We’ve all had that one thought. “What if I could set up a business? Maybe I wouldn’t have to work this 9-5 job anymore.” or “I could earn so much more if I establish a business”. And then, the subsequent “But where would I get my capital from?” afterthought comes, and we drop the idea of venturing into the business sector the moment we realize we have no money to spare.
In fact, many of today’s big brands had humble beginnings. Most of them started with little to no money. Here’s a bit of inspiration for you before we delve deeper into the “no-capital business”.
Nike – Philip Knight and Bill Bowerman sold running shoes right from their car trunk.
Apple – The tech giant started out in a modest garage at 2066 Crist Dr. in Los Altos, California.
Dell – Michael Dell used to work as a dishwasher at a Chinese restaurant and he sold computers straight out of his college dorm.
The best success stories are the ones with humble beginnings because they make us realize that adverse conditions do not limit what we can do with our lives. The same boiling water that softens the potato also hardens the egg. Let that sink in for a minute.
Now, here’s what you came for:
Keep Your Job
Business ventures are risky. There’s a chance that you could lose money, and without a buffer, that could mean that you lose everything. As inspired as you may be, it’s important to keep your wits about you. There are still bills to pay, mouths to feed, and other obligations. It’s only when your business starts earning a profit that you can even consider transitioning away from your day job. And when your business starts showing real potential, that’s when you might even want to apply for a business loan (in which case, you might want to use an app like Gobear’s new personal loan comparison tool)
Build On Your Passions
While it’s possible to learn new things, you need to rely on your strengths and knowledge if you want to minimize risk and establish credibility with your customers. Stick to something you’re familiar with and you’ll rarely go wrong.
Because you’re working with little to no capital, you need to be able to minimize your expenses, and that often means that you won’t be delegating tasks to anyone but yourself. By doing everything yourself, you’re also going to be able to keep all the earnings from your business. Not only that, but you also get to learn how to run your business your way.
Offer Your Skills As A Service
Even when you want to establish a product-based business, you may want to start off as a service provider for two main reasons:
Reputation – If you’re skilled at one thing, you’re bound to get attention for it. This is a formula that has long been used by many artists who started their own brand. Take Kanye West’s Yeezys for example. The demand for those shoes isn’t because Kanye is known for his shoe-making skills, but rather because he (from time to time) writes really good songs. Any good reputation you earn as a service provider is going to affect how your product sells.
Marketing Skills – The more important aspect of providing services is that you learn to market your skills. This is important because you need to learn how to market your products. You literally start with yourself.
You don’t need a miracle to create something out of nothing. You might be surprised with what a good idea, a lot of resourcefulness, and some courage could create.