Is it possible to start a business with little or no money? How it possible?
People often claim that the Midas touch is the first criteria in order to start any new business. However, it is not a miracle to start a business with very little or no capital. The person who wants to start a business just needs to come up with some innovative ideas. Before venturing on a new business, it is imperative to figure out what business one wants to do.
To begin with, it is a must not to get buried under credit card debt. After that, the interested businessman must start about to research the market. This is because there is no point in starting a business for which there is no market demand. Such a business will not generate any profit, which he should be able to invest as capital. For example, if a particular area has a number of medicine shops, opening a medicine business there will not generate profits.
In short, he should get involved with a business where he will have to deal with products which he will be able to sell. For example, the business of a non-vegetarian food store will not yield profits in an area which is predominantly Vegan.
After that, the prospective businessman should tell all the people whom he knows that he is starting a new business. This is because people with whom he is familiar maybe his first customers. They may just but his products to support his business. Also, business thrives on "word of mouth". So, the people whom he will tell about his will definitely spread the word about his new venture within their circle. In turn, this will help this prospective customer build up a strong base.
In the course of time, the prospective entrepreneur must set up a tangible financial goal. The amount depends on him. However, the goal should be within his range, something which he can achieve.
Later, he should create a website that should contain information about the business which he is doing. The purpose of this website should be to advertise his business. In modern times, a number of technological tools have come up which allow prospective businessmen to create websites for free. This is more pocket-friendly for those working on a low budget than distributing pamphlets. After all, printing the pamphlets is expensive. However, the contents of the website should be share enabled. He should keep in mind that those who know about his business and are trying to help him prosper should have something which they can show their contacts.
In this context, a prospective businessman should keep in mind that hiring a person with whom he can divide his work is expensive. Nobody will be willing to work for free. Since he had started the business with little or no money, it will not be possible for him to pay the person who is working under him. So, no matter how exhausting it is to do all the work alone, he has to do all the work like delivering products and keeping records all by himself.
To conclude, a prospective businessman should have the stubbornness to make his business a success. He should be ready to go to any extent for it
More References: YouTube