Hello, hope you are doing great? Today we are going to be talking about what individuals looking to start up a new business should know. We’ll talk on what and what not to do, how you can make your business a success even with low funding and lot’s more. So without wasting time, let’s get right to it.
Starting up a business is a fulfilling venture because you would have so many amazing ideas you want to quickly put to action, but then you stop, why? You don’t have the capital! You believe you are never going to get your idea off the ground unless you get some major funding from somewhere.
Virtually every day, you hear of new startup entrepreneurs who have receive thousands and millions of naira to kick start their business, but what you don’t get to hear is the several startup failures that have burnt all that capital and fizzled out forever.
If you don’t properly and painstakingly plan out your mode of execution from the beginning, no amount of money you throw at your new business would work. Don’t let the ‘big ideas, no money’ syndrome stop you. Yes, you would have long days where you’d sleep a little or not at all. There would be stress beyond your expectations but those that persist and keep pushing are the ones that make it.
These eight tips should help you get your idea up and running with limited funds.
1. Tell everyone about what you are doing, brag if you have to. Let everyone in on your new business. Family, friends, past colleagues, business contacts and virtually everyone you know out there. Let your new business have social media profiles as people will reach you using social media.
2. Avoid unnecessary expenses. There would be plenty expenses along the way depending on what you are after but there are expenses that can be avoided. What you can avoid however is spending above your projections. For instance, you want to create business cards. You could spend more than #100,000 on 500 metal business cards that portrays you as a professional or you could spend #1000 on 500 traditional bland looking business cards. Being frugal is important when spending in business.
3. Don’t get buried in debt. You are just starting out and there are so many things you want to get. You want to set up your office, get furniture, buy new computers, phones and supplies and if you decide to go for all at once, you may soon run out of cash and in debt. Rather than purchasing all at once, get one or two of your most important office necessities at at time and then finance your expenses with use your company’s revenue and gradually pay off with your profit.
4. Sweat over your business. As a startup business owner, you would be shouldering all the aspects of the work you are faced with. You may have to work round the clock, handling all the aspects of the business marketing, answering phone calls, sending mails, promoting the business. You would discover with a short while that all the sweat over the business increases the value of the business.
5. Make good use of free advertising and marketing strategies. With the advent of social media, businesses are taking advantage of its wide reach to gain exposure and interact with potential customers from places never before reached. You can make use of this free advertising means to gather local awareness about your new product or service.
6. Be prepared to hustle. Hard work they say pays! It is an absolute necessity when starting any business, most especially one with little capital. You must be ready to throw your all into the business to make it a success, and that means handling every aspect of your business. You would be multitasking most of the time. You have to wear many hats at a time if you are to make it.
Don’t stop with chasing your ideas because of limited capital. It would be difficult at first but as you begin to overcome one situation to another, opportunities to improve and become better would present themselves. Enjoy the hard work you would face initially because at the end of it all, entrepreneurial success is directly proportional to your investment in time and effort.
Courtesy of brilliant light media