Making it big in the world of startups is no cakewalk. It’s hard for budding startups to straightaway lock horns with the giant successful businesses. A startup have to have X-factor to mark its presence in this extremely competitive industry.
If you are an early stage startup looking for rapid growth, it’s time for you to make the next move.
Here are seven tips to start a startup with no money
Before you get into anything else, focus on the fundamentals. Develop a clear understanding of your core product and services being offered. Focus on what makes you different (or better) than others in the market. As there is already a fierce competition out there, make sure you have a unique selling point (USP). More importantly, being aware of it so that you can strategize the marketing keeping your USP in mind.
Your inner entrepreneur might be tempted to do everything on its own but to have an edge over others, you must have an incredible team behind your back. Find the right people for the right job and look for individuals with the same vision and passion as yours. It’s better to bring enthusiastic and experienced individuals who are experts in their field as they can elevate the progress rate and might open new growth opportunities for the business as well.
Whether you’re a large business or a lone entrepreneur, using social media in the right manner could be game-changing for your business. Social media marketing is the most inexpensive yet powerful way to exponentially grow your brand and widen its reach. It could introduce your business to its potential customers in the most appropriate way. Thus, it makes sense to consider increasing your social media advertising budget for it can add a lot of value to your business and ensure high return on investment (ROI).
One of the best and probably the safest ways to grow a business is to partner with an already established company. Try looking for businesses that aren’t really a direct competitor but is serving the same target audience in a different way. For example, if you open any airline magazine, you would find collective ads that promote Top Steakhouses, Top Hotels, or even Top Seafood Restaurants. The concept of collaborative marketing has proved to dramatically increase the brand recognition, customer value, and customer retention for each.
For a business to be wildly successful, every customer matters. If you are a new entrant or an early stage startup, make sure you treat every customer special or else they’re not coming back. This might mean going an extra mile to give them the best customer experience or discounts. As there are multiple review sites, one bad review could only spoil your image but also stop others to give it a try. And, offer small gifts, discounts, or coupons to your loyal customers, or even feature them on your Facebook page.
In business, it’s equally important to know what your competitors are doing than what you need to do next. It helps to know who you are directly competing with and what they are offering that you might not. In a way, you can set your prices competitively and create a relevant marketing campaign. Study recent trends, current competitors, new entrants, assess threats and use this information to improve your business threats.
There are many tools, software, apps out there that can take your business to the next level. These tools come packed with a myriad of functionalities. You can even customize their features as per the requirements of your business.
Money shouldn’t necessarily be the reason a great idea gets shelved but sadly, a lack of cash is often the biggest reason why entrepreneurs put their plan on hold. It’s easy to assume that the only way a business will get off the ground is with major funding or the ability to raise ridiculous amounts of money, but that isn’t always the case. Fortunately, starting a business with no money (or very little) is entirely achievable according to Instant Offices.
Having pooled together $8000 of their own cash and taking out loans, the three founders of Starbucks took their idea and ran with it, turning the company into a billion-dollar company almost 10 years later.
It’s not what you know it’s who you know, a statement uttered so often in business because it’s inescapably accurate. Start by making a list of connections and consider how they could help you.
Do you know someone you could trade skills with? Perhaps you know someone that could build you a website for a minimum cost, or introduce you to their network of business contacts in return for your skills on a project of theirs? You could even consider selling your services to raise money.
Fear of failure is one of the biggest killers of great ideas. Don’t wait for everything to be perfect before you start your startup, and don’t let a lack of cash stop you from developing something that could end up paying off in the long run.
Want to get concrete ideas on startups you can build without money? Be sure to come back next week & find out!
It's 2020, everyone wants to start a business. Don't you have much $$ to do it? Don't worry - in this article, we will learn how to start a business with no money.
You’re probably thinking about your rent or mortgage, your car payment, and every dang insurance you have to have on top of your other bills; and at the end of the day, you have about $41.78. You think, “how am I supposed to start a business with that?”