If starting a business was easy, everyone would do it. After all, who doesn’t want the financial freedom and professional fulfillment that comes with being your own boss?
Unfortunately, the barriers to entry are simply too great for many people — at least in their own mind. All too often, those with good ideas cast aside their lifelong ambition simply because they don’t believe it is realistic. Yes, there is definitely a need to stay grounded. But you can’t let perfect be the enemy of good. (Image Credit: Emma Matthews/Unsplash)
If you have an idea and think you have what it takes, don’t keep putting it off due to a lack of funding. Just get started. Be strategic, don’t over-invest at the outset, and never forget that necessity is the mother of invention. With the right mindset and planning, you really can launch that new venture without much capital. The following three tips will critical to keep in mind as you begin your journey of being an entrepreneur.
1. Start Small for Long-Term Success
Too many people see entrepreneurship as an all-or-nothing proposition. They think the only choice is to continue toiling away at their current job or quit tomorrow, take out a big loan, and put their entire future on the line. While some successful ventures have begun this way, this puts an incredible amount of pressure on a new business owner. It doesn’t have to be that way.
Instead, one great option is to ramp up your business slowly. Don’t rent a giant space to start a restaurant from scratch, for example. Instead, begin with some catering gigs on the side. In this case, the budding restaurateur will be able to refine his or her recipes, hone his or her efficiency, and learn to produce great meals efficiently at scale. Then, after a period of learning the ropes — while gaining both confidence and invaluable word of mouth recommendations — you can figure out the ideal time to make the splash for real.
And, of course, this isn’t just a plan for the hospitality sector. The same theory can work just as well for consulting, landscaping, or wedding photography. You’ve got to crawl before you can walk.
2. Consider Becoming an Independent Business Owner
Another one of the best ways to venture out on your own, especially when you don’t have the ability to invest a lot up front, is by finding a proven partner. There are various networks and platforms that make it easy, and perhaps none is as time-tested and well-established as Amway.
Through its direct sales business model, Amway’s Independent Business Owners are able to quickly learn how it works then get up and running. In no time, they are able to start bringing in extra revenue, and the sky’s the limit in terms of how much time and energy you want to devote. Some people dive in fully and replicate — or even build upon — the income they make in their day job. Others start very small and continue to maintain their new entrepreneurial streak as a side hustle. In either case, there is great potential, especially because the global company offers a vast range of training, assistance, and other resources that help business owners flourish.
3. Prioritize ROI for Every Dollar Spent
In some businesses, you will need some money to get going. There may be licensing fees, essential equipment, or other expenditures that are simply non-negotiable. Still, even in these cases, there is always a way to stretch money a little further.
Personal finance guru Dave Ramsey has a brilliant saying: “Live like no one else now, so later you can give and live like no one else.” For an entrepreneur, this means sacrificing early on by keeping every budget on a shoestring then reaping the rewards down the line. Do not overpay for anything at the beginning. Do you really need that extra-large office space in the nicest area of town? Or are you just trying to show off for the benefit of others? Check your ego, buy used if you can, and don’t be concerned about keeping up with the Joneses.
The first year is going to be a struggle. Don’t compound those challenges by over-investing in anything but the absolute must-haves. Stay confident in your ability to grow organically in time, then upgrade your amenities as required to fulfill more. Make only investments that are sure to expand the bottom line, and hire additional employees only when the numbers add up properly. This might be frustrating at first, but this approach will establish the foundation of your company’s culture and position the business for long-term, low-risk growth.
4. Picking the Right Strategy
There are no shortcuts to success. If you think you can find a get-rich-quick route to the top, you’re in for a rude awakening. But the right strategy and the right choices can go such a long way toward setting you up for the future.
You don’t have to be born with a silver spoon in your mouth or secure a major round of funding to launch a great business. Many entrepreneurs have figured a way to bootstrap their dreams, and there is no reason you cannot follow in their footsteps. In many fields, you can simply start small and grow into the business you hope to become. Other people partner with established giants to become their own independent business owners. And a budget-conscious focus will help ensure that every dollar spent comes with a return on investment.
There is another alternative to guarantee your success. Submit your plans to God and He will bring them to pass. You see, when we trust in the LORD with all our heart, and lean not on our own understanding He will direct our paths. Who is better to get guidance and wisdom from than the One who knows and sees everything? It may seem far fetched, but faith is necessary. You either have faith in your failure, or faith in your success. Check out the 7 Oracles of Success which provides a sure foundation of principles you can apply to your life to ensure your success. Plus 100% of book proceeds go to charity. After all, true success is always about service to others. Go for it!
In conclusion, always remember if there’s a will, there’s a way. Stop making excuses and praying for millions in seed money to fall out of the sky. Because it’s never going to happen — and neither will your million-dollar venture if you don’t get started now.
