WAYS TO START BUSINESS WITH LITTLE OR NO CAPITAL

By Samuel Asante, April 2, 2020

1. Problem Identification: If you want to be rich, identify a problem in society and try to find solutions to such a problem, and out of that cash shall follow. After you have prayed God shall direct and guide you towards a particular thing in society. The problem discovered in society refers to a need in a particular place and whenever someone finds solution to such a problem, he/she will definitely get something out of it for a living.

2. Idea Development: After discovering the problem it is good to develop an idea about what to do, how to go about it, and when to start. Idea development would help you unveil the content of the strategic document or business proposal of your enterprise. The business plan which is also the business competition plan shall guide you to monitor the day to day operations of the enterprise.

3. Feasibility Study: It is very essential to do feasibility study to know and decide exactly where to begin the business. Failure to do proper feasibility study can affect smooth operation of the venture.

4. Start with what You Have: Don’t wait to get more working capital before starting the business. Move ahead with the little capital in your hand and operate it gradually for expansion. Most young entrepreneurs think they must have everything before they can do something. It is better to begin with what you have.

5. Advance Funding: Advance funding is also called advance financing. This is collecting money from your potential clients before providing particular services to them. Potential clients may pre-finance a service based on the level of trust they have in their service providers.