While many people want to start a business, they don’t know where to start. The intention is there but the knowledge to execute isn’t. Moreover, there is always the looming factor of money and experience required to run a successful business. But what if we told you that you don’t need either of these to get started on your dream business. Sounds too good to be true? Read along to find out.
The beginner’s dilemma
As a young and potential entrepreneur, several factors negate your entry into the business. There are a lot of things that essentially work as a constraint to your initiative. Many people go into business studies with an aspiration to learn about the quirks of business and startups. But the intensive programs of business schools end up feeding more about business processes, rather than how to get started.
Societal pressure is also something that puts constrains a business. Starting a business is like taking a huge leap of faith since there is no guarantee that you will be successful with your venture. The uncertain future of business is also something that deters people from getting into the business.
However, it's always about taking the first step. You don’t have to have a game-changing idea or tons of money to get started. And, you do not require much experience to be an entreprenur. All you need is perseverance and determination to make things work. You won't see success overnight. Rather it’s a continuous process that will come as you progress. Now the question is, what steps should you follow to get started? Especially if you don’t have the money or skills.
How to get your business started with no money or skills
Think of an idea
This shouldn’t come as a surprise. All the great startup businesses had one amazing idea which they perfected to make a profitable business model out of it. However, those are mostly chance encounters or results of years of market analysis. Considering you're neither lucky nor have the time to read market briefs, you can still work out an idea.
Firstly, think of your daily life. What constraints are you facing? Is there a better way to do it? Is there anything that can ease up the process? This is a great starting point to generate an idea. Most successful startups started from an idea developed from personal constraints. Something created to address a personal issue can also be turned into a business to solve others' issues.
You can also talk with your friends and families to get their input. Follow the emerging startup business trends as they might inspire you to get started on your hustle. Whatever you think of, make sure you can future-proof it.
Find the product-market fit
Thought of a viable idea? That’s half the job done. Now you have to perfect the idea to make a viable product that can serve your potential customer. This cycle generally starts with developing an MVP or market viable product. You might be thinking, where are you going to get the money to invest in R&D? Truth is you don’t have to. All you have to do is understand your market, look for the demand of your product, identify your potential client base and see whether there is a profit curve or not.
Undercut your competitor
Regardless of the brilliance of your idea, it's almost certain that you will face competition. What you have to do is to analyze their product and undercut them. Find out details about product quality and pricing. Take their product and compare it with yours. Fix all your lacking and put on a competitive price. That way you will always stay ahead in the market.
Develop a plan of action
Remember we talked about developing skills as you go? For that, you need to set up a clear goal for your business. Every business has a clear mission and vision which motivates the company in its growth. Make sure you have a business plan set up so that you can compare your progress and see where you stack up against your goals.
Get a co-founder
Look at all the successful businesses around you. Hardly any of them are the product of a single mind. A co-founder will not only serve as a valuable strategic input to your business but also be a potential investor. This can be a great way to raise some cash for the MVP we talked about earlier.
If you aren’t so keen on the idea of having a co-founder, you can always look for the investor within your family members and friends. This can be a great financing option if you are going with a small business idea.
Remember how we talked about an idea to solve your personal constraint? In addition to solving your problem, it can be a solution for a great many people. And that is where crowdfunding comes in. there are a lot of crowdfunding sites where you can showcase your MVP to get investments. Many niche-based businesses use crowdfunding to kickstart their business idea.
Find an angel investor
If nothing else works, you can always look for angel investors. Angel investors are a wealthy bunch of people who invests in an innovative business idea. You can find someone to invest a hefty amount in exchange for equity in the business. To learn more about angel investment and how it works, you can read our blog here.
Money and skills are important to run a business, but it's not the definitive need to start one. While we tried to outline some basic steps to get you started on your dream business, you should still be aware of the risks that come with entrepreneurship. If you are motivated enough, you can be sure to write a successful rag to riches story of your own.