If you are reading this, probably you are thinking of starting your own business, but you don’t have any cash to invest. You are broke. Does that mean you cannot launch your startup?
Perhaps not, read on and see if it is a good idea to start your new firm and build that new business idea or not. It is possible to startup with little to no money. Alternative financing from such lenders as Kabbage.com make the formerly impossible business dreams possible. Read our Kabbage reviews
But whether you have funds or not, starting your own business is risky. The question is:
The question is: Should you start your own business?
Your answer is inside you. To find out if starting a company with no money is right for you, ask yourself these questions:
- How you came to think becoming an entrepreneur? Job loss, great business idea or market opportunity
- What motivates you to want to start your own business? Profit, self-expression, freedom or time management
Launching a new company can be exciting, but you need to do it at the right time, both for your life stage and the marketplace timing, to be successful. There are numerous challenges and obstacles that will try to hinder your growth. However, if you prepare well enough and know where you are going, you can tackle them more efficiently.
So what to do next? Instead of dreaming and fantasizing about what could be, why don’t you start taking action? Entrepreneurs aren’t always the ones who come up with a great business idea. They are the people who decide to implement it.
However, there are some risks when you attempt to start your own business for the wrong reasons.
- If you don’t have a job on the side for example and are desperate to get more cash, starting your own business is very very risky.
- Don’t quit your job for a dream of starting your own business unless you have a plan B–otherwise, you may be left completely broke.
- You must be level-headed and proactive to make the best decisions.
- If you are currently employed, continue doing your job, accumulate your savings, and start with your business step by step on the side.
However, you need to ask yourself these questions first to determine if launching your firm is a good idea or not:
● Do you want to start and most importantly build your business long-term?
● Do you have time and energy to invest in your new business?
● Are your friends, family, and partner able to support you emotionally or financially?
● Do you have a real grasp and skills for starting your own business in your field? If you don’t, are you willing to learn and practice new things?
If you answered YES to all the above questions, then this a good sign to proceed.
So here are some steps to help start making your business idea a reality:
Step 1: Set-up a blog.
Write down your plan and plans of execution. Starting a blog is priceless and easy. You can start with WordPress or blogger. Share your ideas with the world and don’t keep it to yourself. Many aspiring entrepreneurs are afraid of their idea getting stolen and don’t talk too much about. But In reality, the more you spread the word, the more you get yourself committed and engaged with the whole thing. You can, for example, discuss your idea, products, and services, any relevant news of your niche, review other goods or services, make podcasts and upload pictures and videos.
Blogging is great as it offers many different benefits for your new start-up such as:
● People discovering your ideas, philosophy, products, and services
● Creating buzz around your brand
● Establishing you as an industry leader
● Inexpensive promotion of your brand and what you have to offer
Step 2: Set deadlines.
Another thing that will help you get moving when you are just starting your own business is setting deadlines. For example, by this X date (7/1/2017) I will have to find a name for my business. By this date, I will have finished my brief and business plan and so on.
Setting deadlines will keep you working more tightly towards setting up your business–if you don’t, you will most likely procrastinate and postpone things. And if you’ll have a partner, tell them to remind you as well. Remember, failing to plan on time, is planning to fail.
Step 3: Ask yourself some important questions before you decide
These could be how, why, and when, and what. For example:
● Why are you starting your business now?
● What are your passions?
● Where do you think you can excel?
● What advice do people ask from you?
● What are your passions?
● Which people can you seek for help?
● Is there a viable market for your product or service?
● Is your product or service valuable to the customers?
● Who are the competing firms and what will make you stand out from the rest?
Initially, when starting a business the first and foremost thing to make sure you adhere to is finding the right niche and something that you have the skills and knowledge to build upon. You’ll have to find something that is both interesting for you and a significant portion of the market. Otherwise, success won’t come easily. Plus, your new business should fit with the hours you are willing to spend as well as your resources. Also, e.gyou’ll have to keep an eye on the competition to see where you can gain a competitive edge. The rest will follow.
Step 4: Distinguish your product/service and your market.
For example, you may wish to sell e-books on dating. However, dating and relationships is a broad area with many subcategories so you must choose something more specific e.g. dating tips for mature people. Define your market and their characteristics e.g., what are they interested in, what is their age, sex and any other relevant thing that best describes your market.
Step 5: Confirm your idea is a winner.
Even if you think you have an excellent idea, you will fail miserably, if people are not interested or have no reasons to buy your product or service. Your product/or service must have a reason to exist and offer some value to the customers. Some important questions to ask yourself:
–What problem/issue does my product/service solve?
–What makes it stand out from the rest?
–How big is the demand for such product/service?
–What are the benefits of your product?
–How can you measure up against the competition?
And last but not least it would be wise to pre-sell your product or services to a small portion of your target market or give it away from free and ask for their feedback. That way, you will know what you can improve.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.