So you want to start your own business - you are a new entrepreneur so to speak. Maybe you have just become unemployed and are trying to start a business from scratch or you've just got the yen to start a new business. In these recessionary times starting capital is going to be tight. So how do you start a new business without spending too much of your hard earned money?
Well first of all you need to realise that what you don't spend in money you are going to have to spend in time and what is cheerily called "sweat equity". Secondly a business that is started with little capital is not one that usually grows very quickly - so you initial income or profit (if any) will be low. So with these thoughts in mind what are the low cost business models open to you?
Web Based: The most obvious one is setting up an internet based business. Traffic and buying customers are hard to attract now that the internet is so crowded so you should always look for a really good niche, a great descriptive domain name and an easy to use, well SEO'd web site. Internet millionaires are very rare, internet marketers selling poorly written "get rich" schemes are not - so be careful out there. Treat your web based business like a business that will take time and care to expand and you should be ok. Your costs will be for web design, hosting and domain and marketing which can be from low to expensive!
Party Planning Sales: One of the quickest ways to get your products out into the market is to sell them via parties - just like Avon, Tupperware and Anne Summers. The use of commission only sales staff coupled with demand only fulfilment and no need to have a retail store will ensure that your start up costs are at a very low level. Your only cost will be for your demo kits and presents for your hosts. Advertising can be via notice boards and classified ads. It is important that you ensure that you keep your kit levels and stock under control as you expand.
Market Stalls and Karts: Both are cheap to rent or lease and if you choose your positioning well they are an ideal way to test out your retail business. Your stock will by necessity be low and you can hire minimum wage staff if you need assistance. The hours can be long and heavy on your feet, but you are ideally placed to get customer feedback on your products! Marketing can be kept to a minimum, although you should budget for samples.
Public Speaking and Seminars: If your new business is going to be more service based then holding free or low cost seminars is an ideal way to introduce people to your company and get some cheap advertising. Be wary of giving it all away though - give them a taster only and then leave brochures out with your available services. Giving talks on an interesting subject is always popular with clubs, hotels, restaurants etc. and is a great way to position yourself as an expert. Your costs here will mostly be transport and marketing costs. Although you will be giving some of your services away. Ensure that those that come to your talks or seminars are interested in your services and potential customers.
Internet Selling: On sites such as eBay and Craigs List is an ideal low cost way of testing the marketing and selling without the need for a retail area or large stock. Of course your goods must be easily and cheaply transportable to make it profitable. Some people make money by buying at auctions, garage sales, boot sales and markets and then reselling on the internet. Your costs will be listing fees, payment processing and mailing costs.
Home Services: There are numerous home services you can offer, that have very low start up costs, mostly being initial kit, marketing and advertising. These services can be such things as gardening, lawn cutting, cleaning, carpet cleaning, courier, dog walking, ironing etc.
Which ever business you plan to start - make sure that there is a demand for it in your area and good luck.
iAutoblog the premier autoblogger software
No comments:
Post a Comment