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So you want to start your own business, but you have little or no money for capital. You are well aware that the financing options for a start-up business are very limited; You may have heard that only about 3% of people who seek significant outside funding to start a new venture raise the capital they need. So what are you doing?
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Starting a business with limited capital requires a change in mindset. Traditionally, we ask, “Where is the gap in the market and how can I fill that gap?” By asking, we are forced to start the process of finding new business opportunities. A gap may be an unmet customer need or a new innovation that has not yet been brought to market.
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We then seek to create a venture that fills that void. We think about the resources we need to achieve our goals and go in search of those resources. We write a business plan and present it to potential financiers with the promise of a return on investment.
If the financiers like us and like our idea, they give us capital to start the business. If not, we’re stuck.
In most cases, people find it difficult to raise the necessary resources, causing the entire project to collapse. There is an alternative way to create a new enterprise. “Where is the market and how can I fill it?” Instead of starting with the question. Ask yourself, “What do I have and who do I know?”
Carefully study the resources and connections you have influence over and consider how to use them quickly and effectively to create the offerings the market wants or needs. You can experiment with different combinations of resources to see how the market reacts to different offers and over time create an offer that is truly valuable to others.
How To Start A Business With No Money
They are not fixed at the beginning of the project as in the traditional approach. A useful way to contrast traditional and alternative ways of starting a business is to use the metaphor of a dinner party.
Let’s say you have friends over for a casual dinner on Saturday night. When preparing for this meeting, you may spend some time thinking about who is coming and what kind of food they like. You can call them at the beginning of the week to see if they have anything to eat and if they have any preferences.
Once you’ve gathered this information, you’ll select the menu, look through the recipe book to find out what ingredients you need, make a shopping list, and buy the products.
You bring home the ingredients, cook them according to the instructions and hope to serve a delicious dinner.
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One option is to wake up on a Saturday morning, check what’s in your fridge and freezer, think about the foods your friends like, and make something for them with the ingredients you have available.
Here are some principles and guidelines that will give you a better chance of successfully starting a business with little or no capital.
At the beginning of planning to start a new business, consider what you have available. Decide for yourself:
We recommend that you carefully consider the answers to these questions. Go beyond what immediately comes to mind and think a little deeper about what is available to you. Be sure to write down the answers to these questions during this process.
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Your written responses will create a collection of artifacts that can be combined to create something interesting, new and valuable to generate new business.
To gain real power, you must connect what you have with someone who knows you. Analyze the relationships you have with others, map out a network of connections, and think about how your connections will help you use what you have more effectively.
Saraswati notes that alternative ways of creating businesses favor “combining partnerships to create new markets.” Relationships, especially equity partnerships, determine the size and trajectory of a new venture.
There is a big difference in your thinking if you start from the point of view of “I invest this amount and expect a 30% return” from the point of view of “I can lose this much, so I will put it in the business and see.” I can make it work.”
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By only investing what you can afford to lose, you keep your business flexible and reduce the stress of running it. If you’re only willing to invest when you expect to get a special return, there’s a good chance you’ll never take the leap and start the business you’ve always dreamed of.
An example of this is a person who refuses to leave a well-paid job until he can foresee that it will pay more, as opposed to a person who decides to invest a small part of his savings and two years of his life in a project, in who believes. it’s worth it. That amount of time and money – even if he paid more than he is currently earning.
With this mindset, flexibility and adaptability are competitive advantages. You will succeed not by focusing too much on one goal or outcome, but by responding to changes in your environment.
Existing firms generally take longer to adapt than new firms because they have more incentives to keep things the same and have established routines and practices that reinforce the status quo.
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New businesses are not always tied to the way things are done and so can take advantage of changes in consumer preferences or changes in technology or changes in legislation.
As Saraswati says, in the traditional approach to business planning, “there is an obvious effort to avoid unpleasant surprises.”
A person with alternative thinking, “on the contrary, must be ready to be content with everything that comes his way and learn to transform positive and negative events into useful components of new opportunities.”
Businesses that arise when capital is scarce and adopt alternative thinking to create new ventures have certain characteristics. They often fall into one or more of the following broad categories: services, events, productivity, mediation or education.
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Mark Lamberti, the man who made Macro what it is today, says he learned his most important business lessons from playing and managing bands in his youth.
A successful business depends on creative skills, along with the ability to sell those skills to a wider audience.
The brokerage business is one of the most popular activities for people with little capital. They bring buyers and sellers together. You will find brokers in a variety of industries, from real estate (such as estate agents), hospitality (such as B&B website portals), recruitment (such as recruitment agents) and sports (such as sports agents who match athletes and sponsors), speakers and entertainers. (For example, presenters sell speakers to conference coordinators) and the list goes on.
The key to a successful brokerage business is outreach, relationship building and effective marketing on both sides of the equation for buyers and sellers.
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Many modern brokerage companies such as Privateproperty.co.za and Wheretostay.co.za are already using the internet to create a wider reach between buyers and sellers.
But the core of the business remains the same as ever, bridging the information gap between buyers and sellers. People with lots of industry contacts and marketing and sales skills should consider brokerage as a way to start a business with less capital.
Education is another area where people are looking for opportunities with little or no capital. Anyone who has skills and knowledge that others want to learn and a desire to help others develop can go into education.
From a former teacher who starts a business tutoring school-aged children, or a sports enthusiast who starts a coaching business, to someone with a degree in photography who helps others take better photos, there are many low-capital education opportunities . the area
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Although these five business categories – services, events, presentation, brokerage or education – can give you some ideas, the possibilities of a low-capital start-up business are not limited to them.
As technology advances, there are many new opportunities in software and web services (such as creating iPhone apps) and in the media space (such as tools for websites and blogs, so you don’t have to spend R5 million to build the foundations of a media company). .
The key is to start with what you have right now—the resources you have access to, the skills you can use, and the connections you have access to—to help you figure it out.
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