How to start a successful business with little capital by Sayid Yassin
One might be limited to a strict budget when he/she wants to start a business, but that doesn’t mean they don’t have any options. It is possible to start a business with very little money, if you have the right combination of skills, work ethic and marketing know-how.
Below are the steps that will help you starting a successful business with a limited capital:-
Begin with a detailed plan.
This is the first and most important step you need to take to ensure your business venture succeeds. Develop an in-depth plan that fully details how you’ll attack the challenge ahead. Your plan should define any opportunities you’ve identified, clearly state your mission, describe your target, establish measurable goals, and set deadlines for each milestone along the way. Remember that while it’s important to have a plan, it’s equally vital to be flexible enough to pivot when needed.
2. Build your business around what you can handle.
Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance.
By building your business around what you know will help you minimize the risk of failing, it will also help you reduce the number of employees you will need because you will be familiar with what you are doing.
3. Build a business network
The most successful businesses would not be where they are today without the professional business networking they did at their first stage.
Start with your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.
4. Take advantage of the social media
Social media has expanded to provide networking opportunities for all types of businesses. Grow your business network by using social media sites and apps, such as LinkedIn, Twitter, and online networking communities. However, before you jump into social media, you need to fully understand the medium, how it works, and how you can use it to benefit your business. LinkedIn is a great place to start and grow your business network. Twitter is a micro blogging site that will complement your blog.
5. Avoid debts
Most businesses will have experience of customers who – for one reason or another – refuse to pay up or who pay their bills long after they are due. Here are our top tips for reducing the risks of bad debts, to avoid the business owners must Assess customers’ creditworthiness and set appropriate credit limits and draw up clear terms and conditions (using your professional advisers if necessary).
Article contributed by: Sayid Yassin
Entrepreneur, Investor, Financial analyst and Business columnist