The concept of an 8-hour workday arose during the era of the industrial revolution. Henry Ford initiated it to hire more workers for his booming auto company. Previously, 12 to 14-hour shifts were a norm as industries relied on manual labor to fulfill their requirements. Almost a century ago, one would’ve considered 8-hour work shifts a more humane option. However, with the advancement of technology, this approach seems irrelevant and outdated to most young minds.
There is no way that a singular rigid schedule can work for every employee as each human is unique and works at their best differently. While the traditional 8-hour workday can enhance one employee’s productivity, it can simultaneously drain another worker, robbing them of their motivation. Now more than ever, people are choosing to leave behind the old regime and use their skills to start their own businesses.
Indeed, entrepreneurship comes with several benefits. From increased autonomy and flexible work schedules to total creative control, the advantages of being your own boss are endless. However, businesses require more than just innovative ideas. It takes rigorous planning, management, skills, and most of all, finances to make your vision come to life. To avoid difficulties, you can actually visit platforms that provide business plan with great templates. But not everyone is born with a silver spoon in their mouth. For your ease, we have compiled a list of ways you can kickstart your entrepreneurial journey with little to no money in your hands.
1. Get a degree in business
Perhaps the best way to acquire the knowledge and skills needed to start a business and keep it growing is by obtaining higher education. Nowadays, many institutes offer online masters in business at affordable rates. This option is feasible for budding entrepreneurs as it allows them to save both time and money. Opting for an online degree over an on-campus one has numerous upsides. You can learn hassle-free within the comfort of your home and create a personalized schedule that works best according to your routine. This enables you to enhance your learning of business strategies while simultaneously focusing on your newly initiated startup.
2. Choose a low-cost model
If you are starting without any funding, you’ll want to select a business model that requires little to no money to get going. Instead of opting for a company that sells material products, consider starting a service business. It costs far less because you already have the skills you’re selling to your customers. You will generate your initial income on nothing but your effort and time. There are also minimal start-up costs associated with this model.
For instance, if you are good at writing, you can create content for clients. If you are skilled in multiple languages, you can offer translation services. If you have expertise in a specific subject, you can tutor and teach kids.
3. Have proper market research
The key to creating a business with the potential to grow is to know the market you’re setting foot into. You need to do extensive research on your competitors, understand the needs of your target audience and then provide a product that can fulfill their requirements. This also gives you an insight into how you can add more value to the product or service you’re providing and make it stand out from the rest. Utilizing the competitive advantage will help you push your product forward with fewer investments.
4. Calculating your business costs
Once you have a steady source of income from your service business, you can start saving money to fund your startup. For this, you must begin by calculating the expected costs needed to set up your business and get it going. By assessing the initial expenses, you’ll have a set goal for your savings. And you’ll have enough money to launch properly. To be on the safe side, you may have to overestimate the costs so that any sneaky additional expenses don’t hinder the timeline.
Typically starting expenses include promotional and branding costs, assets like inventory or raw materials, technological supplies, office space fees, and business registration.
5. Minimize expenditure
For the first few months down the road, you’ll have to be very frugal with your expenses. It means cutting on every cost that isn’t necessary.
Instead of renting an office space or investing in a warehouse, you can initiate your startup from home. This will also help cut down on travel costs. Start by using cheap online services to market your brand. You can create a website for free through WordPress or Wix. Utilizing your social media platforms to promote your brand is also very effective. You can invest in more intensive marketing once your startup is financially stable. Technical equipment costs a lot, and investing in it early can often be a setback for a budding business. Instead, try borrowing supplies from friends and family.
6. Have a backup financial plan
Even if you get your company up and running, you still need to plan the costs, especially if you’re starting without zero investment. A good way to ensure you don’t end up bankrupt is by doing other part-time jobs that don’t require much effort. For instance, someone with a social presence can try out affiliate marketing. It is a way to earn a small commission every time someone uses your provided link to purchase a product. Or you can continue to work on your service business on your days off or over the weekends. A second earning stream will help you tackle expenses in case your startup goes south.
Conclusion
Leaving the path majority are following and paving your way is a decision only the bravest of us can make. While starting with no money is quite daunting, it gives you the power to make bold moves that others in your place can’t. It may feel nerve-wracking to leave your on-gaping 9-5 to pursue your dreams, but it is a choice that’ll reward you in the long run.
