Building your Business with Little or No Budget
Maybe you’re a university student who wants to be your own boss. Maybe you’re looking to follow your dream and there never seems to be the right money available and you have decided enough is enough.
Whatever your starting position the internet has opened up a world of opportunities for the entrepreneur-at-heart. Launching your dream business has now become accessible by using the internet, laptops and smartphones. Businesses are now mobile and operate to serve clients all across the world. However, building a successful business with little or no budget is not an easy task; for most bank managers it would be deemed an express ticket to failure. But don’t be put off because, in today’s business world, it is possible. Lean start-ups are thriving so don’t be put off by the traditional naysayers; you only have to be inventive.
The reality is that starting with nothing and building up something good is now an ever increasing possibility. By becoming a business owner with little resources other than perhaps a smartphone and laptop you are capable of creating the next successful business venture. But how do you build and grow your business on a budget? Below are just a few of the recommended steps towards becoming a success story.
Four Steps to Successfully Build and Grow your Business
You have an idea of what your dream business is about but have you worked out what tools you need to establish the business? If you are a designer then the software you use has to be licenced for your business and to sell on products using it, so start off right and if needed limit your service to keep the costs of set up low until cash comes in. Cut your cloth to income, or things just won’t get off the blocks. For many of us, it’s just a phone, WIFI and a laptop and we are away, but consider things carefully if what you do needs specialist equipment.
Generate a plan that enables you to make money as soon as you start working. Though that’s often easier said than done, it is possible in most internet businesses. Use social media sites as well as freelancer websites to promote your services and your business. The use of the internet means that your audience is no longer limited to being local; using sites such as www.fiverr.com and www.upwork.com will ensure your services are advertised on a global market. The potential to earn using Apps and websites is immense so take advantage of the situation and ensure you sign up to all the sites that are suitable for your services. Spread the net wide, update and get creative with your social media profiles and change and update them regularly. If you have time on your hands and not much cash there is loads of free marketing you can do whilst you are setting up.
Branding – Once you have established your business then you need to develop your brand in order to create sustainable growth. Follow the four key factors to ensure that your customers grow with you:
- Choose your target audience.
- Connect with the public emotionally using your brand
- Inspire and influence your audience.
- Reinforce the brand image across all that you do
To continue growth within your business, it isn’t enough to create a unique product or brand. It is essential that you obtain and increase customers, as that will generate the revenue. A repeatable sales model builds the platform to deliver sustainable growth
- You can increase the sources of your customer leads on a consistent basis.
- Your sales conversion rate and revenue can be consistently forecast.
- Your customers get the right product in the right place at the right time.
Following those simple steps and by staying committed to your business plan will help see your entrepreneurial skills forge a successful business. Don’t focus on what you don’t have, just look at your skills and what you do have and maximise the opportunities to use those.