How To Start A Business
Starting Entrepreneurship With a Plan for Success
ENTERPRENEURSHIP
Nicole Swanson
6/18/20245 min read
Starting a business can be a daunting task, especially if you are working with a limited budget.
Many women have brilliant business ideas but are often held back by the perceived lack of financial resources to make their dream a reality. However, starting a business with $1000 is possible, and this article will outline some tips on how to achieve this.
Identify a niche
The first step in starting a business with a limited budget is to identify a niche. Your niche should be something that you are passionate about and that you have some knowledge or experience in. Consider your hobbies, interests, and professional experience. A niche will help you narrow down your target audience and streamline your marketing efforts.
Conduct Research
Once you've identified a niche, your immediate next step is research. Depending on how thorough your research is, you will able to determine if the niche you chose makes sense to pursue. I am a fan of following the money niches. Anyone can start a business, but those who understand data and trends will more than likely excel over others.
Your initial research provides you with a great foundation to build upon. Your research will tell you whether or not you are entering into a growing or declining industry, if you are going to make money, how much money, what clients you will serve, how scalable your business model can be and how much funding you will need to make it all happen. It can also tell you what problems your clients are currently facing and you can position yourself as a groundbreaking solution to their problems.
This is also the section where you want to do research on your business name availability in your industry, and create your business identifiable markers such as the name, email address, mailing address, social handles and website domain to ensure no one else use it before you do.
Market research is the most underutilized part of the entrepreneurial journey, yet it is the most important.
If you don't know what you are getting into, how could you possibly plan for it?
Develop a business plan
A business plan is a blueprint for your business. It outlines your goals, strategies, target audience, marketing, scaling and financial projections. It will help you stay focused and provide a roadmap for the future of your business. Its a document that grows with you, which means it will need to be updated as often as necessary. A business plan can also help you secure funding or investors in the future. Your business plan will only be as great as your market research. If you have poor market research, chances are you will have a poor or inaccurate business plan and projections. If you are struggling to create a business plan you can find a template for free on the SBA webpage, Additionally you can create one on LIVEPLAN.com which also provides explanations on how to create a business plan by sections.
Cover Your ASSets
Imagine spending so much time and energy doing research, registering your business and developing a business plan, and then someone comes along and start using your name, logos, product names, and likeness of your brand. Trust me you do not want this to happen. Every entrepreneur should aim to protect the ownership of their business and intellectual property. You want to register your business as soon as you have all the concepts in place and understand how the business will be profitable and make money. File to register your company as an LLC with your state, and trademark your branding and unique identifiers. Before doing this be sure to DO YOUR RESEARCH.
Funding
Once your research ,plan and ownership protection are in place it's time to start working on your funding.
Yes you are going to start now. The most ignored step in this process is funding. Funding is an element that should be in play BEFORE YOUR LAUNCH YOUR BUSINESS TO THE PUBLIC. You should not wait until you need funding before you seek funding. Funding should be apart of your forecasted planning. You should know how much it is going to cost you to startup and operate your business for the first 6-12 months.
This number will more than likely change as the business matures, and so should your business plan. I know what you're thinking, "how can I get funding if my business is new" ? This is why market research is important. You will compose a list of creditors, organizations, banks, and lending institutions who provide startup captial. Now you are not going to use this list right away, you simply want it to be handy. In this phase of your business you will focus on building your business funding profile which should be done 3-6 months before you launch your business. Things like establishing business credit accounts, vendor accounts and net term accounts will help you create a business credit score. This is also the time that you should target building or restoring your personal credit. For more on business credit visit my youtube channel.
Leverage social media
Social media is a powerful tool that can help you market your business on a budget AND use the platforms audience run ads to. Create a business page on social media platforms such as Facebook, Instagram, TIktok and Twitter. Use these platforms to connect with potential customers and promote your products or services. Leverage social media advertising to reach a wider audience. It's 2024 and beyond, so when using these platforms avoid being salesy, and focus more on marketing your products through storytelling, show and tell, testimonials, relatable trends and scenarios. This is how you will connect deeper with an audience and build a community. In today's society, people are more inclined to buy from relatable people before they buy from the brand.
Start small
When starting a business with a limited budget, it's important to start small. Consider starting a home-based business or an online business. This will help you save on rent, utilities, and other overhead costs. You can also start by offering a few products or services and gradually expand your business as it grows. Again this goes back to your market research. Your research will you where in the journey do you need little funding vs a lot of funding. Start small and slow offering one really good product or service that solves a problem. As you grow the trust of your community you can start to scale up and include more offerings.
Utilize free resources
There are many free resources available that can help you start and grow your business. Utilize free resources such as online courses, podcasts, local chamber of commerce, business organizations such as Productive Business Women (shameless plug) and blogs to learn about entrepreneurship and business management. Join online communities or groups that focus on entrepreneurship to connect with like-minded individuals and get feedback on your ideas, help with business education and networking.
Prioritize your spending
When starting a business with $1000, it's important to prioritize your spending. FInd ways to maximize the budget and get the most use for your buck. Instead of paying for a fancy website, create on sites like Beacons.ai or Stan Store or shopify and pay the annual fee over the monthly fee ( trust me do it). Instead of business cards invest in digital business card sharing like Blinq, Popl or HiHello.
Offer excellent customer service
One of the best ways to grow your business is to offer excellent customer service. Word of mouth can be a powerful marketing tool, and satisfied customers are more likely to recommend your business to their friends and family. Ensure that your customers are satisfied with your products or services and respond to their inquiries promptly.
In conclusion, starting a business with $1000 is possible. It requires careful planning, prioritizing expenses, and leveraging free resources. It's also essential to offer excellent customer service and start small. With persistence and hard work, your business can grow and thrive.
Remember that entrepreneurship is a journey, and it's important to stay committed and motivated along the way and listen to what the people want.
For more on starting entrepreneurship visit my youtube channel .