“Start your business without money”
“You read a book from beginning to end. You run a business the opposite way: you start with the end, and then you do everything you must to reach it.”-Harold S. Geneen, President of ITT Corporation
This is the time of year when many aspiring entrepreneurs decide to take their business idea off the shelf- they see that it’s been there for quite a while-and as a New Year resolution they set out on a quest to make their dream a reality.
It is too often, however, that before long their mind focuses, and is soon blocked by the harsh reality of finances. Before you shove your idea right back on the shelf as you have little or no money for your startup, it is good to know that starting a company from scratch costs much less than you think, and many, many elements that comprise the building of a successful enterprise will not even cost you a red penny.
Work on your company’s most valuable asset-yourself
There is a long list of things to do and items to work on before you take the case to the bank, and sometimes when you get the cash in too soon you may squander it meaninglessly. So why not work on some of your personal qualities first?
As the founder of your small business, you are the most important asset in the company, so build up your perseverance and consider creating a CPD plan for yourself, which again will cost you nothing. Then, find opportunities to build skills cheaply
Define and re-address what “business startup” means
“What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” -Dave Thomas, founder of Wendy’s
Starting a business does not mean you have all the money to put the product into the market or buy all the startup gear: starting can be building a website and/or creating a logo which will begin helping you realize your idea.
With a well-designed logo, potential clients will instantly form the crucial first impression of your business, and discover how your business can serve them. Your logo is a visual representation of everything your company stands for. A good logo can build loyalty between your business and your customers, establish a brand identity, and generate a positive feeling for the company, symbolizing care and trust. With a little thought and creativity, your logo can express all the positive attributes of your business. And all this costs next to nothing!
Design a business plan.
Preparation and planning is vital before setting out on any business venture. The purpose is also for you to make money, so have a detailed plan for this before you embark on your quest. Creating a schedule of work and sticking to it is very important, and so is researching and testing your ideas.
Spend time building contacts within your industry.
Visit competitors and do a competitive analysis. Research the market you’re aiming to break into, as well as businesses that have found success in this particular market.
Entrepreneurs will often have amazing business ideas, but put them on hold due to their lack of capital, assuming that without it their idea will never get far off the ground . The start of a business is not when the doors open to customers, but when the founder gets to work and builds or creates some of the elements required. Even with the lack of finance, as you follow some-if not all- of the steps above, you will begin to identify the most efficient way to start your business with less money as you initially thought.