credibility of your business, create a LinkedIn business profile and send invites to your friends, join LinkedIn professional groups and be active in these groups by sharing your expertise. This is a great way to let the world know about your new startup, and it is not going to cost you a penny.
Database building using Email contacts- This is the cheapest form of marketing. Tap into the power of email marketing. Get one of your friends or colleagues to write a catchy content about your venture. Use this content to reach out to those who are not on the social media platforms. Also, you ask your acquaintances and friends to share the database of their contacts. This is one way of building a database without having to shell out a lot of money.
Google for free apps on the cloud and go green- There are many free cloud-based business applications on the Internet. Search for one that suits your business and integrate it into your business process right from the inception. Similarly, there are apps for Customer Relationship Management (CRM), accounting solutions, finance management, and so on where you can get the basic package for free. Use these apps to build your customer database, connect with your prospects, make sales forecast, maintain your accounts, and create a short and long-term budget. This way you can cut down on the amount of money spent on stationery.
Network, Network, and Network- Attend seminars and workshops that are relevant to your business. Here you get to meet like-minded people with whom you can share as well as exchange business ideas and tips. You should not be ashamed to ask for help from the established entrepreneurs in your community. You can also create an advisory board of a few entrepreneurs with relevant experience in your niche area. You can also pay them a small fee for their expertise.
The other things that can aid in building a startup including the following.
- Find a mentor who can guide you and help your streamline your business.
- Avoid spending unnecessarily on latest gadgets, office furniture and supplies. Instead, finance from the returns of your venture. Hard and smart work is an absolute necessity to build your brand.
When you are starting a venture with little or no capital, you need to dedicate your time as well as everything that you have to make your business a success. In the initial stages, you would have to take care of cold calling, customer support, deal with bills and accounts. In brief, you have to adorn various business hats to build your business. Remember, hard work leads to fruition of your brand.