Starting a business is an exciting venture. If you have a business idea that has been on your mind quite often, we’re willing to bet you have a Pinterest board dedicated to it. These beautiful images on your board would usually need a huge capital to get. Even if you’re scraping the bottom of your piggy bank, here are some ways you could start your dream business and earn more with less capital.
Start Selling Services
To start off your business, try picking a line that involves zero to little spend. This usually means a service, and you will utilize either your skills or what you already own. This could come in the form of selling your own assets. You can become a blogger with your great writing skills, or you could become an Uber driver with your 2-year-old car. It’s all a matter of stepping out of the box and figuring out how what you already have and own will make money for you. It’s not just you who will have to work hard – you will have to think outside the box and bring everything you own into a creative master plan.
Start a Funding Campaign
If you have an out of this world invention or product, even research and development could cost so much money. Why don’t you hack out a working prototype and show it to people who you think will be interested in the product? You will be surprised at how many people are willing to fund a few dollars to see a great idea come to life. Imagine the kind of scale you will acquire when you’ve impressed thousands of viewers? Posting your business idea online won’t hurt – just be sure you’ve already got a copyright on it!
Exchange Products or Services with Suppliers
Need something for your business dearly from a supplier you have a good relationship with? They might just consider a barter agreement if it’s something you could discuss. This was the currency of the ancient times before bills and coins were invented. Maybe you are furnishing your graphic design business’ office with the help of a local friendly carpenter. He might be willing to throw in another desk set in exchange for a great logo and poster for his business. It’s a give and takes relationship that could work!
Use “Word of Mouth” Marketing
Converting passers-by into real paying customers is the job of sales and marketing. That’s why multinationals sink so much money into screen time and billboard ads. However, today’s social media focused generation means that people would pay more attention to what is on their Instagram feed.
Set up a free Facebook page – there’s no need to pay for sponsored posts at this time. Ask everyone you know to share your posts and comment on your page. Any kind of noise will bring your content (and name) up to mutual connections. Playing the social media marketing game smart even on a small scale will guarantee great business leads without spending a penny!
According to Forbes, over five hundred thousand businesses are started each month. Establishing a business is not a new practice and in these trying and uncertain economic times persons are actually doing it and increasing their worth. The internet has significantly changed the way that business is done and conducted. Someone starting a business doesn’t actually need to have a physical location but merely an online presence. The business owner doesn’t necessarily need a product to sell but can sell a skill or trade to the public. Apart from reduced cost for an online business owner, there are several reasons why a person should start their own business.
#1 Financial Independence
Some persons prefer to work for themselves rather than commit to an office job or employer. The thing is, a business owner can have cash at any point in time. Rather than praying for pay day, s/he may decide to draw money from the business when needed. This can be a bad practice if it is not recorded but generally, it is. Financial independence is gained as you do not have to depend on an employer for your month’s pay but can choose to pay yourself weekly, bi-weekly or monthly.
#2 Increased Income
If you maintain your permanent day or night job and have a business, you increase your income. A lot of persons do this for the money. An increased income could actually qualify you for bigger loans and mortgages that would generally be out of your reach with a single income. With an increased income, you pay more taxes but you have the ability to improve your quality of life and do something that you may actually enjoy. Having two incomes also increases your financial security; even if something goes wrong, you still have a fallback.
#3 Increased Autonomy
With your own business, you can be your own boss. You can choose when you want to work and how many hours you want to work. If you have certain financial goals you can also choose the clients that best suit your needs and are easier to deal with. You can set your own deadlines as well and decide if you want to work from home and what time you start and end your day. You also benefit from signing company letters and seeing your signature on employee pay checks
#4 Self Actualization
Having a business can actually see you achieve self-actualization. If you studied business at all, you would have known of Maslow’s hierarchy or needs as a motivation theory. Everyone wants to achieve self-actualization and be the best that they can possibly be. Having your own business and one that is successful could help you to achieve this. You do something you enjoy and when you do this, you do it to the best of your ability and achieve your potential. Business is not for the faint-hearted but for the ambitious soul who is willing to put in the work and see its success.
Not convinced? Here are 10 more reasons that are life changing!