You want to start a business for yourself but you have little or no money to put up as capital. If you starting a business with limited capital requires a shift in mindset. Traditionally we are conditioned to begin the process of looking for new business opportunities. You need a plan to make your business idea a reality. We establish a goal to create a venture that will fill that gap. All the businesses that we see in the world today had to emanate from an idea from someone, somewhere. Business ideas come from sources that are as varied as the businesses themselves. some sources of business ideas are so strange and hidden that people without entrepreneurial minds fail to identify them. If you intend to seek financial support from an investor or financial institution, a formal written business plan is a must to start the business. It is easy to assume that the only way a business. Will get off the ground is with major funding or the guilty to raise ridiculous amounts of money. But that is not always the case, so starting a business with no money or very little money is entirely achievable according to instant offices.
There are many ways to start with so many businesses for example. Get your starting on online retail, Start a virtual assistant service, Monetize your SaaS idea, and self-paid online courses. Use your eye for graphic design.
Start with what you have
To start a new business take stock of what you have at your disposal or you take some risks because more risks more gain or fewer risks less gain. consider your plan:-
1- Skills- What can you do?
2-Knowledge- what do you know?
3-Tangible resources- What do you own and what do you have access to?
4- Experience- What have you done in the past?
You will create a collection of artifacts that can be combined to create something interesting, novel, and valuable in establishing a new business. You have some knowledge about business and skills on how to grow your business and take risks because you invested no capital then there is no chance to lose anything.
Take into account who you know
Take stock of your relationships with others, map out your network of connections, and consider how your connections could enable you to use or what you have more effectively. The points out that the alternative means of venture creation advocate stitching together partnerships to create new markets. particularly equity partnerships, drive the shape and trajectory of the new venture.
Invest what you can afford to lose
The big difference in your mindset is if you start with the perspective that I am investing this amount and I expect a 40% return. If I can afford to lose this much, then I will put it into the business and see if I can make it work. you are only willing to invest when you expect that you can get a specific return, it is a strong chance that you may never take the leap and launch the business you always dreamed of owning. let’s take an example of this is the entrepreneur who refuses to leave a well-paying job until he finds an opportunity that he predicts will pay more, versus one who decided to invest a small portion of her savings and two years of her life in a project and she believes it is worth that amount of time and money- irrespective of whether it will pay more than she currently earns.
Experiment and adapt
Flexibility and adaptability are competitive advantages in this business. you succeed not by becoming too fixated on a single goal or outcome but by being responsive to changes in the environment. existing firms typically take longer to adapt than new firms because they have more incentive for things to remain the same and practices that reinforce the status. New firms are not tied to the way things have always been done and many types of entrepreneurs can benefit from shifts in consumer preferences and fit in technology and changing legislation by realigning their businesses to take advantage of such developments.
The mindset of an entrepreneur with the alternative mindset, in contrast, has to stand ready to make do with what comes her way and learn to transform both positive and negative senses into useful components of new opportunities.
Advantages of starting a business in India for foreigner
This time India is considered to be one of the major forces in the global economic market. India is a developing economy, its economy has a major impact on global trading. The world’s leading developed nations or expand their ties with India. With a 5,000 year heritage of welcoming foreigners to its shores, India welcomes diversity and this makes starting a business in India for a foreigner easier than ever before.
1-Large population- India is the 2nd largest population and a big market without borders with generally established logistics to do business is one of the major advantages of starting a business in India. a young population and growing economic power promise to be a magnet for foreign companies for decades to come.
2- Business-friendly laws- The goods and services tax bill have increased efficiency in the movement of products across India. The most important law will be the land acquisition bill. The companies bill, which updates India’s corporate law for the 21st century, has also been passed. The business-friendly laws make it easy for international players to actualize their plans of entering India.
3-ComprehensiveTax system- India has a comprehensive network of tax treaties, moreover, the Indian tax system has been modified by the direct taxes code or the goods and service tax (GST) to provide ease of doing business.
4-Low operational cost- It is low costs of operation possible from infrastructures to phones to the internet to labor to salaries to anything required to set up a business. workers are ready to work at a low cost. tax strategies of India compared to other countries are very moderate and could cut the cost of operation of the business.
5-Vast Trade Network- India is a vast trade network of technical and management institutions that are of the highest international standards by regional and bilateral free trade agreements. These institutions develop excellent human resources.
6- Government’s Initiatives- The government of India has taken several initiatives to attract foreign investments in India’s diverse sectors. It has announced several attractive schemes and policies from time to time to the investment. Different industries of individual ministries have made special attempts to follow the rules and regulations related to foreign investment in the industry.
New Businesses To Start with Limited capital
When entrepreneurs have limited capital and adopt the alternative mindset for new venture creation typically many characteristics. The following categories: service, events, performance, Brokerage, or education.
• Service businesses depend on the skill or time of the person starting the business. any person can make their skill available to others with relatively little upfront investment. to grow your service business you merely need the tools of your trade.
• Consultant may require a computer, a handyman with some tools, and a dressmaker with a sewing machine. Help these tools on hand you can use your contacts to start selling your service. Events-based businesses include ventures that put on sports events and concerts. this is the advantage of such businesses is that with effective marketing, you can sell the tickets before incurring major costs.
•Depend on the performance of the businesses on the ability of entrepreneurs to perform and to pull together other people who can enhance the performance.
Education is another area or it is the best platform where people find opportunities with little or no capital. anyone with skills and insights that others wish to learn, and a passion for helping others develop could move into education. Teachers setting up a business that provides extra lessons to school-going children, sports setting up a coaching business, to a person with photography training there are multiple low capital opportunities in the education arena.
Starting a business requires a lot of careful thought, planning, and preparation. If you get started without considering all these things. You will likely find the road to profitability, a long, bumpy one, so you manage to make your destination at all. If you are awarded to risk, you have trouble motivating yourself or you are not a very organized person you may want. Reconsider opening your own business, at least until you work on these traits. If you are ready and willing to work hard, you have got the drive and determination and you have completed the steps laid in this book. You will be well on your own to starting your own profitable business in any field you can choose.
Just be sure you follow these steps carefully, especially when it comes to taxes and legal issues such as licensing and joining. The last thing you want is legal trouble for your new business. It could close your company before it is even started.
Good luck with your new business!