How to start a business with “No Capital”| Business matter
Have you ever wonder about the possibility of starting a business with No capital or loan from the bank? then this article is for you.
Well, It’s never advisable to start a new business with borrowed money as 90% of the business you start on borrowed money tends to fail, reason because for every business it requires a lot of time and consistency before it can begin to get the kind of awareness it deserves, trust me during this time your borrower wouldn’t exercise the same patience as you and even if they do it simply means more interest that implies you might end up running your business for your borrower for a very long time. Loans are only acceptable for already existing businesses.
What’s a Business?
The dictionary defines business as the work of buying or selling products or services for money. I will define business as an act of exchanging values. Selling is to add value to people and value can be in the form of service, vision, products, ideas, principles, imaginations, techniques, creativity, and so on.
Therefore, no sales no business, the ability to market ideas can change your life there is no magic about money. In life, sales drive every other thing. As long as values are being exchanged, you are in business. If you can also sell services, vision, products, ideas, principles, imaginations, techniques, creativity, etc., you are in business.
POINT TO CONSIDER IN SETTING UP YOUR NEW BUSINESS
1. How much information or understanding do you have about the business you are considering opening?
What do you know about the products, services, and market? Look at businesses that you know very well, and not just from a technical perspective, but from a market standpoint.
2. Do you have all the necessary skills to run the business?
(Not just those required to manufacture the product, or deliver the service). Remember no matter what the business is, you will have to do some selling
3. How passionate are about this business are you considering opening?
You are more likely to stay the course and be successful if you enjoy what you do. However, be careful that your passion for your hobby doesn’t blind you to the business potential it has. You may be an excellent writer of poetry, but making a living from it is all but impossible
4. How competitive is the field you want to enter?
You may have worked for many years as a lube technician and feel that you have what it takes to launch your own business, but how many other oil and lube businesses are there in your town, and is there enough business for another? Analyze your market and see how saturated it is. Remember, you will be trying to take market share away from existing businesses unless your business is the only one of its kind in the locale.
5. Can you identify where there is a gap in the market, where there is unfulfilled demand?
If you are looking at the retail market, is there a product that people currently have to travel a long way to purchase? Consider the example of social media consultants; as the business world started to see the potential for marketing their products via Facebook, Twitter, and other sites, there was no one around to tell them how to go about it. The gap was quickly filled by entrepreneurs who saw a need that was at that time unanswered
6. Do you have enough business concepts to run the business?
The best thing you can do to prevent yourself from starting a business that simply doesn’t work for you is to work in it for a while. If, for example, you are considering opening a coffee shop, go and work in one while you are writing your business plan. Experience the business first-hand and you will not only learn a great deal, but you’ll see if you enjoy the environment.
7. How patience are you?
Every big enterprise we see today started someday, you must be ready to wait and be consistent in service delivery.
8. How big is the market of what you intend selling
9. Have Identified the people, or companies that may buy your product?
You can do a market survey to identify the class of people or companies that may buy your product or services
10. What could be the profit base of your business
Can you make enough profit, based on the information you get from your market research
The business you can do without having capital.
Real Estate Business; yes real estate is a very profitable business that would require No capital to set up. Real estate is all about buying, selling property, or property management (land, houses, and hiring). Starting up on a small scale with No capital to get the necessary license you can help people sell their property to a potential buyer for a small commission or help people in search of new apartments get what they want and get a commission.
House cleaning; in our today world, we have people who very busy and can’t find enough time to clean their homes. You can start helping these set of people clean up their homes and get paid awesomely for your service. All you require is to do what we call the door to door advertisement introducing your services.
Painting; becoming a professional painting contractor requires no capital to set up.
Become Consultant – consulting has always been a favorite start-up option as the cost of entry is extremely low. In today’s economy, many companies that laid off the staff are now seeing shortages in certain skill sectors, which they need to fill by outsourcing.
What is interesting is that increasingly, corporations and governments are moving from larger agencies to smaller firms that specialize in a niche market. Hot niches right now include anything that saves companies money, sustainable business practices (including greening), and social media.
Please keep these quotes in mind;
- Failure or limitations of the past have no control over the greatness of you. To him that believes, all things are possible.
- Don’t wait for everybody to believe in your ability and dream.
- Never design your life a garden where anyone can walk in and out, design it like the sky where everyone aspires to reach.
- Aim high and reach high this is your time to be bless……
You may also READ: How to turn your hobby into money-making source. Let hear your view, drop a comment! or Share this article with others