It is no doubt that startup capital is one of the major hindrance to setting up new business. For this, Many people often go to the internet to search for how to set up a business with little or no capital.
This was the same question I asked when I wanted to set up my business until I found out that I actually do need some capital to set up my business.
I decided to write this article today to help many entrepreneurs out there who are looking forward to starting a business and not having little of no capital.
In this article I will be talking about how you can use the necessary strategy to build your business with little to no capital. Below are the necessary strategies.
1. CREATE A MASTER PLAN: after deciding what kind of business you want to create, the next step is to set up a master plan because no business or individual will get very far without a plan. A plan is the rudiment of every business. So your plan should entails all your goals, write down all the steps necessary to accomplish your goals, now break them down from yearly, monthly, weekly to daily goals so that they can become more digest-able to you. Before you can create a master plan you need to put into consideration an efficient use of your time. You must know your “NUMBERS” by finding out the number of client you want to serve, and also find people in your line of business and ask them strategic questions.
2. OFFER VALUE: the second tip is to offer value because nobody is simply going to buy what you are selling it is not valuable to them in any way. So you have to find a good product/service to sell and a story to tell.
3. BARTER WITH OTHERS: this strategy is paramount to those who doesn’t have any capital to set up a business. Perhaps you have skill or service you want others to render to you but you don’t have money to pay, but you want to exchange service. Maybe you are a graphic designer and you need some photography help, so just go ahead and render a service for the photography so you both can get what you want. This strategy can work out real well if you are mercurial about it
4. PROMOTE YOUR BUSINESS: you can actually promote your business these days without spending a penny. There are a number of social media channels out there which you can promote your business for free. Apart from social media, you can also send out emails and give people phone calls to advertise your product.
5. VOLUNTEER: the final strategy is to volunteer I see may people often try to work for money but they never let money work for them. The fact is that you have to learn to give your services for free at first if you want money in exchange for them in later times. You must learn to do things that will help you become better at all times.
When I first started paint production, I had to give out a couple of drums of paint for free just to help people get to know my product in anticipation of having more clients in the future. So think about your current craft or skills how you can multiply it exponentially so that you can charge more for the services that you offer. Volunteering is very important in the start of a business because it connects you with people you never even thought about connecting with.
I hope you find the five strategic points useful in the start of your business. Thank you for reading.
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