It’s the classic American Dream – you start with nothing, work incredibly hard, and build up a business that just comes from your own ideas and convictions. Can you do it? Of course, you can, even if you don’t have a lot of money to start with. How can you do it? Let’s look at some of the essentials you need as you plot your way to global success.
I created my blog with just $100 investment. All you really need is your time and dedication to get off the ground. Consistent hard work and passion is needed to make it a successful venture. So all you need to start a business is will and time.
A sound idea and a sound plan
When you have your idea for starting a business, do some hard research to find out who else is doing something similar or if you are going to develop a niche. When you have worked that out, you need a business plan to set down what you want to do and how you want to do it.
This doesn’t mean that you write a zillion pages explaining in excruciating detail what you’re planning, but rather a clear, concise document that spells out the key areas. It’s especially helpful to set down some outline financial plans in this so that it can help you raise the money you need to get started.
Don’t let the finance put you off
Many small businesses start on a shoestring, maybe a few thousand dollars to get up and running. If you have some savings, use them; if you don’t, show your plans to family and friends and ask them to help kick start your business.
Alternatively, you could go for a loan from a bank (that’s why you need a business plan to help convince them you’re on the level), but then you need to plan in repayment costs over a period of time.
Get exactly what equipment you need
Many startups just begin with a decent computer, a good broadband internet connection, and – that’s it. You can build your own website, develop it for your marketing and public profile, and get your message out there through the smart use of social media.
Depending on what you’re doing, you may need a good-quality printer and scanner, and it’s always useful to have a tablet and smartphone so that you can keep in contact with clients from wherever you are.
You don’t have to spend a fortune at the outset, and the more you can keep your costs down, the easier it will be for you to operate in the early days.
Look at what others have done
You can be inspired by how other entrepreneurs have developed their businesses from nothing. Take David Kiger as an example. He started his company, Worldwide Express, in 1995 with $5,000 of his own money. It’s now a diversified global logistics company.
Kiger’s original idea was that small and medium-sized companies should benefit from the same volume discounts when shipping that large companies get. From that realization that small businesses are the backbone of the US economy, he grew a company that reached $750 million in sales.
Get your strategies right
You need to be able to communicate well and be a convincing front for your business. If you have a lean, mean staff machine that is totally committed to your vision – and can share in the success as it grows – you’re potentially onto a winner.
Tell your story to potential clients and have the backup you need as you bring those clients on board. Use freelance work when you need them – you may not be able to pay great rates to start with, so encourage them with invites to a cool event or send out some free product.
In the end, it’s all about credibility. The more you work with people and encourage them, the more likely you are to be able to grow your business to major success.