To build and sustain your own business is just not only a path to wealth. It is also a way to realize and fulfill the dream you once had in life. It is worth noted by many people that as an entrepreneur, to start a successful business, it requires several points such as: coming up with a great idea, creating a wonderful business plan with respect to the idea and then raising money to bolster the business idea.
At this final stage, many entrepreneurs turn to fail on their dream – either as a result of the fact that they may not be able to make up for the required cash or being too passionate to get the money overnight and hence doubting their life’s dream.
I wish you get to know the most common tricks to fulfilling your life’s dream with little or no capital through this guide.
1. You need to keep your current job.Keeping your current job is really too important because you prevent yourself from the woes of how you will need to pay your apartment or even putting yourself in debts. However, you will still have to work harder until your business begins to rise or pick up steam, then you can go make for yourself a part time worker or a consultant at your full time job in order to save more time for your dream job. Some people however drop out from their primary source of income when they soon realize how their dream job is toping. This could later be regretful – don’t jeopardize your reputation as well as your family’s future in case you are taking care of a family by giving away your primary source of income to pursue a personal dream.In case you don’t own a job and you have got a dream to own a business, don’t hesitate to hustle and get one of the numerous jobs for yourself before planning for a dream job as we all know that even the smallest job will require a little bit of capital. For example you cannot start a car wash business without purchasing dusters, brushes, rags even though your source of water maybe from a stream or river.
2. You will have to do all the work yourself. It is really tough and exhausting to do all the work by yourself but that is the only way to get every cent back into your business and hence building a cash reserve for your business as you get started with no money. In other cases, if you have got friends, family members who can volunteer with you for the sake of wanting to learn something, then fine.
In other senses, the truth is told – ASK FOR HELP. I don’t mean hire workers, I mean ask for help (When it comes to help, everything is free). No one can so easily succeed alone especially if you are starting a business with no money. Doing so can help you in several ways:
- You could get to know a cofounder
- Your own family members and some friends could teach you skills you don’t know
- You could somehow get in touch with some people on your network who may be entrepreneurs who could counsel you better.
3. Build your business around what you know. Let me go with an illustration. You are a graduate from the Texas A and M Institute of Technology with a bachelor of Engineering in Petroleum Engineering. Do you think you can start your business as a lawyer? Absolutely NO. You have not got that expertise and you can’t even counsel or guide someone when it comes to law.
So having that knowledge and expertise is something you use to eliminate or eradicate consultants and a lot more outside assistance and hence plunging into Entrepreneurship.
4. Design your business plan. We all know that the purpose of every profit institution is to make money and so if you can’t answer the question “how will I make money?” don’t start your own business. If you have a good and detailed plan for your business then you can start your own business venture but you will have to answer the following questions.
- How much will you spend to provide your products or services to the customer?
- What will you charge for your product or service to your customers?
- At what rate will you increase the price of your products or services?
- How will you surpass your competitors by providing a better deal to you customers?
- Who could you hire (if necessary), what are his/her qualifications?
5. You will have to carry out a competitive analysis. Nowadays, it is too hard to build a business without one or two competitors. You will need to research thoroughly;
- Who are your competitors?
- What do they charge for the product or service you are offering?
- Can you provide the product or service at a lower cost or at a better quality?
- Which are some of the other business that hasn’t yet found success in this market?
As soon as you answer these questions, then you are up to the right path.
6. You will have to test your ideas. You will need to look for opportunities to perform test runs because any business venture requires vital preparation and planning. For example if you maybe planning to open a restaurant, why not try cooking for a college or a hotel to see if you can handle the hectic and busy atmosphere as such judging you whether you food is well received. You may also carryout test survey among potential customers to judge if they could frequent your business.
7. Make something out of your existing assets. If you are starting a business from nothing (no money), it is advisable to make use of your existing resources. For example, you can turn your personal car into company car, your garage or store into a workshop. This may help you save the money you have used to rent an office and hence enabling you to write off tax by registering your business as home business.
8. You need to make everyone to know about your business. Tell your family members, friends, colleagues as well as past colleagues to help you spread the information about your new business to their friends, colleagues on social media, through calls. By so doing this can help introduce your company to a much larger audience.