Friday, 9 December 2016

4 ways in which you can start a business without money

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One of the limitations that many entrepreneurs have in the beginning of their career is limitation in finance. They have all these brilliant ideas, but get stuck and can't move forward because they lack the necessary finances. Meanwhile money is a very relevant element in starting a business, there are moves you can make to start your business without money. Here are 4:

1-Derive a name for your business.
There are many factors to be considered in deriving a name for your business which do not include money, factors such as:

*Brand recognition: You want to have a name that is original, has not been used before and that you can own and be uniquely identified with.
*Simplicity: You wouldn't want to choose a name that is hard for people to pronounce, or too long for people to retain.
*Targeted market: the market or community in which you want your business to thrive has to be able to embrace the name. You wouldn't want to choose a name that means something repulsive in the language that people in your target market use.

2-Write out a business plan. 
Write out a plan of what you need to get the business with an accompanying estimated budget. Many people have business ideas but don't know how to go about it. Writing out a plan will help you to know how much you need in the first place to effectively run the business.

3- Outline a scale of preference.
When money is a major limitation, you don't want to go about spending the little you can afford, when you afford it, on stuff that is not immediately relevant in establishing and running your business. So it is important to write out a list of the most relevant items you need to the least relevant items you need.

4- Write a plan of how you expect the business to yield profit
Write out an estimated plan of how you expect to make money from the business, within a certain time frame. Many people have all these ideas and have a blurred idea of how they expect to make money from it in return, but it is not well defined. This plan would not only help you, but it can make it possible for investors to give you the money you need to run the business, so they can make money and you can make money too.

These four steps would keep you busy, starting your business, without money. They would make it easy for you to eventually manage the money you subsequently acquire, to effectively run your business.

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