Are you thinking of ways to dive into entrepreneurship but you have limited finances? Begin with clearly defined goals and plans and try these tips:
Think about your skill or service that you can cater to others.
Because you have no financial capital, your starting capital will be your skill or talent. Think about what are you good at? Based on how you think of yourself the possibilities are endless. You can be a cook, a beautician, a barber, a nail art expert, a masseuse, a virtual secretary, among others. And because you are doing the entire job alone, you alone reap the income from your business. In this type of business, you must work very hard, from person to person and advertise your business from house to house.
Keep your job at first.
Don’t jump right into unemployment just because you have this bright idea of having a business. Continue being employed so that you’ll have a constant cash flow to pay for your everyday needs, and start your business as a sideline. This is important especially if you have to support a family. You don’t have to drop everything and start your dream business at the expense of starving your loved ones. Also, by being employed, you have a networking advantage. Your co-workers and clients at your office are your potential customers.
Build your skills and network for free.
In any business, the competition is tough especially if you are rendering some service or offering your skills. You have to sharpen your skills and abilities by attending free seminars and workshops. Update yourself with new knowledge and advancements regarding your area of expertise. Offer to work with training institutions without a salary just to gain firsthand experience.
Make use of what you already have.
Aside from your skills and talents, your business might require a place where you can accept customers. It may be a space in your home such as your garage. Or ask a friend to lend you some space and pay them once you are already paid by your clients.
Be creative, be tough, and persevere.
Once you started a business alongside your full-time job, it is never smooth sailing. At first, you will be torn between your employment, your business, and your time for your family. Figure out for yourself on how you can manage to fit your time and yourself with these responsibilities. Once your business starts growing, then that’s the time you should consider quitting your job, or finding another that doesn’t take too much of your time and let you focus on your business and family as well.
These are just a few suggestions on how to start your business even if you have limited capital. Inspire yourself by reading about successful entrepreneurs who started from scratch.