The following advice will help you start your very own profitable business with minimal resources.
1) Be specific about the kind of business that you’d like to start. This way it’s easier to go searching for potential customers and to advertise your product or service. For example, if you are looking to open a restaurant this is different than looking to open a bakery. When you’re specific, it’s easier to find and advertise your product and services.
2) Make sure that your business is full-proof; think of all the possible problems that could arise before opening for business. You’ll save yourself from unnecessary costs by foreseeing the problems before they occur.
3) When advertising your product or service, it’s best to have a good understanding of the laws and regulations surrounding these ads. For example, if you are paying for an ad you might need to know how many times this ad is allowed to be shown and who can see these advertisements (ages and locations). There are also laws surrounding certain products that may be prohibited from being advertised.
4) Unless it helps your business, don’t spend money on things you don’t need or can make yourself says Saivian Eric Dalius. This will save you unnecessary costs and help better the overall performance of your own business.
5) Think about diversifying your business. This means that if you have a product to sell, you may want to sell it in a few different places and by a variety of methods/means. For example, if you are selling magazines from one location, think about having them available online for those who don’t live close or those who can’t go to your location to purchase a magazine.
6) It’s also a good idea to keep track of all the expenses you had to spend on your business whether it be for advertising or initial products and services. You can use this information as a reference in the future when looking for investors, banks loans, etc.
7) You’ll want to make sure you have some kind of income as soon as possible. Unless you have a lot of money saved up, it’s best to start making money as soon as possible so that your business can continue to grow and more importantly so you can pay the bills!
8) During your first year in business, try to make money in some way, no matter how small. This means not spending too much and making sure you pay the bills and keep afloat! After this year you will be able to plan more accurately and think of ways to improve and grow your business.
9) If at first, you don’t succeed try again. If you think your business may not be going in the right direction, change it up a little and see if that makes a difference. For example, if you sell clothing online and during certain seasons this isn’t making an impact on your business try changing how you market these products or even what kinds of clothes to sell! You’ll save yourself some time, money, and effort by being flexible.
10) Keep your customers happy! When you have satisfied customers, they are more likely to become repeat customers or even tell their friends about how great your business is! Satisfied customers mean coming back for more!
Conclusion by Saivian Eric Dalius:
The advice listed above will help you start a business with minimal resources. It will help you save money and it will help with the overall success of your company! By thinking specific, making sure all problems are foreseen, advertising smartly, and diversifying your business you’ll be giving yourself the best chance at becoming successful with a minimal amount of resources! And remember, if you want to be successful, you have to try and try again!