6 Sure Steps How to Start a Business without Capital
aroundknowledge.co.id – How to Start a Business without Capital – You may have heard the saying, “You need money to make money.” But what if you don't have many of them to begin with?
While this statement is generally true, it's not as black and white as you might think. With patience, skill and intelligence, you can start a business without money. The amount of capital you need initially depends on the type of business you want to start.
In this article, we'll look at the best business ideas with little or no capital, how to create and start a new business, and how to generate the money you need to grow.
How to Start a Business without Capital in 6 Steps
As we mentioned earlier, at first glance it may seem impossible to start a business without capital. But, isn't everything possible as long as there is a will.
1. Find Free Business Opportunities
Of course, some business ventures will require more money up front than others. We've compiled a list of ideas that require little or no capital. Hopefully one of them can change your mind.
Create a Service Business
Do you have any special skills, talents or expertise that you could use? What about the things you don't want to do for a living? Try selling your services. Here are some ideas.
- Freelance writer, with good grammar and ability to put words in text.
- Social media marketers if able to build and run marketing campaigns.
- Virtual assistant – if you are methodical, detail oriented and tech savvy enough.
- Serviceman, if good repair.
- Less specialized services such as cleaning the house, walking the dog or washing the car.
Sell Handmade Goods or Digital Assets
On the other side of a service-based business that sells skills, consider a business that sells the physical fruits of talent. Maybe a tailor, a furniture flipper, a carpenter, or a wax dipper. You can also sell digital assets such as e-books, online courses, templates or workbooks.
There are many places where you can sell these items, such as Etsy, Amazon Handmade, or Facebook Marketplace (to name a few). You can also set up your own online store on an ecommerce platform like Shopify, but you will have to pay a small monthly fee for your store.
Dropshipping Store Launch
Want to start an online business but don't want to create, store, and ship your own products? Direct delivery is the answer.
In this business model, products are sourced from manufacturers. When one of our customers places an order, we ship the order to the manufacturer, who handles all shipping and ships the package directly to the customer. You don't have to deal with your own inventory.
Start a Print On Demand Shop
Print-on-demand is technically a form of dropshipping, but it deserves its own share. Print-on-demand offers ready-to-use designs that can be printed on a variety of items including t-shirts, coffee mugs, phone cases, tote bags and more.
When a customer orders through a website, they send the order to a print-on-demand manufacturer, who prints the item on the spot and ships it directly to the customer. No handling stock.
The Shopify Marketplace has many options for connecting with print-on-demand services. In terms of designs, you can buy ready-made designs, create your own if you have design skills, or hire a graphic designer from sites like Fiverr or Upwork.
2. Writing a Business Plan
Not all businesses have a business plan, but it can be an important step towards having a clear, linear outline that you can follow and be accountable for. You will need it whether you are looking for funding now or later.
Investors will want to know your business model, goals and plans to achieve those goals. Here are a few things to include when putting together a business plan for your new business venture.
- Company Overview. Include your business model and structure, team, products and/or services to be sold, logistics and operational plans.
- market research. Use data to support why your business is a great idea and why it will be successful in the long term. Also see competitors and information about your general industry and market niche.
- Financial planning and marketing strategy. What are your plans for making money in the short and long term? If you are seeking financing, state the amount you are looking for, how it will be used and how it will contribute to long-term growth.
Check out this business plan template for a step-by-step guide.
3. Create a Brand
Now comes one of the most exciting and sometimes most stressful parts of being a small business owner. You can brand it however you want. Here are the basics you need to build a unique brand and sell.
- Business Name. Something striking, descriptive and ideally unique.
- Brand Story. Who are you, what do you stand for, and what makes you stand out? Weave every aspect of your brand story into your branding and marketing materials.
- Logos. Make it catchy and interesting, but don't overdo it. Simple and clean is always a good thing. Try the Shopify logo maker.
- Brand Style. Create a “brand book” that describes your brand's color palette, fonts, image style (photography, illustration, visual style, etc.) and tone.
- Marketing Assets. Now that you have the basics down you need to keep things consistent across all of your assets, get started from websites to social media marketing accounts to online advertising to printed materials such as posters and cards Name.
4. Website Creation
Starting a business from scratch is by far a wallet-friendly process. But let's face it. Building a website is a smart choice. Your website will serve as a virtual hub for new ventures, a space to showcase your products and educate potential customers about what you have to offer.
If cash flow is an issue, you'll be happy to know that the Shopify Starter plan is only Rp. 75 thousand per month after the initial free trial. For a fraction of the cost, you get the tools you need to create a professional website and make your first sale.
5. Validate Your Idea with Pre-order
Starting a business from scratch is a journey of trial and error. You may have a successful idea, but others may not live up to your expectations. However, there is a simple way to reduce the risk of default and free up cash flow. It's direct pre-order.
For example, let's say you have an idea for a new line of sneakers. You want to run it, but you're not sure you'll sell enough product to cover your investment in inventory. Therefore, we offer pre-orders for shoes.
Create hype and buzz by posting photos and videos on social media and explaining the eco-friendly materials you use. Customers can order shoes before they go to the store.
Results? Get cash up front to invest in production, create a sense of exclusivity, and pilot before jumping in. Customers love pre-ordering because they can try something new in front of a large crowd and feel like part of a select group.
6. Funding for Growth
Starting a business with limited funds can be difficult, but there are several options for securing funding.
Studies show that nearly a third of small businesses fail due to a lack of cash. To avoid this, employers can seek seed capital to invest in inventory, marketing or first employees. Options include:
- Crowdfunding: Raising a small amount of money from a large number of people. Platforms such as Crowdfunder, SeedInvest and Kickstarter offer investment opportunities to ordinary people in exchange for perks such as pre-orders or shares.
- Personal Loans: You can also seek financial support from friends and family through personal loans. These backers may be willing to provide loans in exchange for small equity or interest-based returns.
- Small business loans: If you need larger funds, consider using an alternative lender such as Shopify Capital. These lenders provide cash to source inventory, payroll, and marketing funds to help businesses scale quickly.
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