Not all entrepreneurs have enough capital to start a business, but many do so anyway, and go on to realize success. If you are one of the many who have the vision and drive to go for it, here’s four things to know before you start a business with no money.
Define the persona (image) of your brand and make sure that your customers can relate to it. Your success depends on your knowledge of the market place as well as your understanding of your customer base. As a small business you must be intimately aware of your customers needs, as well as having an educated idea of how to reach and motivate them to choose your product or service over another. You need an image, or persona, that your customers can relate to and instantly recognize as well as one that conveys the idea of trust and dependability. The culture behind the persona must reflect your buyer and your ability to serve their needs. Establishing a solid persona will help you gain leverage in the market place.
Throughout the life of your business your success will depend on your ability to remain flexible to the changing needs of your customers. This agility is very important in the start-up phase when you must stay focused on your goals but nimble in how you work to achieve them. While some opportunities might present themselves quickly others will disappear just as fast. You will inevitably hit stumbling blocks and may even realize failures, what is most important is how quickly you bounce back and continue to move forward. Agility is something big companies fight to maintain, take advantage of your small size and don’t be afraid to explore alternate avenues.
3. Quality and Quantity
While many entrepreneurs strive to reach a point where the quality of their work is more important than the quantity, those coming fresh to the market place are reminded that customers and investors both want to see what your hard work produces, and the more they see the more likely your future success. Hard work, long hours, and pushing yourself to complete tasks even when you don’t want to shows investors that you produce more than just promises. If you find yourself spinning your wheels then take stock of the quality of your work, and brainstorm new ways to convey your message.
4. Profit and Control
Every small business wants to be in control of its success and profit is perhaps the best way of achieving that control. The digital landscape has made it easier than ever to introduce your product or service to potential customers. It also allows investors to see real world data of customer adoption which, is far better than any best-guess spreadsheet scenarios.
These few principles are the foundation of the money secret that nine out of ten businesses don’t know, and they will start you on the right path when you are trying to figure out how to start a business with no money.