How to start new business with small amount of money?Well, it is true that you cannot run business with without money. You must have to spend some money for your business. Because you need customer for your business and so that you need to do marketing for your business.
But some small businessman doesn’t have enough have money to do proper marketing for their products or services. We always have one question that how some successful business done their job without money. So, here I will share my experience and let you know that how successful people manage their money and do proper business.
First point is choose wisely your business type.
Table of Contents
This is the very first step need to choose very wisely, because of what people made mistake is here that they want to start a new business that doesn’t match with his profile. Let me explain in details.
A man name with John want to start his new business but here the problem is he doesn’t have any idea that what kind of business he should to start. So he meets his friend for better suggestion. His friend is a successful businessman in cloth store so, he suggest John to start with cloth store with his all support.
And Mr. John did it. Well the point is that John never had any kind of experience and knowledge about cloth store that from where he can buy clothes and how to sell it.
So John took a loan from bank and start his cloth store said as his friend. Now it is almost 3 month passed away and John didn’t get enough margin and he has to sell his pending cloth to his friend and now he also has to pay bank loan. Well friend John made a mistake that he never had any kind of experience before and start just business just because his friend got success.
So this story teach us that you have to choose business very wisely. If you want to start a restaurant then you must have a knowledge about cook. If you want to start any kind of business you must have enough knowledge regards to it.
Second point is slow but steady.
Mr. John didn’t get profit in cloth store so he changed his business and start a new restaurant. Some successful business man always says that any of business need at list 1000 days steady for understand it’s market, get enough customers, and for sufficient profit. But we always make this mistake that we don’t have passion for our business. Well it is true that John choose wrong business but he should continue with his existing business.
Third point is do maximum work by yourself.
John start open new cloth store and as per his friend’s advice he appoint 3 boys for helping. For a new start-up you always need to done maximum business by self because right now you don’t have enough customer that you need extra people for your business. Here we always did mistake that we appoint staff for our help.
Yes it is true that more man power is good for business, but for a start-up a new business and especially when you have small amount of money, you should do all the work by yourself. Like cleaned up your office by yourself, do your account by yourself.
Fourth point is control on your expense.
We all face some time this phase that How to start new business with small amount of money? When it is talk about expense then you must be look out about that. Be careful about your casual expense. Because we never calculate small expense and that small amount will annoy your business and your financial stability.
Here you also watch out for marketing expense. Yes it is true that the more you marketing your business, the more you got customer.
But you have to calculate every small thing like at that time you really need to do marketing? And some time small business man always made a mistake is that they hire some marketing agency which help them to bring more customer. But right now you are not supposed to pay extra money to any agency.
Rather that you can do the online or offline marketing by yourself at your free time or you can learn it so it will help you in future also.
Fifth point is maximum investment in business.
Again at this point we talk about money and your time. You should invest maximum time in your business. You are business man you are not an employer that your responsibility is over after 8 or 9 P.M. you must have spent your maximum time in your business.
We always thing that How to start new business with small amount of money? Now if we talk about money then what some people do is, when they earn some extra money they always used it in their persons. But if you will invest that extra earning money to your expand or in marketing then it will give you a good return.
Sixth point is clear you’re all debts
You cannot do business properly when you have to pay to your debtors. This is irritate you every time. You cannot do proper strategy, not even do right marketing and can’t even handle your customers.
Because always it is hammering to you when you have to pay someone. So always try to first complete your all debts and then do business with relaxation.And it will help you to solve your question that is How to start new business with small amount of money?
Seventh point is fix small goal.
We all want to be a successful and big business man but for that you have to set your small goal always. This will help you reach at your actual goal. Let me explain you in details. Mr John want that he will earn at list 1 lakh per month. But as of now he doesn’t even earn 5k per month so what should he need do is, he need to set small goal.
Like Mr John can set his small target like, he will get new five customers every month and set target to 10,000 per month. But here is the key. John need to increase his target and decrease in expense. This will help him to achieve him to get 1 lakh per month. Once you focus on your small goal then you don’t have to face the problem about How to start new business with small amount of money?
Eighth point is bring business from your existing customer.
Most of people make a same mistake is that they always try to find new customer which is really good, but first you have to focus on your existing customers.
Because of if you try to get business from you’re already customer so you are saving your time and afford to bring new business in your company. Second point is that now you are familiar with them so you don’t need to give much time behind them. So always get in touch with your customers
Ninth point is calculate risk.
Well it is true that in a business you must have to take some risk for expand or more business. But successful business man always take calculate risk. Even when they need personal thing they also calculate their budget.
When they want to start their new branch or start a new business with someone else they always calculate risk and they always work with surety not with probability. So next time whenever you want to take risk, first calculate it
Tenth point is magnification in man power.
Small business man always thing about earn alone. But you should have some limit like, time, money, afford. But if you add some man power in to your business then it will magnify your work.
Let me explain you. Mr John try to work alone but now the problem is that he got more work and customers that he might cannot be handle them alone. So that he lost some of his customers.
But now he appoint some employee and now he can easily handle more than enough customers than before.
How to start new business with small amount of money? So, if you want to get success in your business with small amount of money then you should follow these points.