In the past years, many stories have spread about startups that have achieved tremendous success and have become leaders in their field, and perhaps the most prominent common denominator among them is that the owners of companies launched their projects from scratch without any financial balances.
In a report published by the American entrepreneur magazine, writer Evan Vasquez Islas says that you should not worry and despair if you want to become an entrepreneur and do not have a sufficient balance of money, as you can launch your project with a small amount or even without any financial balance, but you will need In exchange for some capabilities and skills to make your dream come true.
The more capabilities and skills you possess, the less money you need, and these capabilities include intelligence, imagination, network of relationships, experiences, knowledge and time, not to mention the ability to seize opportunities that others do not see, and see books and successful stories, technical, physical and intellectual skills, and good health.
It all starts with an idea
There are a lot of successful project ideas, so in the beginning, you only have to choose the most appropriate idea, then try to add a creative touch to it, whether on the level of cost, luxury, quality, speed, and so on from the features that qualify you to put your mark on the market.
Bear in mind that you will have to adapt the idea to the requirements of the times and search for ways to implement it in light of the capabilities that you have, meaning that you should simplify that idea as much as possible.
You will have to adapt your project idea to the requirements of the times and search for ways to implement it within your capabilities (Shutterstock)
Project launch plan
The business plan should include the following:
A short and specific description of the project: the description should not exceed one paragraph, and the more brief the better, and when reading it, anyone should understand well what the product or service you intend to provide.
Determining the budget and capabilities: It is about monitoring the amount you own, no matter how small, and other possibilities such as time, academic qualifications, experience, network of relationships, partners and potential clients.
Immediate action: You can take some steps given your budget.
Means of financing
In the event that you do not have any funds to start implementing the project, you have some options to obtain the appropriate financing.
Friends and family: This may be a good option for getting money, but bear in mind that it does not spoil your personal relationships with your friends and family.
Crowdfunding: Crowdfunding platforms may help you get some money to start your project, and in case you think your idea will not be attractive enough then you should do some research on project ideas that have received funding.
Government Support: Look for opportunities to finance small business from the state, there are plenty of them right now.
Private financing: This means resorting to banks, financing companies, or lenders, but be careful, as this type of financing is recommended only if your project is successful and achieves sufficient profits to pay off debts and expand your business.
Venture capital: There are networks of venture capital investors that provide financing for promising companies and projects, and through some internet research, you will find many competitions that enable you to obtain this type of financing.
In the event that you do not succeed in obtaining any of these funds, do not despair and stand by, but rather you have to work with the job you love in order to gain experience and money to launch your own project at a later time.
Find small business financing opportunities from the state to support your project (Shutterstock)
Reduce costs
When you start your project without having a lot of money, try to avoid as much fixed costs as possible, and make the Internet your store, your school, your marketing, and your means of communicating with clients.
You must prepare a list of things necessary for the success of the project, and another list of things that can be obtained for free, and then collect them yourself or get them from those who need some services from you in return.
This may take some time, and you may have to learn many digital skills, but it will help you a lot in your career.
Marketing plan
On the marketing level, you must focus first on the personal circle, that is, all your acquaintances, family members, friends, former colleagues at work and other people, for example you can send a message on WhatsApp to all the contacts on your phone to show your product or services, and after the first sale, do not forget Asking consumers to provide feedback on the service you provide and the quality of the product in order for you to make appropriate adjustments.
Backup budget
Saving a little money helps you cover your expenses and your business costs for at least 6 months, which is long enough to achieve your financial balance.
In the end, the writer believes that it is normal to make some mistakes when launching the project, but you must be careful to correct your steps and make the necessary adjustments.