So you have this amazing business idea that you think have the potential to turn you into a millionaire. You are not alone. Entrepreneurs often have brilliant business ideas at some point in their life, but they put them on hold due to various reasons. However, what separates a truly brilliant idea from a delusion is execution—or the lack thereof.
It’s All about Perspective
Why do people choose to ditch their million-dollar ideas? The primary reason is due to little or no capital. But is possible to start a business with very little money, if you possess the right combination of skills, work ethic and marketing know-how. Moreover, waiting too long for the “right-time” might be too late for you. Today’s marketplace is fierce, competitive and dynamic where every other day you will get to see a new startup blossoming with bigger and better ideas. If you let your idea wait too long, there is high chance that it might have gotten stale already. Not only funding, but correct timing and implementation are also important when starting a business.
You can take inspiration from some of the amazing success stories of these great personalities like Larry Ellison, Ralph Lauren, Howard Schultz and Oprah Winfrey, who lived a modest life before becoming billionaires. And today, they are some of the wealthiest people on earth. So you may not have a huge budget when you want to start a business, but don’t let that stop you. And unless you let your idea get off the ground, you will not know how valuable your business idea is.
Yes, there will be hurdles in the path, with ridiculously long and stressful days with little or no sleep. But those that want it bad enough will go for it. Moreover, with globalisation, technology and an evolving market, it is now very much possible to set up your business even if you have little or no capital. Following are some simple guidelines that could turn your life around and build a business that sells.
1. Build a Business around What You Know
You do not have to venture off into uncharted territory to start a business. You already have the necessary skills and knowledge so you can start building your business around that. When you build a business around your own personal expertise, you do not have to rely on outside factors and consultants.
For example, if you love writing, you can start a blog on WordPress. You just need to sign up and then you will get access to a website platform with hundreds of professionally-designed themes, and that too for free of charge. You can easily setup your page with the help of YouTube tutorials. And once you are done with the setup, you can start writing on various topics ranging from parenting, fashion, and investments or growing a business.
For someone who is a public speaker, you can have your channel on YouTube. As young as ten years old are earning big just by creating videos about anything they know. As you grow your subscriber base by posting interesting videos, you can be the next YouTube start on the rise. If you think you have the talent, you must go for it. Your own imagination is the only thing that may limit you.
2. Offer Services That People Don’t Want to Do
A company fails because there is no demand for their product. So it is better to sell your product’s value to your target audience instead of selling the product itself. Value can be either time or skill, but it can also mean being able to provide a solution to problems or being a “needs provider.”
Do your research well and find out what your target audience needs and then create an “offer” around it. Take, for example; you found out there is a busy area in your town where people work nine to five. So you assume that people in this area might not have time to clean their houses. You decide to provide cleaning services, and thus you take this off their routine task list which could give them more time to do things they love doing in exchange for an amount. The value here is the time you give them back by taking off a task that they usually hate doing.
You don’t have to come up with an original idea to be a business person. There are many business owners who have grown large businesses just by reselling products that are not even made by them in the first place. You can sign up as a distributor for Avon lady or even Herbalife. Their products are of high quality are widely popular which means you don’t have to spend on branding initiatives.
You can also find items at thrift stores, flea markets, antique shops and garage sales and resell them in your local community or online.
3. Grow Something
People these days are more health conscious and prefer healthy eating. You can build your business on this trend by selling fresh vegetables to customers. Plant micro vegetable greens such as arugula, micro lettuce, kale and oregano in small pots and sell them in the market. Some organisations and communities also provide free seeds to support healthy living. Get in touch with them. You can use old cans or empty plastic bottles as an alternative to real pots. Also, remember to market your products on the social media.
4. Use Social Media Marketing
Social media marketing is all the rage now. Use different social media platforms to spread the word about your product or service. Word of mouth is today’s major revenue driver. Get feedback from your market then and there and engage with your target market in real time.
Funding vs. No Funding
While it is wonderful to have enough funding, but there is nothing to worry about even if you don’t have much. In fact, it teaches you valuable tricks in the business world. With outside funding, you have to report to a different group of people other than your team. Investors also have expectations of high returns so you are stressed and pressurised to perform which takes away the fun out of doing business.
With no funds and a business built on skills and knowledge and a deep understanding of your customer, gives you satisfaction and you can enjoy being your boss. Work hard to meet your customer’s needs and expectations. This will help you improve and expand your business. You can also take the advantage of free resources and tools that are available.
Founder of BusinessBoost.xyz
Award winning author | Serial entrepreneur | Business coach