For a while, let us think you wanted to start your business or you are fascinated by an idea to be implemented in the future. You are ready to take related risks like leaving your job, investing your personal revenue for a while. Still, you tend to take a back step – The reason?
You don’t have sufficient money needed to set up a startup. This might haunt you or this seems like a major problem. But insufficient capital should not stop you from pursuing your dreams. It is all the way possible to start your business with nil capital when you know what you’re doing!
Firstly, why do one need money?
There is no constant startup fee for building a business, so different businesses have different investments. So, first analyze how much money you need to sell your product.
Consider the following requirements for starting a business:
Licenses and permits
Associations and subscriptions
Employees and contractors
After considering this, you have been left with two paths of starting a business with less money – lowering your costs or increasing your available capital from outside sources. For this, try following these options to suit your business.
1) Reduce your needs
Your first option is to change your business model so as to demand fewer needs as listed above. For instance, if you are starting a company of personal trainers, you can reduce the employee costs by being the sole employee at first.
Until and unless you require an office space to work, try working from home. You can also cut out entire product lines that are too expensive to produce at the outset.
However, there exist few expenses that you won’t be able to avoid.
According to the SBA, a micro business can get a start with less than $3000 and home based startups need less than $1000.
Your second option solicits the idea of a ‘warmup’ period for your business. Just start with the basics instead of going straight into a full-fledged business mode. However, you can start as a self-employed individual, by this you can avoid some of the biggest initial costs.
Once you start filling in your pockets, build the business you imagined piece by piece rather than all at once.
Your last left option is to outsource the funds. There are many potential investors surrounding you, once you have hit the right button, you are likely to get started. Here we name few potential investors for you.
Family and friends
Government granted loans
With one or more from these three options, you should be able to reduce your personal financial investment to almost nothing.
Some small sacrifices such as starting small, taking debts or accommodating partners come in your way. But if you are confident about your idea, then none of these should stand in your way.
How To Market Your Business Offline
With the increasing presence of the internet, digital marketing emerged as the next big thing in the field of marketing and advertising. While there may have been a drastic shift in the kind of platforms people are using for marketing, there is still a large preference for traditional marketing formats. If you have just started your business/startup and are thinking of the best way to market it, then here are some offline strategies which are relevant even today!
1. Use the media to your advantage
The media is always looking for a new and exciting story to talk about, so why not give them some interesting information about your startup? This way, the media gets to talk about things no one has access to and you can get the word out about your business before anyone else!
2. Brand endorsements
Your business requires a factor that appeals not just to your target audience, but to the larger demographic as well. With the right kind of endorsements targeted toward just the right crowds, your startup has a larger opportunity to connect with people. Send out free products to potential customers and if they like it, the word just starts spreading in the right direction!
3. It’s all about networking
Before you market your idea, you need to realise the first rule of marketing is networking. Talk about your startup and let people know who you are. Speak on panels related to your startup and make sure the people in your circle know exactly what you are doing. Further, networking helps in understanding the competition and also gives you a clear picture on where your business is going.
4. Coupons and flyers
Coupons and flyers help in putting your message across in the way you want it to be perceived. Pick out your target audience and distribute the flyers in places where you think there will be a large response. Make sure the information you have on the flyers and coupons is something that will keep your readers hooked, with the intention of attracting them to your business.
5. Business cards
Last but not the least, business cards are like your name tags. They let the investors and customers know who you are, what you are and where you can be reached. Share the cards with the right kind of people and with enough distributed, your word will get around faster than you know! Business cards are a great way to establish initial contact and to let people know who you are.
6. Increase your local presence
While sponsorships, securing your investments and spreading the word about your business are all important things, another important factor is to increase your local presence. Partner with other brands and work to create a strong impact on the community around you. Keep time aside to plan out your events and schedule the events which will help spread the word about your startup! Through this, you learn what the competition is doing as well.
7. Keep using images
Pictures are a great way to spread the word. The more visual connect people have with the startup, the more the relationship builds. Photos and videos related to your business (such as photos of your products, or videos related to your business’s activities) tell stories. When marketing is done right through offline platforms, not only does the presence of your brand increase, online branding is helped as well.
Traditional methods of marketing are not dying. In fact, they are still relevant. It just depends on how you use them to your advantage. If you think we missed out on any other traditional marketing strategies that need to be talked about, comment and let us know!
Things you need to start a business that are not money related
All that glitters is not gold and all that makes a startup sparkle is not money. Every time you start your company, you think money is the most important thing to begin with, right? More often than not, there are a lot of things one needs to get done apart from going down the road of securing finances. Here is our list of things you must have in place (other than money) before you start your business!
1. An understanding of the market
You have an idea and you want to turn the idea into reality, which is all well and good. However, what most people who want to start a business do not realise is the necessity of understanding the market as well. Understand the competition, analyse what makes your peers work and realise what you as a business need to do to stand out from the crowd. Get your analysis in place and make sure you have your unique selling points outlined loud and clear!
2. Self discipline
Often times, people get side tracked during the beginning of a business. Running your business requires a lot of control, focus and effort into achieving your end goal. Decide your goals early on in the beginning and every day, make sure you complete all the things on your list before the day ends. Even if you feel like you are wandering off the track, take a break and get yourself to stick to the straight road.
Ever felt like you don’t have enough time on your hands? Ever felt like there is too much happening around you and you just do not know where the time goes? Just like it is important to have your goals in place, it is important to keep a check on the time you take to finish these goals as well. When you structure your time according to the things that are important to you, then you know where your time is going and how you can make the most of the 24 hours you have. Schedule the morning hours for the important things you need to get done during the day and then work your way toward achieving your goals.
4. Secure a team
More often than not, not a lot of employers realise the value of having a strong and loyal team in place. Get all the people you need in your corner with you and when you do hire the first round of people, make sure you give them all they need to stay on with you to the very end. A loyal team helps in giving your business the backbone for a strong future and honestly, no business can work without a strong team.
5. Be sure of what your business’s vision is
While this point seems like an obvious one, it just has to be mentioned here. With a market that is already fragmented and diverse,it is important to have a vision for your startup. Having a vision for your business is essential to help you understand what is to be done to achieve not just the short term goals, but also the long term goals. A business vision also gives you a direction as to what you should and should not invest in to grow your business.
Only after you dot the i’s and cross the t’ can your business grow. What is your checklist? Comment and let us know!
Emails And How You Can Make Your Points Effectively
Communication, when it is personal and direct, is always an easy task. The message you want to deliver is clearly understood by the other person (in most cases.) However, when it comes to communicating via emails, the task is harder and difficult. The intent of the message is usually lost and more often than not, the message delivered is far from what it should have been. To help you communicate and to get your points across in an effective manner, we came up with a set of tips.
1. Learn to follow the rules of Netiquette
Before the advent of the internet, Lincoln devised a way to reply to political rivals and insult people without really insulting them. He would pen down exactly what he wanted to say to the other person, making sure everything he was feeling was written down to precision. However, he never sent these letters and would instead collect them in a drawer. The original letter would be sent once Lincoln’s anger and frustration subsided. Sticking to Lincoln’s way of life, if you really are truly angry and want to avoid a war of words with the other person, write a draft of the email you want to send and only after you have thought things through, send the right mail across. This always helps in giving yourself time to think and also helps in giving you a direction of thought. On a side note, Lincoln’s drafts would make for a truly interesting read.
2. Be aware of internet language.
A lot of offices and workplaces frown upon the usage of emoticons as means of conveying information, thinking the use of these messages is a negative approach. However, a recent study conducted by a Dutch research team showed that if used the right way, emoticons can work wonders. The team realised that since non verbal modes of communication accounts for 70 % of the communication, emoticons act as replacement for non verbal communication. If you have been holding back from using emoticons while communicating with people, know that it is completely okay!
3. Avoid using commands.
In a world where the tone of your message is quite easily confused and not what you wanted it to mean, it is imperative to realise the impact your words have on the reader. Every time a mail with commands and orders is sent, it puts off the reader and makes them not want to read your mail. However, what usually works is the personal touch, coupled with just the right kind of direction in your mail. Say what you want to say, but do not say it through an order.
Sending emails and delivering the right message is extremely important. If you have faced similar issues in sending mails and do not know how to deal with them, comment and let us know!
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- Things you need to start a business that are not money related
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- Emails And How You Can Make Your Points Effectively
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