Business! Business! Business! If you are here then I’m sure you are also eager to get something of your own started. Well, ofcourse it can be done. If I did it, then you can too. But remember, as easy as it may sound you definitely need to put in some effort and funds.
I’m not talking about any huge sum. Just a little something to acquire all your resources depending on what venture you want to pursue.
Note that to set up your own business, you need a plan. A very solid one for that matter. Whether with less money, more money or no money. Because success comes with hard and smart work. You have to put in extra effort and more work towards your business especially when you only have little money to invest.
There are a whole lot options to choose from but you need to plan how you want to start your business and what kind of business you want. Remember this guide is tailored to tech oriented businesses. So I’m guessing by now you have a fair idea about what’s needed and the skills required to get it done.
Don’t worry, This guide will explain it all if you have no idea. My first advice to you is, never let lack of money stop you from starting your own business.
What’s important is the need for passion and drive. Take control over your emotions to start. Taking action is the very first step towards the accomplishment of dreams.
Now, Getting down to today’s business of learning. These are the first tasks to finish.
Do Your Research!
Clearly, this is a must. Unless you are planning a short term unsuccessful business, it is crucial that you do your research about the whole venture. You need to gather a lot of knowledge about the business including your competitors and expertise required. You should have a solid plan of what you can accomplish your self and what needs to be delegated. When starting out solo, you have to do most of the business-related tasks yourself. This will be possible only with a solid strong plan and very clear focus.
Visualize The Success Of The Business.
Even though you are starting out new, you need to visualize your business as a success. This helps you to clarify the ultimate goals and objectives of your business. Doing this will help you understand what objectives to achieve in order to call your business a success. Also you will need the required motivation to step into the arena of this competitive world.
I know when you want to start a business from home, it becomes really hard to keep yourself motivated enough to start and hold on to the idea. You need to overcome this. Its really important.
Start With Your Own Skills And Knowledge.
If you want to start with something right away, use your present knowledge and skills. This helps in saving time because you already have the required skills which will take less time to start. If you want to learn something new, it can take some years to learn and make the required change.
The very first thing which comes to mind is whether the project I’m starting will be profitable or not? Nobody can answer this because it is only you who can find out after working on it.
With no money or very less capital, it becomes important to do most of your tasks your self and save money from everywhere. I know it is really hard to do everything yourself, but it saves you a lot of money when you are just starting out. Even if you are keen on doing everything yourself, you may lack totally on some skills. Outsource those skills and be at peace with the quality of the work.
Remember To Start Small.
Yes, my friend, when you are starting out it is better to start small and then scale your business later. When you know that the capital you need to build the business is a lot more than what you have, it is in your best interest to start with whatever you have.
Build Your Savings.
I bet you would all agree with me on the fact that building your savings for some months will help you a lot when you have to put some money into your business. You can start today by building your savings account and make a goal of saving for at least 3 months in the shortest period possible.
Starting a business will not happen in a single day. It is a long term plan. So you should plu will survive while working on your business and what you will do if you face some financial problems.
These are the preliminary steps you need to take to get ready to start a business.
STARTING YOUR OWN BUSINESS WITH LESS MONEY.
1.Draw A Business Plan.
You’ll need to come up with a business plan and a financial model, of course, but you can do this on your own free will. Your business plan should contain the goals of the business, the methods of attaining those set goals and the time-frame for achievement of the goals.
Creating a business plan will help you figure out your present situation and where you want to be in the coming years. The key points are
What is your present situation in terms of finances, ideas and expertise
How many tasks can you handle yourself
What you can delegate
Your business plan should spell out clearly the decisions and ideas of the business for the future. It will help you achieve short term and long term goals.
2.What Problem Your Business Will Solve.
Never ever underestimate the power of this word VALUE because your business should solve a problem and should provide value to customers. When you will be finding out your own skills and expertise, you will come across how your skills can add value to the lives of people by solving the problems they are facing.
If your business idea will not help people then who will pay you? When you know what specified problem your business will solve, it becomes very clear and easy to create a business plan that will help you.
You must be wondering why I have mentioned business equipments if the business should be an easy one without money, right? Well, equipments, offices and other tangible assets are all cash killers, but not all businesses need them. So yes! Some businesses don’t require any of these things.
For online businesses to be executed, you only need a computer, a laptop, and an internet connection.
4. Make Specific Goals With Time Frame.
Decide your plan
Planning is the most crucial part of the success of any business. If you will make a plan and execute it with the right mindset, most of the work becomes easy after that.
Setting different goals will help you to focus on the most effective tasks. Divide the business-related goals into Long term, Midterm and short term.
Set your goals
Goals let you break bigger tasks into smaller chunks too.
I think you will agree with me on this one that creating goals is the single most thing without which nothing could come to fruition. To set specific goals for your business, start with the mission statement for your business.
The kind of goals you will need for your new business
The mission statement for your business
Time frame to start a business
Create a road map of how you will reach your mission and end goal
Tasks required to accomplish your goals
Divide those tasks into long term, short term and midterm
Always write the time frame to accomplish a certain goal
5. Develop Digital Marketing Strategy
While starting out, it is important to use free resources as much as possible. Digital platforms have made it possible to promote your business and skills for free organically. Or if you like, you can still use the paid method to reach more people. We will leave the paid method for later. Facebook, Instagram, Pinterest are really great places to use free resources.
The digital world and social media platforms have made it easy to advertise your business for free. If you have an idea for your business, create a Facebook page and Pinterest account from day one. It will take some time to work but if you will be ready with the initial set up, it will be easy for you to scale that up. Gradually you will start having followers and engaged people on your business pages.
6. Build An Online Domain.
You’ll need to invest in your online brand early on; while I suggest going as professional as possible, you could also use a bare-bones approach to launch, if yours is a minimum viable product. Often, a catchy domain name is all you need to define your brand at the start.
Website builders these days are free and intuitive to use. You won’t expend anything but time to build your first site. I recommend starting simply with a widely-used website platform like WordPress or Wix.
Generally, your website serves as a space to provide information about your business. Every business out there should have a website.
7. Network With Fellow Business Owners
Though there is a lot of competition, not everybody is your competitor. Networking with likeminded people and those who are business owners like you can help you a lot.
If you think that you are not good at networking, learn this. Come out of your comfort zone and start networking. Send some emails and make phone calls.
Practice it and you will see the results in coming time. In the business world, it is a symbiotic relationship to grow together.
8. Social Media Branding.
Social media platforms are not only to share cat videos but also great for businesses because money is there where people are and social media platforms have a lot of people daily come to them.
I had a hard time thinking about whether to infuse or separate marketing from product exhibition, however, I have decided to infuse them because both are means to sell your business out there.
While marketing or product exhibition has a reputation for being very expensive, there are actually tons of really effective tactics that can be performed with only an investment of your time, social media marketing, SEO and content marketing all fit within this category, and honestly, thosre are really all you need.
If you want to start your own business but don’t have any idea, choose from these business ideas to start a business.
If you have skills and can teach people those skills, you can start your online coaching business. It is also a lucrative idea while establishing your online business.
To be successful, you should have continuous clients to work with them.
The only catch is that other people should be interested in these skills.
Freelance writing can be a very lucrative business idea once the initial hurdles are cleared. To be successful at writing, you don’t need fancy degrees, but you should be able to write engaging content.
You may not be able to charge very high rates in the beginning but as you and your portfolio will grow, you will be able to ask for better rates.
Sites like fiverr offer a great opportunity for writers, editors, photographers, artists and video makers to book gigs from businesses with an assortment of content needs.
The amount of money one can generate will vary greatly on a person’s drive and talent.
First off, there are personal creations, like arts and crafts. For example, if you’re a painter, you could sell your work of arts with an investment of nothing more than arts supplies and your own time. Platforms like Etsy, eBay and Amazon cater to creators and make it easy to turn a profit from your work.
You could also create homemade products to sell online.
Start providing Social media management
Social media platforms, if used correctly can help build an online business. The problem is that using social media for personal reasons is very easy but for marketing the business, it requires a different type of skill set.
Small businesses require social media managers for this. If you think that you can help others succeed in their social media management, you can earn good money.
Repair Or Skill-based Services.
If you have a specific skill, you could use your skilled labour as the main revenue driver for your business. For example, if you’re a handyman, you could cater to home owners who don’t know much about home repairs.
Just like in-home services,these types of gigs don’t require you to have a physical establishment and don’t require you to invest in anything up-front, except the tools or equipment you’re going to need for the job which will vary in cost.
The idea behind resale is simple; you acquire products and sell them to other people. You can use drop shipping or wholesaling to acquire these goods. With drop shipping, you’ll ship directly from the manufacturer (and turn a lower profit) but you’ll need almost no startup cash. With wholesaling, you’ll need more money and space up-front, but you’ll end up with more control and more money.
Start professional money making blog
Many bloggers are earning good income from their blogs. Creating a blog is easy but taking it to the level of earning money takes some time. It depends on how you treat your blog.
As with any other business, it requires a clear goal, what you want from a blog.
I have seen many bloggers who got success early but some are like me who take a bit longer to succeed. It is like a marathon not a sprint. If you will stick to it a success will definitely come.
Graphic design services
If you have graphic designing skills then you can start your online business around this. Graphic design is a broad discipline. There are so many categories which come under graphic design.
Social media designing and many more
You need to figure out which one is your speciality. Also, pay attention to the skills which you want to hone in order to make you more skilled.
Many workers think about becoming entrepreneurs only after getting several years of professional experience under their belt. Think about the industry you’re in, and how much you’ve been able to learn in that time. Up-and-coming professionals, or startup business owners will likely be glad to pay you for your expertise.
Consulting is a service that costs only time to produce but can be highly valuable as a career opportunity.
I think, by now you will be ready to start your very own business to work from home and be your own boss. If you have some apprehensions, you can ask me anything.