How To Start A Business With No Money
DEVELOPING THE ALTERNATIVE ENTREPRENEURIAL MINDSET
The following guidelines and principles provide opportunities for effective launching of a business with little or no capital.
1) Start With What You Have
As you approach the start of your business, take a look at what you have. Consider your:
Skills: Your abilities
Experience: Your past accomplishments
Knowledge: What have you learned?
Resources: What do you own and have access to?
Think through your answers. Think more profound than your immediate thoughts as to what is at your disposal. Writing down your answers creates a collection of feedback in establishing your business.
2) Take Into Account Who You Know
Combining what you have with the people that you know creates power.
Your connections enable you to utilize what you have effectively. Established relationships and partnerships drive and shape your new business adventure.
3) Invest What You Can Afford To Lose
Choosing to put in what you can afford to lose enables you to maintain flexibility in the business and minimize stress as you move forward in launching your dream.
4) Experiment And Adapt
Flexibility and adaptability create a competitive advantage.
By not becoming fixated on one goal or outcome and being responsive to environmental change will foster success.
A new business is not tied to the way things have always been. They benefit from the advantages of ongoing shift and change, allowing them to realign and adjust as needed.
TYPES OF NEW BUSINESSES TO START WITH A LIMITED CAPITAL
The businesses that emerge from limited capital fall into service, performance, brokerage or education but are not limited to these categories.
Depend on the person's skill and time. They can make their skill available with little upfront.
It may require a computer, handyman tools or a seamstress sewing machine. With these tools, you can use your contacts to sell your service.
It depends on the entrepreneurs to perform and pull together people who enhance the performance, enabling it to be marketed to a broad audience.
Remember, the key is to start with what you currently have, resources, skills and connections, which will aid you in accessing a low-cost sustainable and profitable business.
THE DOWNSIDE OF LOW CAPITAL
The notion that the business is the owner and the owner the business creates difficulties since the owner has only so much time to spend in a day. The owner risks overwork and burnout. To overcome this challenge, the owner must focus on what needs to be done and take the necessary steps to train other employees—creating a systematic working procedure that can pass from one employee to another.
Bonse Bonse Real-time Bookkeeping is a grass-roots business. From its beginnings has sought to learn, acquire and then train new employees to assure our clients receive ongoing professional service.
Wednesday, May 12, 2021
Written by: Sally Cooper
Reference: Greg Fisher