According to the Billionaire & Entrepreneur, Mark Cuban, 99% of small businesses can be started with next to no capital. So what do you need to know?
1. Put In Your Brain & Effort
Small businesses don't fail for lack of capital, rather they fail for lack of effort and lack of brains. Most people are not willing to put in the time to work smart.
They go forth in a lot of cases but they don't realize how much work is involved. And if you do the preparation you will know.
2. Niche Research
Your niche is your area of passion you want to focus on in business or as a hobby. You need to do the work of research upfront before you start anything. Know what kind of businesses others are creating around your area of passion or expertise, know how they do it, know how they run the business, know the expectations of customers around that expertise or business.
Is worth it to do the work upfront because this is where 99% of people fail upfront. If you fail at this stage then your business can never succeed.
Once you find out in your research what top businesses are doing that is giving them conversions, just model after them but don't copy them. Then add your own touch to it to make it unique and customized.
Create your business and launch. Don't try to make it perfect at first before you launch. It is better to get going and be perfecting it along the way. Don't be the mad scientist that work in the lab testing out all things yet can't produce one thing.
That doesn't mean you should not put in your best to design it well because the first impression matters.
5. Invest Little Capital
At the starting stage invest very little capital because you are still testing your business to know what the market actually wants. Don't scale because you will crash.
6. Invest More.
When you are sure of what your market or clients actually wants then you can invest more money into it.
Your thoughts and Ideas about the topic matters to us…so share them in the comment box. The next publication will be part 2 on how to begin a business at no cost.
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