How many times have you heard the phrase “If I had money to start my own business, I would be a rich man”? The truth is that many people have great ideas, but first, they need a business plan and a huge amount of money. In fact, most successful entrepreneurs begin their own business from scratch. If you like what you do, you will always find a way to make it real, even with limited resources. Here are five tips you should follow if you want to build a thriving company.
Make Up a Team of Volunteer Experts
Nicole DeBoom has been a professional triathlete for 11 years. She was well aware of sportswear for women but knew little about this market. In the end, she decided to find a group of consultants who could teach her everything that was needed and help get useful contacts. This is how the story ended: Nicole found the necessary resources, opened her own company and sold short skirts for more than $25 million.
1. Find a Business Creditor
A team of experts will help you find potential partners who want to engage in your company. For example, the story of Jeff Wester who found a wealthy mentor and opened his own forge in Oregon. He gave Jeff some land and money to open a new forge. If you don’t want to take money from strangers, you still can use the services of banks or MFIs.
2. Use Leased Equipment
Justin Gold made the world’s best nut pasta with a home food processor and sold it on farmers’ markets. Later, he managed to find old factory equipment for food processing and purchase it for almost nothing. Recently, Justin sold his business to Hormel for $286 million.
3. Sell Anything to Enter the Game
Allen Lim spent the early years of his career in the cycling industry. He created some natural refreshing. Allen wanted to turn his passion into a business, but he had no money. Then he found an old cart for making street sweets and made a mobile kitchen for a burrito. It took him $800 to launch the production. Now his company Skratch Labs is the main supplier of useful products for professional athletes and amateurs.
4. Sell the Product Before You Even Create It
The main thing is that customers buy your products, and you can start selling them very early. David Cane earned a million dollars even before the emergence of the Double Robots brand. And the founders of Power Practical raised $1.5 million on Kickstarter before they even made their energy devices. Crowdfunding is a great way to test a product before you start spending a lot of time and money on your business.
In general, you can always find a way to start your business even with limited resources. Don’t let a shortage of money get in your way of creating your dream company.