Being Your Own Boss & Low-Cost Business Start-Up Ideas

Being Your Own BossIt’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.

Consultancy

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.

Convenience Services

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!

Why You Shouldn’t Rely On Motivation As An Entrepreneur

Motivation As An EntrepreneurDo you know the one thing you should never rely on as an entrepreneur?

Motivation.

Why?

Because your motivation changes faster than David Beckham’s haircut.

Think about it.

Let’s say you watch a “motivational” video…

You’re all pumped up…

You’re gonna be the next Bill Gates…

You’re invincible…

No one’s gonna stop you.

And then…

Two hours later…

You’re on the sofa with a large bowl of ice cream watching Jeremy Kyle.

(Okay, you might not sink that low.)

But you get the point.

Motivation is short term… VERY short term.

And as an entrepreneur, I’m afraid to say you have to play the long game.

So what can you do instead?

Well, have a long term goal… Decide what you want to achieve in ten years time. And I mean, really decide what you want to achieve.

When goal-setting, people tend to set goals they think they want, but it’s not what they actually want. So if you don’t really care about driving the latest Ferrari, don’t set it as a goal.

Be specific with your goals, too. If goal setting is to work, this is important.

Write everything down in detail.

Paint a word picture of your ideal home…

Your ideal holiday…

You ideal life.

Anyway, when it comes to goal-setting you should also have a medium goal…

As well as a weekly (or even daily) short term goal.

Then make a plan so you smash every goal you set.

That’s it.

No, it’s nothing “ninja”.

But, is it effective?

Absolutely.

Because you’re not relying on motivation to get you through the day.

Instead, you’re relying on your goal.

Anyway, no matter what your goals are when it comes to being successful as an entrepreneur, email marketing can help you achieve them.

Basic Tips When Starting an Event Planning Business

Event Planning BusinessIs your entrepreneurial spirit kicking in? Do you want to engage yourself in the events planning industry? If you are, then this post is definitely for you. We will give you a quick overview of what you need to consider should you want to make this your serious business.

Know your Target

You might think that being the ‘jack of all trades’ is a good idea when you are starting your own events planning business. While it is important to know a lot of things, it is also vital to have focus. You have to remember that there are different events. We have the celebrations, education, promotions to name a few. Each celebration calls for different planning. You must know which one would be your forte so you can do more research on that, making you stand out from the rest of events planning companies. Engage in a specific niche that you enjoy doing before extending your network to other type of occasions.

Make Your Business Legal

Secure the necessary permits required for your business to be able to release official receipts to your customers. Being a legal business also increases your credibility as a service company to your clients. Registering business also protects you and your clients as well.

Building Contacts

Quite frankly, building contacts is never easy. And we believe one should be able to invest a lot of time building network. You should start from your family and friends. Tell them that you are starting up a business and would appreciate if they could refer you to their friends. From there, you can build your own potential clients. Just make sure your services are always the best so you can get the best advertising out there – word of mouth.

Creating Portfolio

Now that you have clients, never forget to document your events. Always have your camera ready to take snapshots of even the littlest details. Create your social media accounts so you can have a wider reach. And of course, always ask for testimonial from your clients and politely ask if you could quote them on your pages. Have a media kit as well that can be easily distributed as flyers to extend your services to potential customers.

Get Certificates

It would also be great for your business to get certificates. This is going to look good and of course, big companies would be more comfortable in dealing with you. So while you can, get certified.

An event planning business is a big business and opportunity you can explore. With the right foot forward in starting the business, success is quite easy to achieve

Why My StartUp Won’t Work

Why My StartUp Won't WorkThe ugly truth is that three out of four startups fail. Try being the one that doesn’t!

“But that won’t be me!” you’re saying to yourself. “My idea is brilliant! Everyone wants my product!”

Unfortunately, it takes a lot more than a great idea to launch a startup and much more to make it a successful one. There are thousands of would-be entrepreneurs out there with brilliant ideas that simply didn’t take because of funding issues, a bad marketing strategy, or any number of other reasons.

Here are seven likely reasons your big idea is currently on a fast track to the startup graveyard.

o My Business Model is borderline pathetic

A great product idea does not make a business model! If you can’t monetize your product while acquiring customers at a reasonable rate, you have no hope of scaling your product or establishing a revenue stream. Unless you are planning to run a charity organization, you’re not going to make it very far.

I get it, business models are boring. It’s a lot more fun to hit the ground running and turn your idea into a reality. But that doesn’t mean you can skip the important steps of market research, competitive analysis, and developing a monetization strategy. If you’re so negligent as to skip these important steps, you’re only leading yourself on a slow, painful journey toward startup death.

o I am a Know it All… Hmmm…

A mentor? Business advice? Who needs that! With all your brilliant ideas, you’ve got this covered. Instead of humbly seeking the wisdom of successful entrepreneurs who’ve gone before you, you’re reinventing the wheel all on your own.

Forget venture capitalists who want to guide your startup to a successful launch. They can keep their money – you don’t want them meddling in your business! After all, as a first time entrepreneur, you know everything there is to know about successfully launching a scalable startup. Right?

o No one will fund ME!

Any entrepreneur anywhere will tell you, it really does take money to make money. If you can’t find access to funding, whether through family and friends, an angel investor, or a business loan, you’re going to have a tough time getting your product to market.

o Did I Even Think About a Marketing Plan?

You’ve been so focused on developing your brilliant idea, you completely forgot to develop a go-to-market strategy. What will your sales process be? Who is your target market? How will you reach your customer with news about your product? Do you have any idea?

The old “if you build it, they will come” philosophy might work in baseball-but unless you’ve been hearing voices lately, you probably shouldn’t expect the same for your startup. No matter how great your idea may be, no one can buy your product if they don’t know it exists. If you want any hope of saving your startup from certain doom, you need to devise and implement a solid marketing plan to spread your company’s message and increase demand for your product.

o Customers hate ME!

Well, no they don’t. Not yet, at least. But that’s only because, as we just discussed, you don’t have any customers. But if you did magically discover some first-time customers, they would quickly be bad-mouthing you all over town, because your customer experience is absolutely atrocious!

Do you have a plan and a properly trained team in place to make sure your customers are happy? How will you deal with complaints? How will you back up the quality of your product? What will you do when things go wrong?

Oh, nothing is ever going to go wrong? Is that right? Keep dreaming…

If you put yourself in the position of delivering a bad first impression with your customers, you’ll never be able to recover. There’s almost nothing more dangerous to a new business than a bad customer review.

o I am Stubborn

The truth about the startup world is that things change constantly. You have an idea for a product, but the research tells you to go a different direction. You’re halfway through development, and then a competitor shows up out of the blue with a product exactly like yours. Few, if any, ideas make it to launch without several changes along the way.

If you can’t roll with the punches and adjust your business model when challenges come up or new information prevails, you’re doomed to live out your days talking the talk about your big idea that went absolutely nowhere.

o I am Running Out of Cash

The challenges above may have halted your startup’s progress, but this one will be the final nail in the coffin. In the startup game, like in Monopoly, running out of cash equals game over. You’re done!

But not for you, right? You’ve got this. With no set budget, you’ll keep the Dom Perignon flowing every night of the week. It’ll all work out, right? After all, you have a brilliant plan!

At some point, if you haven’t secured funding and don’t have a solid plan in place to get a revenue stream flowing, you’re going to run out of cash. Even the most frugal of ramen-eating, Grandpa’s garage-based startups needs cash to keep the lights on.

Inevitably, this will be the moment when your almost brilliant venture officially goes under. You’re out of money. The show can’t go on. You’ve failed.

If your startup is still on life support, stop and re-evaluate. Which of the areas above sounds most familiar? How could you turn around your strategy?

Figuring out why you were on your way to failure might just be your ticket to performing the miracle that turns your near-failure into a real deal StartUp Success!