How To Start a Business With Limited Resources
You have an idea and you want to share that idea with the world. So what are you waiting for?!
Many people fail at starting their businesses because they give up before any real work is done. It’s important to check-in with yourself and your idea to ensure you’re ready.
Here are the steps you’ll have to take to get your feet off the ground.
Don’t Give Up
Rome wasn’t built in a day. It’s important to remember that building a new business will take time.
If this is your first time working for yourself, you’ll understand pretty quickly that leading a new business venture is very different from being an employee. You really need to put in the work.
Don’t get bogged down – this is your baby! If you’re willing to feed it, bathe it and care for it to the fullest of your abilities, you’re in a great place.
Investing time and energy into your service or product is what’s going to propel you forward. The most successful entrepreneurs and new business owners are fully committed to their work – this is often a trademark of a successful new business.
Just keep in mind that sacrifices might have to be made along the way, but the payoff in the long-run can be grand.
Start building your business with a team that you trust to appropriately care for your product or service. It’s important to lean on others so that as a whole you can grow.
Be a Leader
But putting in the work and caring for your new baby isn’t enough. Now that you have a team, regardless of the size, you need to be able to lead.
Leaders are often characterized as disciplined, determined, driven, and full of desire.
You have to also have humility and not be afraid to fail or have setbacks along the way. After all, sometimes the biggest lessons learned are from mistakes.
Make sure to write up a business plan so that you can set yourself up with checkpoints along the way. It’s always important to circle back to your why – why are you starting your business? – so that you can make sure you’re on the right track.
The best leaders know how to execute their business ideas and don’t get disheartened by ‘no’s’. You only need one person to believe in your business and say ‘yes’ to keep growing.
Make sure your business idea is clearly communicated to your team and have an elevator pitch ready for investor meetings and the like.
You don’t necessarily need a business degree, but you do need to understand how to get your business started and the associated steps.
You also need to assess what you’re good at and where you could hire extra help. Make a list of your qualifications and where they would be of greatest value to your business.
Once you start building a team, make sure there’s someone who knows how to manage people. As you grow, it’s a good idea to bring in people to function within business operations and resource management.
The final, and possibly most important, part of your business is your sales and marketing. It’s often easiest to start here, especially with a tool such as Tailor Brands.
Marketing your business starts with a logo – it’s the first thing a potential customer will see. After your logo, it’s important to look at your branding possibilities whether it be on a website or a social platform.
Make sure to choose something that truly emulates your values as a business, just as you would hire people. You want every aspect of your business to reflect your service or product and how that is valuable to potential customers.
Money, Money, Money
After you have your logo, it’s a good idea to start putting some money in so that you can get money out. Only something that you invest in can grow, so invest in yourself and your business.
It’s not going to be easy, but you need to finance your company at some point. The lack of adequate funds is one of the top reasons most businesses fail.
There are two important types of capital to be aware of: initial capital investment and operating capital.
Initial capital investment is the amount of funding you need to get your business running until you start making money. This will cover your initial costs.
Operating capital will cover the necessary expenses for daily operations. This includes salaries, business expenses, rent, advertising, and more.
So where do you find this money?
There are many options, all of which should be considered after consulting with a financial advisor.
You can choose to use personal savings, ask family members for financial help, get a bank loan, venture capital, or many more.
It’s important to do your personal research in regards to which will be the best fit for you and your business. The risk for each option will vary depending on many factors.
Make sure to manage your finances through services like Mint or Quickbooks so that when you do start recruiting money, you can track where it’s going.
And, remember to always have signed agreements when it comes to loans. Whether it’s through a financial institution, an investor, or a personal acquaintance – always do your due diligence.
Support Yourself, Support Your Business
Remember when we talked about being a leader? You need interpersonal and team-building skills alongside your leadership qualities.
The best initial support comes from friends and family. They know you for you and what you’re capable of.
It’s important to surround yourself with people who are rooting for you. It can be people on your team, your employees, or simply family members.
More than believing in your product or service, your close network believes in you, so let yourself lean on them and take it in.
It’s also important to find common ground with other business owners. Not only can you learn from each other’s successes and failures, but you can build a supportive community that you can turn to in the future.
And it’s not that hard to build that community nowadays. There are tons of online networks that can connect business owners. Social media is also a great place to make those connections.
Next time you see a business you like, don’t be shy to send them a message.
Ready to Get Started?
Don’t give up on your business idea! The fact that you made it this far means that you believe in what you’re selling and you have the drive to accomplish it. Use that drive and ambition to grow into a fully functioning business.
Take your leadership skills and learn more about the industry you’re joining. You’ll learn a lot by doing, but it’s also important to put in the work – and write up a business plan – beforehand so that you can be as prepared as possible when the next step is approached.
Make sure that you have financial and personal support and that you’re financially literate when it comes to spending regarding your business. The investment you make in your business will definitely help you push forward.
Take initiative with your family and friends and make new friends with other new business owners. Your motivation and the support of those around you will help your overall success.
Good luck and get going!