How To Start A Business From Nothing
Starting a business is the dream of many people, but many don’t know how to start a business from nothing. It can feel overwhelming and intimidating to think about where to start, and many talk themselves out of it before they even give the idea a chance.
There are over 33 million small businesses in the United States which account for over 99 percent of all US firms. The US economy is driven by small businesses, so what is holding you back from starting a business?
The good news is that it is possible to start a business from nothing, provided you have the right strategy, you are determined, and possess a certain amount of creativity.
Let’s explore some tips on how to start your business from nothing:
1. You need an entrepreneurial mindset
The journey of entrepreneurship requires having a positive mindset. The right mindset will propel your business to success, where a negative mindset can sink your business. It can feel very scary to start a business and limiting beliefs will surface, but you need a strategy to reframe those limiting beliefs so you can overcome them. Entrepreneurship requires resiliency and an openness to learning new things.
2. Start with what you have
There are resources out there on starting a business that you can access for free. Start by making a list of the skills that you have, the networks you have access to, and the tools you need to start your business. Starting a business is expensive, but you can get started with minimal investment and grow your business as your customer base increases. Bootstrapping your way to growth is an approach that many successful entrepreneurs started off with.
3. Choose a profitable niche
The importance of choosing a profitable niche cannot be understated. You need to identify a niche with market demand, because if nobody buys your product or service, your business will fail. Before you invest too much time or money into a business idea, be sure to validate your offer. When people are willing to pay for it, you have a proven offer and can start planning for bigger.
4. Create a business plan
A business plan is your roadmap for turning your business idea into a viable business. It clarifies your vision, identifies your target audience, and helps guide you in the strategic decision-making process. If you are seeking investors or loans, stakeholders will want to see a business plan. The business plan reduces risk and uncertainty and defines the financial goals and projections of the business.
5. Build your brand and business on a budget
Your brand goes beyond basics of having a logo, website, and brand colors. Your brand helps you build credibility and trust. When you use consistent messaging and stories, you build brand awareness that helps people to know, like and trust you. When those factors have been established, customers are more likely to buy from you. Leverage social media at the outset to get your message out there. Social media is free to use and has been proven to be effective.
6. Learn as you grow
You will never stop learning as a business owner if you stay open to continuous learning and adapting. There are free resources such as YouTube tutorials that can help you learn how to deal with problems that arise in your business. Networking with likeminded business owners can offer a community where you help each other with issues that arise.
7. Scale strategically
When you start small and prove your offer, you can start scaling your business. If you want to avoid taking on debt in your business you can grow your business by reinvesting those profits back into your business. If you need faster growth you can consider taking on debt, but be careful as to how much debt you take on and how much equity you give away in the process. Find the right debt instrument that works best for you and your business.
The bottom line is it is scary to start a business, but you need to feel the fear and do it anyways. A strong entrepreneurial mindset can be your biggest asset on this journey. Success is achievable when you have a strategy in place, stay persistent and consistent, and listen to what your customers want. Take your first step today by finding that profitable niche and creating your plan!