A business is like a creature that requires birth, mind, body, soul and care to come alive and grow. Therefore below are some of the tips to help you start business with a strong foundation to last irrespective of you having little or no money at all.
1. Have professional skills. With big investors like wallen buffet who are already having enough money required to start business by just hiring or employing professional experts in that relevant field definitely may need not to have this no.1 tip. But if you have little or no money to build any strong business you have to be with enough knowledge to exchange for cash or have to build a product or service that will be liked by many people. So, this is essential for building any successful enterprise. Some countries offer free education so if you belong there we are talking. But if your country doesn’t offer free education you can still first understand what you want to invest in either through someone who understands the field or you can get a job there. But invest where you have knowledge.
2. Develop a good plan before you start business . After studying the field, you can now come out with a unique business plan with better strategies to handle challenges in the area and come up with better products and service that suits better to address customer needs.
3. Have some technical skills to offer. Make sure that somewhere in the organization system you have what you can do best such as marketing, human resource management, production techniques, procurement, etc. this will help you to effectively participate in the running of the business.
4. First settle on one business idea. Divided attention is divided strength; one of the main courses of failed ideas/businesses is lack of concentration on that one particular thing until its success. Many people especially the youth have many ideas but they fail to concentrate on one and keep trying on this and that as each trial comes with a challenge and they have many challenges to confuse and discourage them or even discourage them. There is saying that the success of a posted stamp is its ability to stick to the document to the end. If you become like a post stamp you will be successful.
5. Find a business partner with cash. Since a business can never run without cash, you have to find someone with money. There are very many people who are willing to put money if you have a sounding business plan, try on line and even local people and organizations.
6. Start a service based business. This requires no much capital so you can begin from there as you advance even if step 5 above fails or delays to mature partners can find you along the way or you even fund it yourself from profits made as a result of service rendered. If say you want to build a the best shoe company in your country, you can start by people’s shoes and keep re-investing your profits and other related efforts to make your dream a reality.
7. Start business at home. If you a person without or with little capital don’t hesitate to start thinking that you have to first find a commercial business premises along the town streets. Even most big companies such as Amazon, Microsoft etc. begin at home, you can also begin like them and make it.
8. Build strategies to success. Now after starting you have a lot to do. Make sure you have goals to achieve every day, month, year, 3 years and son to ensure that you reach your dream within a stipulated time within your plan.
9. Look for a large market. Surely every large business got large market to serve, so to become big make sure you find big markets, test it you will testify to me.
Other tips to start business with little or no money
i) Obtain a bank loan
ii) Apply for government grant
iii) Raise money from crowd sourcing websites.
iv) Source money from family and friends.
v) Raise capital from investors.
vi) Take your idea to institutions that support entrepreneurship.
vii) Participate in entrepreneurship competitions.
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