How to start a business without much cashflow? How to create successful startups from scratch? In fact, it is possible, without money, without capital.
Let’s find out the stuff you need to get your dream of becoming an entrepreneur to come true.
The Best Way to Start a Business from Scratch
The best form of running startups from scratch these days is doing it online. An online startup is a form of entrepreneurship with zero capital. Actually, you only need a computer or a phone which can go online.
In this era of booming Internet, earning income online is actually a ludicrous choice. You can start a business by means of mass media, online podcasts, online marketing, online sales, online teaching, online consulting, etc.
There are many paths to choose from, and there are also a lot of forums for you to use, there are also many applications (apps) on the phone to start a business and start making money. Of course, the specific way to do business online depends on your choice.
After you have selected the forum and business start-up field, the next step is to work hard, with all your heart and enthusiasm. For example, when you are in the mass media business, you just need to work hard to write articles and make reportage videos. Gradually, after accumulating enough followers, you will have many ways to make your entrepreneur dreams come true, and also develop into your own career.
Finally, all startups need a plan. What is your move? How do you do everything well? What kind of dream do you want to fulfill? These are the things that you need to prepare in advance so that, in the process of starting a business, you will not stumble or lose your direction since you already have a clear goal and always work towards that goal.
It is as simple as that. As for the details, you need to find out yourself, because each person has a different path. In addition, running online startups do not require too much education or qualifications. Anyone can do it, so it mainly comes down to your own abilities.
Moreover, you can make do without too much manpower or lots of materials. You can earn cashflow from simply sitting at home. It is extremely fast and convenient. Getting started is easy, but staying persistent is difficult, no matter what profession or industry you choose. Therefore, you need to prepare mentally to endure and have to be confident in yourself.
Of course, wanting to start a successful business from nothing is extremely difficult, not many people can do it. So, you need to do your homework, research all the ways you can create advantages for yourself.
We can help you out a little by giving you some tips.
Tips to Help You Start a Business from Scratch
With which product/industry/service will your startups be successful?
One of the deciding factors in business success or failure is choosing the right product to sell. A lot of shops/individuals can do business successfully because they choose specific fields and products to attract customers.
For example, you can build a high-end fashion brand that does not repeat what competitors in the same industry have already done. Or vice versa, start with simple designs, but focusing on fabric quality, making the product suitable for all types of activities.
When deciding which product to sell, price should also be considered. If you start selling at low prices, it will not be enough to compensate for costs such as transportation, inventory, staff, etc. Meanwhile, selling at high prices will prevent your product to reach more customers, causing losses.
Competition is a basic feature of the market economy, and there is a certain amount of competition in any business sector. As a result, do your market research, which is an important step when you want to become an entrepreneur.
The more you understand your market, the cashflow, and your customers, the more chances you will have to succeed. You will understand more about the customers’ shopping habits, and their needs regarding the product. Thereby, you will be able to choose a suitable strategy to navigate your brand in each specific market.
For example, the population in a certain “Area A” is largely young and has a habit of exercising and sports. You can choose to sell sportswear, sports accessories, or functional products to run athletic-oriented startups.
It should also be noted that market research alone will not be enough for a successful business. However, will help you avoid making uneducated mistakes. Don’t be discouraged if the product you choose seems to have been already sold by many competitors. Let’s find out what to do next!
Manage your time and have a specific financial goal
Remember, you are starting a business with zero capital. Therefore, set your financial goals in phases. In the beginning, you can simply work as a sales associate, receiving a percentage of the total bill. After a period of experience and earning capital, you can split up and be your own entrepreneur.
Tony Robins, the author of “Money Master the Game”, once said: “Setting goals is the first step to turning invisible into tangible”. So, every time you hit a milestone in your goal, you are getting closer to success.
Setting goals also helps you manage your time and know what to do on a certain day. According to statistics, up to 80% of stores went out of business due to financial problems. Don’t let your store fall into that pit!
The traditional methods of cashflow and financial management such as bookkeeping and Excel spread-sheeting will inevitably create confusion, causing you to forget things. To manage your income and expenses better, you can use management software such as Reap. Reap is an online credit card payment platform, which aims to fuel small and medium businesses with ambitions. Users can use Reap Pay to pay for almost any expenses, such as salaries and rents, by doing so, users can leverage up to a 58-day interest-free period on the payments that are originally paid in cash. That means their cashflow can loosen up a bit with a few % of the handling fee of Reap. And for Reap Collect, users can collect credit card payments online without any limits on payment amounts.
Catch up with the trends and use smart social networks
The power of social media in the field of online business and marketing is enormous. If you start a business from scratch, take full advantage of the benefits of selling on social media. If you can catch the trends on social networking, or even create one, you won’t have to spend any money on media management.
The power of the mass is shown on social networks through the form of “sharing”. The more people read, care about, and share your product, the more others will know of it. And there will certainly be people who really want to buy your stuff. Having the right online sales strategy will help your revenue increase exponentially every hour, every day.
Have a list of potential customers and don’t forget to take care of them
When you first start selling online or opening a store, actively participate in social networking sites/groups to reach more potential customers. Make them offers, and introduce them to your products.
When the first few orders come in, keep a record of customer information by asking them to leave a phone number or email. Politely add them as friends on Twitter, Instagram, or Facebook, to introduce them to them the latest products of your shop. Do not forget to send promotions or thank-you posts to customers. They will surely be impressed with your shop.
When starting a business from scratch, many of us fear that “I have no business talent”, “now is not the time”, or “I don’t know if I can do it or will I get indebted”. If you hesitate, you will never earn money! Success only comes to those who actively seize the opportunity and are always ready.
Get started on your business plan today. And good luck!