You cannot imagine starting a business with limited money or no money as you know it very well that a business requires a lot of money, resources, and time.
But if you go through this blog, you will get an idea about how to start a business with limited or no money at all.
Let’s discuss the idea, the first most thing you need to do is to become strategic and patient in your efforts and your approach. Being strategic means, you can start your business without putting money at a time but if you plan it well in advance you can do so.
When you are in a job or profession, and you get an idea of a business, yes, I know we all have a business idea at many points of time, you must do these:
Identify your idea with clarity
Take a diary assigned for this sole purpose only, dedicate first 5-6 pages to brainstorming, write down your idea, what is your idea all about, is it about sales, manufacture, research & innovation or providing utilities or service, write down potential options, show and explain it to your family and close friends.
When you complete the ideation stage, test it with one more ingredient, Passion, yes how passionate you are about this idea, because it will drive it to the next stage that is implementation and execution.
Conduct market research
Market research is the next important step to test your idea in the market scenario. When you conduct a good market research, you become aware about the market landscape, potential competitors, potential customers so you can become more innovative and cost effective in your products and services.
Explore funding
Traditional funding, crowdfunding, angel investors, venture capitalist are the sources of funding, you can get funding from seeding stage to proceeding stages.
When you are about to start, you can explore for seed funds, or crowd funds and when your startup starts to grow you can reach angel investor or venture capitalists for further funding.
Develop a business plan
A masterly drafted business plan is a backbone for any business. So after ideation stage and ascertaining for funding options, carefully draft a business plan, as it will be the blueprint for your business’s success. If you don’t have an idea of how to write a business plan, ask us and we will provide you a template.
These are the basic steps I have discussed here, to support you in your endeavors, from here your passion drives you further.
Best wishes from my side.
