OR Steps on Starting a Business without Capital
Some businesses may require a huge amount of money to set up, in fact, this money sometimes runs into millions. It is common knowledge that lack of sufficient capital is one of the major reasons if not the major reason, why most people are unable to set up their business. However, to start a small scale business with little or no capital is totally possible. And if like the majority of the population, your business dreams are being stifled by lack of huge capital, then you’re lucky, I will be listing steps with which anyone can set up a small scale businesses with little or no money.
- Invest Your Time: You see there are two currencies in the world, time and money, with this anyone can rightly achieve or set up anything they want. If one is starting up a small scale business but does not have the needed amount to push it forward, then dedicate a sufficient amount of your time to it. Do not hire an employee yet until you have money to. Do everything yourself at the initial stage of set up.
- Use what you have: Some entrepreneurs around the world wait until everything is set before they set out to start up their small scale businesses, some believe in the fallacy that everything you would need for your small scale businesses would have to be gotten all at once, well that’s wrong. To set up your small scale business with little or no capital you need to make do with what you already have. Buy only what you don’t already have or can’t make one. This would mean you cut costs and set up your business on budget.
- Ask Friends and Family: This is the oldest trick in the book. It has been used for ages and is still being used till date, but sadly, most people fail to see the benefit of this. Asking friends and family for help to start a small scale business is a very useful technique, one can’t do everything alone, and they might have something you can use for the business and you don’t have to pay. Even if not money, maybe they can help you with some materials or tools you need for your business!
- Make A Plan: To start up a successful small scale business with little or no capital one needs to plan. This plan would help you avoid the urge to buy things you don’t necessarily need for your business. It helps you stifle the purchase impulse. As a new business with small money, you would need to exercise discipline when it comes to making purchases for the business.
- Make use of free stuffs: You should always be on the lookout for discounts and free give away means to promote or grow the business. Go online and promote the business, talk to friends and tell them to tell their friends. Make use of only free marketing for your small scale business. With this, your small scale business would develop with little or no money.
Now that you know how to setup a small scale business with little or no capital, I encourage you to ahead and take that step! Meanwhile you should consider subscribing to our business newsletter.