This may sound a bit impossible, but you can actually start a business even with very little or no capital at all. The trick is to first have a viable idea or product, an established profit-making process and your own belief in the idea as well as the zeal to implement it.
Business is really all about developing an idea, deciding on the roadmap to achieving your goals, building a strong team, networking and putting in hard work to make it work. Also, always remember that for a business to grow and flourish, it needs to be scalable.
Now, note that, no matter the industry, a lean business follows the same basic ideas to businesses reduce waste; waste in time, money and resources. So, here are some tips for running a lean startup/business:
- Instead of renting a fancy office in a ‘choice’ location, work from home or a co-working space.
- Hire a virtual or remote assistant.
- Scout for a possible co-founder or another dreamer, instead of hiring ‘experts’.
- If you can’t afford a team made up of professionals with long working experience, for the moment, hire interns/fresh graduates and work closely with them. The motivated ones can always learn on the job.
- Use free software when or where necessary. Sometimes you may have to find an alternative means of doing what needs to be done.
- Avoid buying things unless absolutely necessary.
- Find creative ways to market your product or service. Instead of paid ads, explore word-of-mouth or door-to-door marketing strategies. Attend business/networking meetings and volunteer at free seminars/conferences.
- Get all the help you can. Ask your friends, family, neighbours, and mentors for help. However, be respectful to their time and honest about your intentions.
- Focus on your strengths. The added personal touch will make you a better service provider than a larger competitor. Figure out what else could you offer your first clients.
- Work hard and smart. Create a solid periodic plan and keep working hard until you can gain traction.
- Focus on the customer. Your customers are going to be the ones to drive your sales and your profits. Figuring out what they really want, through surveys, focus groups, etc., you can ensure your business products/services and values align with your customers.
At the end of the day, your job as an entrepreneur is to provide solutions to your clients make some money while at it. Simply utilize what you currently have and focus on your strengths. Soon enough, success will follow.
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