Oftentimes, when people are asked their reasons for not starting that business they have talked about for years, you hear them say they do not have the capital needed to float the business.
While I do agree that some measure of sacrifice will be necessary, I do not believe that you should wait till eternity to secure a loan running into millions before you start your business. We all have to decide for ourselves what level of sacrifice and dedication we are prepared to give to be able to enjoy the satisfactions of working independently.
With that in mind, let’s look at a few strategies we can deploy as we move from conceptualising our business ideas to actually seeing them become a reality.
Before we go on however, you must determine that from today, the useful information you come across will take you one step closer to where you are going. In other words, you must act on the information you are receiving.
Maintain your salaried job for as long as you can
Believe it or not, leaving your salaried job just as you are about to set up a business is not a fantastic idea. Remember, we are talking about starting a business on a limited budget. Why cut off your number one source of income just yet? You can start your business on a part-time basis. Just make sure it does not affect your job. Consider the options available to you if you are to do your business during the weekends, or if you may need to apply to work part-time.
Reduce your spending
Apart from your recurrent expenses, you may need to review your other spending with a view to cutting costs where you think you can. Reducing your spending leaves an extra something for you to save towards your business. Doing a careful analysis of these expenses and choosing what you can forego for a while helps you save quite a sum.
Identify your niche
This is something you can definitely do before you start your business. Take time to think about the services you’re uniquely qualified to provide. Write them down. As your ideas begin to crystalize, find people who fit the profile of an ideal client, sample their opinions on the products or services you intend to offer. You’d be amazed how helpful people generally are. This helps you identify both your product or service niche and your prospective clientele.
Goal-setting gives you the opportunity to assess yourself as you progress. A good goal should include timelines. You must be able to determine if the time expended is yielding tangible results.
Your goals, as your business grows, will eventually include when you will resign and how. But for now, focus on achieving all you can while identifying your niche, maintaining your current job, and cutting down on your spending.
To your success!