It’s true that with recent recession, the impact on the global economy, and decreasing employment prospects, more and more people are seriously considering self-employment and entrepreneurship as a viable alternative. I can tell you now though, everyone could be a successful entrepreneur, but not everyone is prepared to do what it takes, or has the determination and drive to be an entrepreneur.
This article gives a general overview of what it takes to start your own business, and if you feel that a lack of funds is your biggest hurdle, then this is for you, because it also gives you some great low-cost business ideas. Of course it’s easier if funds are readily available, but funds alone do not determine success, you have to be prepared to take action. This is therefore more specifically for those who don’t have the luxury of much start-up capital, but are prepared to take action.
So, before you get started, ask yourself: ‘Does it only take a great deal of knowledge, money, or connections to start your own business?’ Well, the answer is a big ‘NO.’
Of course all of these elements are important, and cannot be under-estimated, but they mean nothing without a few key traits that you should possess in order to succeed in the world of business. Now I’m not pointing this out to scare you off, or to make you doubt yourself, instead, let it be a prompt to discover, or rediscover these characteristics within! So, what does it take? This is by no means a definitive list, but you’ll need courage, initiative, creativity, the ability to recognize and learn from your mistakes, self-belief, determination, perseverance and patience. Believe me, if you have these, along with the practical pointers this guide offers, it won’t matter how little money you have, if you go about utilising the resources you have in the right way, you’ll create opportunities, build your business and be a success.
No/Low Capital Start-Up Options
So, you’re still interested in starting up a business, but have no idea of what sort of business you could do, and have little or no capital? Don’t lose heart… A number of incredibly successful people started with zero funds and still managed to achieve incredible success. If you’d like a free short consultation to look at options, like me on Facebook and sign-up to site… I’d be happy to help. Further to that, the following are examples of businesses that you could start-up without any funds, can be started from home, and have the ability to expand. These are also great options to consider as they don’t necessarily need specialised training. You will however need to be prepared to familiarise yourself with what is generally required to run these businesses, so some general knowledge is essential.
Think about the skills and expertise you already have, and consider whether it is sufficient to offer consultancy services. Starting a consultation business is fairly easy. All you need is a platform to provide your services from, (freelancing platforms are again a good option), and some business prospects that would be interested in hiring you. A website or blog is also a good and cost-effective platform to start with.
The Online Money-maker
There are a number of businesses that you can start online, either free or by investing a small amount. A few examples of these include e-commerce websites, affiliate marketing, selling on eBay or Amazon, writing and selling e-books, blogging, publishing content on sites that support ads, and many others.
Millions of entrepreneurs use the internet to run businesses that generate millions. Some of these businesses can also provide you with passive incomes streams that allow for ongoing earnings.
Virtual Assistant Services
During the launch of one of my businesses I was shocked by how many people contacted me asking what sort of businesses they could start up or services they could offer. I started doing skills reviews and one of the job roles that I found a majority of people could fit into, was that of the Virtual Assistant. Tasks such as typing, replying to emails, scheduling, web research etc were (among many others), what most were capable of doing fairly easily, and could earn from… anywhere, anytime (with certain essentials like internet access, for example).
Social Media Services and Management
Social media use is a global phenomenon and is now seen not just as popular, but essential for most businesses. Most of us are social media users and most businesses are looking for people to manage their social media presence. With a little research and practice, it wouldn’t be difficult to offer this as a service to businesses.
We all know people who are either too busy to do certain tasks, or just don’t like doing them. Services such as cleaning, getting people’s laundry done, dog walking, handyman services, and even cooking or shopping are all examples of convenience tasks that appeal to certain audiences. Setup doesn’t require a lot of investment, and you can easily use your contacts to break into the business.
These are a few ideas that you can start instantly, but it’s important to carry out due diligence and research the business that you aim to start to get to know your market etc, (as advised at the beginning of this guide), but also to ensure you have the necessary skills/qualifications for certain roles.
So we come to the end of this article which has some key points to bear in mind, and is most relevant when starting up under financial constraints. While start-up capital is always helpful, business success often hinges on improvisation, creativity, strategy and determination, so plan and implement wisely. I am committed to seeing others succeed, both in business and personally, and I hope that this article has been useful to you. I value your thoughts, so if you have any comments or questions, please send me a message on Facebook or through my website contact page, as I will continue to improve my resources based on your feedback. Don’t forget to like my Facebook page and sign up on my website for more free e-book offers, articles and for information on consultancy services.
Good luck! Here’s to your success!