Ever had this brilliant business idea that you think has the potential to turn you into a millionaire? Well, you’re not the only one. A lot of people have had this so-called epiphany at some point in their lives. However, what separates a brilliant idea from a delusion is execution—or the lack thereof.
It’s All about Perspective
So why do people choose to forgo their million-dollar ideas? One primary reason is the lack of funding. But don’t let that stop you! If you wait for the “right” time to have that sufficient capital, there is a big chance it might already be too late. Today’s marketplace is fierce, competitive and dynamic. Every day, a new startup is born, with bigger and better ideas than the last. If you hold off your dream for too long, your once brilliant idea might have gotten stale already. Remember, timing and implementation are as important as funding when starting a business. While it’s great to have a substantial financial backing, not having enough should not hinder your entrepreneurial goals.
Larry Ellison, Ralph Lauren, Howard Schultz and Oprah Winfrey’s stories prove that you can grow a mountain out of nothing. They all had modest lives before becoming billionaires and look at them today. They’re some of the wealthiest people on earth! The point is, unless you drive that rubber down the road, you’ll never know how valuable your business idea is. So get out there and find out how much your idea’s worth.
Nobody said the path to success was easy. It could mean long hours, stressful days and nights, and perhaps less time with family. But thanks to globalization, technology and an evolving market, setting up a business with little or no capital is no longer a myth. Here are some ways you could turn your life around and have a business that sells:
1. Build a Business around What You Know
You need not reinvent the wheel or venture off into uncharted territory to make a dent in the business world. You already have everything you need: knowledge, talent, skills and time in your hands. The good thing about this is you’re not relying on outside factors to make your dream a reality.
If you’re a writer, start a blog on WordPress. Upon signing up, you’ll instantly get access to a website platform that has a selection of hundreds of professionally-designed themes, without having to pay for anything. The set-up is a breeze and tutorials are abundant on YouTube. No technical knowledge is needed. Start a blog that revolves around one central theme such as parenting, fashion, investments or growing a business. It all depends on what you know and can sustain for the long-term.
If you’re into public speaking, then YouTube is the right channel for you. YouTube rock stars are as young as ten years old, earning big just by creating videos about unboxing a toy or opening a surprise egg wrapped in chocolate and growing their subscriber base. Not saying that you should do the same but if you have the talent, start a makeup tutorial or a how-to video on creating small furniture. Your imagination is the only thing that could limit you.
2. Offer Services That People Don’t Want to Do
Some startups fail because of the lack of demand for their products. Instead of selling a product, sell your product’s value to your target audience. Value translates to either time or skill, but it can also mean being able to provide a solution to problems or being a “needs provider.”
What you can do is to research about what your target audience needs and create an “offer” around it. For example, provide cleaning services in a busy area of your town where most people work nine to five jobs. The assumption is, people in this area might not have a lot of time to clean their houses, so you take this off their routine which could earn them more time to do things they prefer doing in exchange for a certain amount. The value here is the time you afford them by taking off a task that they usually hate doing.
Clean their gutters and vents, offer maid or nanny services, do laundry, or be an Uber driver. They pay well, and your only investment is your muscle power and things that you already own.
You don’t need to have an original idea to be a legitimate businessman. Sometimes, all you need is to sell products that are already faring well in the market. You can sign up as a distributor for Herbalife or be an Avon lady. The products that you will be reselling are of high-quality and are already widely known in the market, so you don’t have to spend on branding initiatives to make your business thrive.
If you’re an artistic and crafty person, you may buy things from thrift stores, garage sales or eBay and then improve them and resell them as refashions or unique vintage finds. Make sure your business name is as spunky as the treasures you search for and sell. A lot of people these days are fascinated with recycled items so you can bank on this.
3. Grow Something
Take advantage of the buzz that revolves around healthy eating, environmental sustainability and recycling. Plant micro vegetable greens such as arugula, micro lettuce, kale and oregano in small pots and sell them to consumers. You can get free seeds from organizations and communities that push and support healthy living. Instead of using real pots, use old cans or empty plastic bottles. Don’t forget to market them on social media.
4. Use Social Media Marketing
Forget about big budget marketing. Word of mouth is this generation’s major revenue driver. There are different social media platforms you can use to spread the word about your product or service. Social media is a two-way communication channel so you’ll get feedback from your market right then and there. Engage with your target market in real time.
Funding vs. No Funding
While having enough funding is wonderful, not having much teaches you a handful of valuable tricks in the business world. Starting your business with no funds might be a boon rather than a hindrance after all. When you have outside funding, expect to report to a different group of people other than your team. Investors have expectations of high returns, so you’re pressured to perform at your best at the soonest possible time. Being rushed, stressed and pressured takes the fun out of doing business. Worst case is, your performance dwindles and you end up with a debt you don’t need.
With little or no capital, you can build a business that’s built on skills, knowledge and an in-depth understanding of your customer. Since you have no investors to please or report to, you can enjoy being your own boss. Strive hard to meet your customers’ needs and value every penny that comes in as profit. You’ll need that to improve and expand your business. Meanwhile, take advantage of tools that are free for the taking.
Come to think of it, less capital means less you have to lose. So, take it from there and build your empire!