Can you launch a business startup without capital? You may have a winning business idea, but you don’t have funds to make it happen. There are two answers to this question, and thus, part 1 and part 2 for this blog post:
- You CAN launch a business startup without capital
- You MAY need capital to make your business viable
So let’s start with the first answer in part 1: You CAN launch a business startup without capital. This is good news, right?
Some people think launching a business means opening the doors for business or having finished products to sell. In reality, there’s a great deal of groundwork required beforehand. And this groundwork is usually underestimated.
The groundwork required to launch a business requires serious time and effort, but it can be done with very little money. And, it’s the most important part of a business startup. It may determine whether your business startup succeeds or fails. So let’s take a close look at how you can launch a business startup without capital.
Business startup groundwork
Too many people think they can just take a great business idea, write up a formal business plan, and head out to raise capital for the business startup. Unless you’re already a successful entrepreneur, this is the wrong approach.
You do need a good plan, indeed, but you also need customers. Never start a business without an existing customer-base – an enthusiastic target market. So how do you get customers before you go into business? In short – hustle!
First – develop your idea
Develop a thought-path to your solution. What is it about your business idea? Why do you feel this one should be developed? Take the time to map out a thought process which leads to your solution. Create an interesting infographic!
Simplify your business startup idea. Make it easy for “outsiders” to understand quickly. You can see the vision for your idea clearly…you developed it! Be creative and spend time simplifying your vision in a way that will catch the attention of your target audience within two seconds. Now simplify your infographic!
Establish your customer-base
Find the people who actually want what you have to offer. Marketing to a broad audience will actually bring you less customers, overall. Your message must be tuned to resonate with specific people. Obviously, you’ll capture less of those who are not in your narrow target market. But many more of those within your bulls-eye will come running to you.
So tune your message! Don’t worry about those who may be turned off by it. It’s better to have a narrow, excited customer-base than to have a sprinkling of customers from a broader market. They may buy from you, but they won’t be enthusiastic about what you have to offer.
Build your brand
Your first goal should be to establish your name-brand. Branding success means having a loyal target audience. It means you’ve surpassed the customer confidence stage and achieved real customer loyalty.
When your target audience is out there promoting your company with word-of-mouth marketing, and they feel disgust whenever viewing an ad from your competitor, you’ve successfully driven the value of your brand deep into their hearts!
So what is a brand? Is it your company name in combination with your logo and tagline? Maybe it’s your positioning statement or motto. How about your mission statement?
The simple truth – these will all make up the content of your brand. But by definition, branding is a permanent mark. It’s something that sticks in the mind of your target audience.
Your brand is like an iron. You need to heat it up and press it in to leave a mark. This requires a sound branding strategy!
Build your online presence
You don’t need to start with a fancy e-commerce site, but you must get something going. The final function, look, and feel of your site will evolve, so don’t worry about that yet.
You can customize it however you like. You don’t need to do any coding. But whatever you choose, get the ball rolling now.
You’ve just launched a business without capital!
Start a blog
Before I lead you down the path of launching your business startup without capital, start blogging about what you love to do. Post at least once per week, but more is better. Write at least 500 words per post, but again, more is better.
When you pass 1500 words, think about breaking it into two parts. Use pictures and keep your key words in mind as you go. Put those key words in all tag locations in each post and in each picture. Put a link within each picture pointing to the post that it came from.
This just means get out there and sell. Push your idea, and get people signed up ahead of time. Focus on your target audience and work like there’s no tomorrow! The response will reveal the true potential of your business idea before you raise and spend capital. If it’s positive, you’ll have something tangible to gain leverage when capital is finally needed.
Thank you for reading:
Business Startup Without Capital – Part1
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