you to to know that there are actually ways to start a business with little or
no money. Jumia Travel shares 4 ways to start a business without money…
Adjust Your Business Model to Demand Fewer Needs
If
you can start your business as a sole employee please do so, pending when you
are able to raise enough money to employ other professionals. Also, save the
cost of getting and maintaining an office space by working from home, if having
an office space is not vital to getting your business up and running. In
addition, try to make your company more service-oriented because this kind of
business requires little or no financial investment; all you really need are
your skills and you can immediately get started providing these services. When
you start getting some money, you can use the extra revenue to then grow and
establish your business.
Get Friends and Family to Help
Tell
your friends, family and even past colleagues about your business and get them
to help spread word about your business; this can serve as free marketing and
publicity for your business. Encourage as many of them as possible to share your
posts about your business on their social media profiles, and to also introduce
your brand to their professional contacts. This will help serve as a kind of
grassroot marketing that will spread word about your company and introduce it to
a larger audience.
Avoid Unnecessary Expenses
Considering you
are trying to start a business without money, you need to be as frugal as
possible. Leverage on your relationships with people and try to get as much as
you can for free, at least until you are able to start making some extra revenue
to afford better for your business. Please note that as frugal as you are going
to need to be, you should be careful not to let that compromise the quality of
your services. This is why you really need to leverage on your business and even
personal relationships, so you can get the help and professional input of these
people for free (at least until you are able to make enough extra revenue to pay
for their services).
Ensure Your Payment Policy is Well Thought
Out
This is the problem a lot of startups face; they don’t have a good
payment policy. As a result, people take advantage of this weakness to either
delay payments or avoid paying for the services all together. Avoid basing your
payment policy on what you think your customers want or will be comfortable
with, base it on what is going to make your business operate successfully. This
is because, after all said and done, it’s not your payment policy that will keep
people coming back for more, it’s the quality of your service. Therefore, you
should not compromise your service quality and business operation, for an
unfavorable payment policy.
