Not everyone can start or run a business, and the general consensus is probably that not everyone should. However, a lot of people who actually have the capabilities are usually discouraged from starting due to a wide range of factors which include; lack of funds, fear of failing, self-doubt, nature of the business etc. However, the most commonly listed reason is usually the lack of funds.
The feeling of having the desire and hunger to start your business because you are sure you can make it work, but not having enough money to even start can feel like an immovable obstacle. But the reality is that launching a business on a shoestring budget is not only feasible but also increasingly common in today’s environment.
Here are some pointers to get you going the right way:
1: Solve people's problems with your business idea
It’s great to have a business idea that seems to play perfectly in your head. In fact, just imagining it, you are already counting all the money you’ll make…
However certain you are though, you must actually make sure that it’s something that people would be interested in. Your business doesn’t have to solve some grand problem like a startup’s, but it should be simply beneficial to the average set of people you believe will be your consumers. Consider how you may offer a distinctive and reasonable solution once you have determined the issue. This will not only provide you with an advantage in the market and make you stand out but increase your confidence in your business model
2: Start small, grow slowly and organically
You don’t have to make a huge sum of money when you get started. You should simply start small and concentrate on organic growth when starting your business. If you sell bedsheets, for example, selling just one in the first week is not a failure, it is slow progress.
As you have little to no money, you don’t need to run an expensive marketing campaign or keep a sizable inventory. Instead, concentrate on establishing a base of devoted clients and reinvest your profits back into the business.
3: Create exceptional customer experiences
You can never go wrong with a great customer experience. These things stay with the customers and most times you don’t have to demand a referral, you simply get referred easily, which is bonus marketing for you. Usually, when you start, all you have is how the customers perceive you. From responses to confirmation of deliveries and feedback from the product experience, you will definitely build your own set of loyal customers over time. Many people have returned to a product for its customer service over the quality of the product itself.
4: Leverage social media and other free resources:
Social media and free online resources can be effective tools for small businesses in the digital age to connect with and engage with their target market. You can make your own graphics via Canva for free, post on Instagram ,Twitter ,Facebook and Whatsapp for free. Take advantage of these resources. Make your content as relatable as possible. Entertaining content that you can tie back to your product always works. If you are not necessarily great at these. You can run an effective Instagram ad for as low as N 10,000.
5: START !!!
The most important step is “starting”. Want to sell cupcakes? Bake the first one and post it. Starting helps you fight indecision and doubt. Get right into it and get going!
No one ever made money from simply having an idea and doing nothing else. Follow these pointers and you will soon be on your way. Money is not a hindrance as you think. Don’t take Davido’s line to heart. If you no get money, disturb everybody with your face and get started, so you can make money in the long run.