If you want to start your own business with little money (or even without), see now the 07 simple steps that need to be considered to resolve this issue and start entrepreneurship. So, money can NOT be another barrier for you to get your idea off the ground! To start your own business, you need to know that you will have to work and make a lot of effort.
Very much indeed! And various obstacles may appear in front of you. Before and during your entrepreneurial journey.
And not having enough money to start is one of them. Starting your own company may require a large investment. And, for many entrepreneurs, acquiring this money can seem impossible, which ends up making many give up on their dream of being their own boss.
BUT with creativity, a lot of work and focus, it is possible to open your company. Therefore, we are now going to show you the 7 very simple steps on how to start with little or even no money! 1.
SET UP YOUR BUSINESS PLAN There’s no point in just liking a certain market a lot. It is necessary to study it in a very deep way. Therefore, once you have chosen the market (or market niche) in which you will operate, develop a Business Plan.
In it, you will be able to understand exactly what to expect for your own business, such as: Market Size; Who will be your customers; Competitors; Products/Services currently offered; Suppliers; Necessary investments and structures; Team; Risks; Goals and Objectives to be achieved After all, this is where you will define your business model and evaluate whether it is viable or not. And so, move in the right direction. Focus where it really matters.
2. CALCULATE ALL INVESTMENTS One of the biggest reasons why people can't find money to start their businesses is that there is almost no limit to the expenses required to get a business up and running. Every business will have different needs, which means the amount of financing you need will depend entirely on the type of business you want to start.
For example, some types of businesses will require physical office space, which can be extremely expensive. Or, you may need specialized supplies or equipment, which can add to your initial costs. Keep in mind that the costs of starting your own business increase very quickly.
And, if you don't have the money to start, covering these expenses can be a very difficult task. Therefore, analyze your initial project and delve as deeply as possible to find out all the investments that need to be made to make your business idea viable. Once this is done, list all these items in order of priority.
And, if possible, exclude those costs that are not extremely necessary to get started. 3. ADAPT YOUR BUSINESS PLAN After knowing and well defining all the costs and investments necessary for your own business, and placing them in order of priority, now it's time to review your business plan to know where you can adapt to fit in to your initial budget.
For example: if you were imagining starting with 10 employees and, when listing all your initial costs and investments, you realized that you could adapt your planning and start with a smaller team. Or start alone, until you save money and increase your revenue to hire more members for your team. Especially because hiring employees is a considerable initial expense for a new business.
These are just a few examples of how you could try to reduce initial costs to make your own company viable. And as your business revenue increases, you would be in a better financial position to invest in its expansion. However, it is very important to know how to identify the mandatory costs for starting your own business.
For example: opening a CNPJ, business licenses and taxes. Remember: be extremely consistent when prioritizing and reducing (or eliminating costs) at this time. And if you absolutely cannot reduce or eliminate costs, don’t worry.
Because we are going to show you more alternatives here. But one important point: be very careful when adapting your business plan so as not to change all the planning that was done previously. The most important thing is to maintain your essence and the purpose of your own business, agreed?
4. START WITH THE BASICS A common mistake made by some entrepreneurs is to start with something much bigger than they can manage. This can greatly increase your chances of failure, especially if you are working with little or no funding.
Instead of running your business as if it were a million-dollar company, you should dedicate yourself to establishing your company, starting with the basics. For example, instead of offering a full line of products when your business opens, you can focus on providing a single, high-quality product that is likely to attract customers. By starting small, you will give your business the chance to grow.
And once you start making a profit, you can work to expand your business. 5. CONSIDER MARKETING Marketing is essential for promoting your business, attracting customers and, consequently, generating sales.
And to begin with, you don’t necessarily need to make a large investment in publicity. There are many ways to work on marketing without having to invest a lot. Always keep in mind that creating a marketing plan for small businesses with little investment is completely viable.
The secret is to know your audience well, try to use free or low-cost tools and have a lot of coherence and creativity. Small businesses can achieve great results if they follow these simple steps and adjust their strategies as business progresses. Always remember: marketing is not about spending a lot, but about investing intelligently, okay?
6. SEEK EXTERNAL FINANCING If even the steps we have discussed so far are not enough for you to get your idea off the ground, there are other alternatives on how to start a business with little money. Looking for external funds can be a great solution.
There are several sources of financing for entrepreneurs to start their businesses. And, if you believe you have an idea that is likely to be profitable, finding financial support for your company shouldn't be that difficult. An alternative to looking for financing can be your friends and family.
They can be a viable solution as they are closer and know you well. Although most of the time their investment power is not that high, enough financial help may be possible to get you started. Another idea to raise money for your business is to look for an angel investor.
In short, an angel investor is a person with great knowledge and market experience, who will financially support your business, in exchange for a percentage of ownership of your company. You can even help with the start of operations, acting as a mentor or advisor. However, if your company is successful, he may keep part of your business.
Depending on the initial agreement between both parties. You also have the option of finding partners. They can help not only with the initial investment for your own business (as investors), but also get their hands dirty and help on a day-to-day basis as well.
Whether contributing intellectually with your experience and knowledge, or helping with the operation of the business. Additionally, there is the option of raising money via customers, depending on the business model. In other words, your customers can pay before receiving the product or service.
Such as on-demand service. Imagine that you provide marketing consultancy. In this case, you can ask customers to pay partially or even in full before you provide the service.
So, with these payments, you can invest in the structure of your company. Or when you make cakes. It is possible to ask customers to pay in advance and, with that money, you could buy the inputs to prepare your cakes, pay the respective costs and expenses and also invest in the structure of your company.
There is also the possibility of asking for loans. Banks or brokers can grant loans to your company, depending on your project, in addition to your credit history. However, be VERY careful not to get into debt.
This can be extremely dangerous for your business and for you too. Think VERY carefully before asking for any loan. And if you ask, have a very clear, coherent and viable plan for paying off this debt, agreed?
What can also be done is a combination of these items that we have talked about so far. This way, your financial dependence on each source of money can also be lower. 7.
ALWAYS REFINE YOUR BUSINESS IDEA Regardless of whether you have money or not to start, never stop refining your business idea. Although you are confident with your original idea, you can be sure that there are still several tasks that must be completed first. For example: updating your business plan, studying your working capital and cash flow, thinking about your marketing plan… in short, look at everything up close and in depth.
Therefore, if you want to understand more important points for starting your own business from scratch the professional way, watch the video that shows exactly that. To watch it, just click on this button above or on the link we leave in the description. Finally, always remember that starting your own business can be one of the most exciting adventures of your life and, as you now know, even those who don't have money can undertake it.
Continuous work on your idea will ensure that your business never stagnates and that you are always excited about growing your company. You can believe it! And just to recap what we talked about here: 1.
SET UP YOUR BUSINESS PLAN 2. CALCULATE ALL INVESTMENTS 3. ADAPT YOUR BUSINESS PLAN 4.
START WITH THE BASICS 5. CONSIDER MARKETING 6. SEEK EXTERNAL FINANCING 7.
ALWAYS REFINE YOUR BUSINESS IDEA We hope you enjoyed it! And if you want to know more about how to set up and manage your own business, visit our YouTube channel where we have several videos on this subject, okay? And if you liked it, share this video with your friends and family to help them too!
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