Becoming an entrepreneur is a highly desirable profession; the two most popular reasons for this being a readiness to be one’s own boss, and a desire to pursue one’s passion. That being said, cost can be a major deterrent in the face of prospective entrepreneurs, who feel that they have insufficient capital to pursue this dream of theirs.
But it need not be. Starting a business with a limited amount of resources only requires two things: a change in mindset, and an awareness of the type of business ideas that don’t require much funding. This article will guide you on how to develop both of these concepts with ease.
Shift in Mindset
People often run into problems when struggling to get their business off the ground due to funding issues because they approach it in a traditional (arguably archaic) manner. The traditional mindset would-be entrepreneurs have been conditioned with inclines them to try and find a gap in the market they can fill.
This necessarily requires that a target is created to fill the venture required to fill such a gap in the market; the problem is that this mindset induces a belief that possessing these resources and achieving this goal are synonymous. It relies on financiers approving of the idea, and if not, the potential entrepreneur begins to feel lost and deflated.
By instead assessing the resources presently owned, and how they can be utilised to create an offering that fills a gap in the market, an entrepreneur can create a foundation for themselves that is far more conducive to the production of a successful business. Goals are no longer static from the business’s conception, but dynamic pursuant to the resources, contingencies and connections that may emerge over time.
For prospective entrepreneurs, this begins by asking oneself a series of questions. What skills do I possess? How relevant is my experience? What resources do I own, or feasibly have access to? It is important to consider these questions deeply – beyond surface level responses. Beyond that, it is always wise to refrain from investing that which you cannot afford to lose.
Low-Capital Business Ideas
The second pillar of the concept of starting a successful business is actually choosing an idea that is inherently cheap to start. Some such ideas are explored below.
Home tutoring is one of many cheap business ideas that can be run from home. It has an extremely low startup cost, with the only expenditures likely being the relevant textbooks for your clientele’s curriculum. This business is perfectly suited to current or former teachers who are great with kids, since the customer base will primarily be children. Organisation and timekeeping are pivotal to success in this job, but it is very manageable.
Another potential option for entrepreneurs on a budget is personal training. Assuming you are in good health, and reflect to others that you are successful in your diet and gym routine, it should be unsurprising to face $50,000 a year – dedication could push this salary even higher. The only downside is the time and effort that will need to be invested into earning a certification. Be cognizant that liability insurance and marketing will also increase this cost.
For the musically talented, music lessons present a good option. Any who is skilled enough, with corresponding accreditations to back it up, will be adequately equipped to host private lessons. Similar to private tutoring, this will often require good people skills – especially with children, as they will be the target demographic.
In the end, setting up a business need not require significant capital if the goal is approached with the correct mindset. By acknowledging the resources, skills and knowledge an entrepreneur owns from the get-go, and filling a gap in the market using them (rather than the other way around), success naturally follows with hard work and consistent effort.
As can be easily surmised by reviewing the inexpensive business ideas detailed above, all of them are based on an already-existing skill of the entrepreneur that can be capitalised upon – all that is required is for the entrepreneur to realise this skill’s utility. If you are interested in reading about how to start a business in more depth, check out IncorporationRocket’s resource on the matter.