30 June, 2022

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Starting your own business: tips for beginners

The phrase “start a business from scratch” does not inspire much confidence. For some reason, it seems to hide proposals such as gambling on the stock exchange or participation in network marketing. So how do you start a business from scratch with no money, products, or resources? Is it possible?

It is possible, and you need to take a new look at your resources. How do I start a business from scratch? It is clear that immediately creating an online casino in India for real money, you obviously can not. With an assessment of the opportunities available – education, skills, experience, connections, and acquaintances, the time you are willing to spend. And also add to this computer, phone, car. That’s a lot. And what about the money, the start-up capital? The fact is that the start-up capital itself does not provide business success. If the measure of entrepreneurial success were only the money invested, it would be much easier to achieve. So, in addition to the money, you need something else.

What kind of business to go into

Business is built on meeting the needs of customers and clients, and profits go to those who know how to offer the best combination of price-quality and good service. So to start a business from the ground up, you must figure out what value you can offer the consumer. And if you’re a salaried employee, you provide that value; only between you and the consumer is the employer. 

Thinking about how to start your own business from scratch, decide for yourself what direction you prefer: services, trade, or manufacturing? In each of these areas, there are hundreds and thousands of ideas. No matter how clichéd it may sound, everyone’s recipe for commercial success will be different. There is no one 100% guaranteed idea that will work without exceptions. And vice versa – some ideas are considered by many to be failures but have more than one example of a successful implementation.

If you want to start a small business from scratch, then answer the questions:

  • What and where did you study, what skills do you have well developed, or have you longed to learn?
  • What activities do you enjoy doing? If your full-time job requires you to do something you don’t want, don’t build a business around it.
  • What needs do you have as a consumer? Perhaps you know how to provide that service at its best?
  • Is there an established demand in your community in your chosen niche?
  • Can you sell your chosen product or service multiple times to the same consumer, or is it a one-time sale?
  • What will it take to make a profit from one transaction – how much time and effort?
  • Will you be able to start your own business while still being employed?
  • Do you know people willing to start with you without initially demanding to be paid for their labor?

Providing Services

It is commonly believed that it costs the least to provide a service, but this is not always the case. Indeed, suppose the service requires only a performer with specific education, qualifications, and skills. In that case, such an activity – is an excellent answer to the question, “How to create a business from scratch. And there are services for the provision of which the mere skills and knowledge will not be enough, and you will also need equipment, supplies, and space. It also matters the scale of the organization of services. For example, to deal with nail service or hairstyles, enough to buy professional tools and a small stock of cosmetics. Then, serving the first customers can be at home.

Here is a list of services that can be started without investment or personal property.

  • In business – legal, accounting, consulting;
  • Handicrafts – tailoring and knitting to order;
  • Information and educational – text writing, translations, tutoring, organization of courses and training;
  • Repair – household appliances, housing, shoes, clothing, furniture assembly;
  • Housekeeping: cleaning, cooking, child care, and elderly care;
  • Drawing paintings and portraits to order;
  • Advertising – contextual advertising setup, creating sales texts, designing business cards and brochures;
  • Leisure activities – organization and management of holidays and events;
  • Courier delivery;
  • Design and decoration of premises and open space;
  • Mediation in selling and renting apartments;
  • Cooking – making cakes and preparing lunches;
  • IT-services – website and live blackjack casino creation, configuration, and repair of computers, programming.

Of course, providing services, if you do it personally, cannot be called a full-fledged business, but it is an excellent experience to get money directly from a client rather than through an employer.

Trading

How do you start a business from scratch with no money in trade? What to sell if you don’t have the money to buy goods and open a store? The first step in this situation is to mediate as a sales agent. Find buyers and sellers, connect, and get paid.

The number of managers limits the manufacturers’ sales departments. Besides, you can be more persuasive in negotiating with the buyer. Try again and again. Imagine that it is your product, and you need a return on your investment as soon as possible.

Another option is to take the goods for sale and offer them for sale in the existing retail outlet on commission. Yes, it is not easy to find such options, but they are there too. Think about what connections and acquaintances with producers you could attract? An outsider would not be given products to sell, but you will because you are a matchmaker, brother-in-law, or good friend.

The third model of trade without the money – is dropshipping. Here you bring together a manufacturer or large supplier, not with a wholesale buyer, but with the end consumer. The downside of this model is that the buyer is required to prepay, but some sellers agree to cash-on-delivery payment terms.

Manufacturing

How do you do your business with minimal investment if manufacturing is your choice? It is unlikely to work from scratch since production requires raw materials, tools, and equipment. First of all, these are home production ideas:

  • Souvenirs, accessories, jewelry;
  • soap and bath balls;
  • soft toys;
  • wooden and wicker products;
  • household items and decor;
  • knitwear;
  • bags and other leather goods;
  • screens and curtains to order;
  • handmade cards and boxes;
  • advertising constructions;
  • bouquets of candy and toys;
  • photo printing on clothing;
  • cultivation of mushrooms, flowers, vegetables, fruits, and berries.

If you have no idea how to build your business from scratch because, in your chosen niche, you can’t do without premises and equipment, then explore the possibility of getting what you need in leasing with the condition of payment in manufactured products.

Do you have a working idea for producing a sought-after product or even a patent for an invention? Ask venture capitalists. Draw up a commercial proposal with cost and payback calculations and post it on message boards and specialized forums. If the idea is worthwhile, and only money is needed to implement it, you will find it.

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