Still dreaming about starting your own business?
Well, what are you waiting for? You have got the idea, the confidence that it will definitely work and the knowledge to pull everything off, so what’s the hold up?
Don’t tell us its finance?
Never let money stop you from pursuing your dreams. According to Forbes, 8 out of 10 businesses fail, not because of money but because of the following five reasons:
- Approaching your target market without any knowledge of their likes and dislikes about your product
- Lack of unique selling proposition
- Failure to communicate the idea in a compelling, clear and concise fashion
- Poor decision-making
- Inability to come up with a business model that is profitable and has proven revenue streams
So, now you know that it’s all about the planning. Here are three ways you can start your business with no money:
1. Keep Your Job
If you have the slightest of doubt about your business idea, then you should keep your job. However, remember this: you will have to work double time, so that you can bring your creative idea together. Work on your idea and focus on the USP before your proceed further with the planning.
Look at the market and find out how the product you have chosen is doing? Identify all the challenges, so that you will know what and who you are up against. Sizing your competition is very important because this will determine whether your product will have a place in the market or not.
2. Explore Crowd Funding Platforms
Crowd funding platforms such as Kickstarter will give you the finance you have been worried about. By networking with people on social media platforms, trade shows and events, you will get to know about what’s hot in the market. If your idea does get liked by someone, you will directly go to the production stage without paying a dime. Investors and venture capitalists have a huge social media presence and presenting your idea to them in such a manner that wows them, will get you the money you need.
3. Run a Trial
Now that you have got the money and all the information needed to execute this plan, come up with a strategy. Rely on numbers to come up with a revenue stream, which you think is achievable. Your market research will help you calculate this.
Create a prototype and run a trial in your inner circle, at places such as conventions. Here, you will get feedback from the best in the industry, as well as constructive criticism on how you can improve the product more. Once you get a positive response, you can go for an SBA loan offered by the US government.
So, there you go… three ways to start your business where you don’t have to spend anything out of your pocket. Remember, as long as you have a strong and mappable strategic plan, you will succeed.