When we’re thinking of creating a business, you might always get terrified when it comes to thinking of the capital. According to the Small Business Administration, most of the business fail because of the under-capitalization. We all know it’s every business owner’s struggle to think about how the capital keeps going. However, there are still many ways of establishing a business with minimum capital. Because in the end, it’s not money or a high capital that can make a business success. It all over many factors. That’s why there’s no reason a minimum capital can’t stop you to start your own business. Here are the simple tips to start your business with minimum capital.
Come up with a business idea that you know
Start looking from something around you. A great business idea comes from a desire to solve the current issue in society. Generating an idea will involve a lot of trial and error. That’s why you need to take time and do a lot of research before you come up with the business idea. You can come up with something that you can do, what have you done before, your work experiences, your knowledge and the tangible resources that you have. You need to be careful when you want to decide what kind of business you think would be relevant to you.
Utilize a free advertising and marketing way
There are many free advertising and marketing way that you can utilize nowadays. Starts from SEO (Search Engine Optimization) by write a guest post business/website, creating a press release to be sent to the local digital publishers, registered your business on directories websites (Google business, Yelp, etc). Another way, try to reach out for some potential partners on LinkedIn and maximizing the free feature of social media marketing (for instance: relevant hashtags). There are many other marketing ways that can make your business visible without costing too much money.
Find an affordable place for your office
It wouldn’t be hard these days to have a comfortable office with affordable price. If you still work with the former team that consists of 4-5 people, you can use co-working space that would cost you that much. Co-working space defined as the sharing of office space by self-employed, independent professionals who wish to work together in a communal, collaborative setting (as opposed to the traditional model where office space is occupied by employees of a single organization) (The Balance SMB, 2018). Using co-working space will give you a lot of advantages like inclusive facilities and networking.
Create a prototype of your product or service
Before you start launching your product or service to the market, it’s required for you to have a prototype of your product or a trial for your service. Invite your friends or relatives to use your product or business, to get the first customer testimonials. If they find like it, don’t forget to ask review from them on their personal social media like Facebook or Instagram.
Use an online service for your basic equipment
If you don’t have much time to set up the fundamental things for your business, you don’t need to worry. You can find anything online these days. Start from furniture, office equipment, and even if you need basic printing materials, you can use online printing service where you can just submit your file online and get your products right away in front of your door.
Do all the basic work by yourself
When you decided to have your own business, you should’ve been ready for the risk where you need to do everything by yourself. Start from setting up the website, do the pitching for sales, do online marketing or even get in touch directly with your first customers. You need to try everything by yourself first and later on, you can delegate the task to another person that will be in charge of their own function.
Those are some tips that hoped can motivate you to start your own business and get rid of the worries. It’s not impossible to make your business grow with the minimum capital. What are you waiting for?