The idea of having something of your own is always thrilling. The same very much applies to the entrepreneurial minds of the modern time. Most of the youth in the current times prefer to live on the edge because they do not want to answer to anyone!
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As such many youngsters do not enjoy their 9 to 5 jobs even though they do it. Day in and day out many of these folks drag themselves to their workstations reluctantly only to accumulate that required capital to get their own venture going. If you are in this position and you are struggling with finance, these tips will help you start something no matter your financial position:
Work from home
The infrastructural expense is one of the biggest expense that a businessman has to incur. A property doesn’t come in cheap even if its taken out on a lease. Fortunately, not all business operations require huge space and office premises. With the advent of digitalization, new job scopes have opened up which may not require the business owner to rent or purchase any form of property. Hence, you can simply work from home. The truth is many entrepreneurs will reach a break-even point quickly when they are not tormented by high startup costings.
While starting a business within a set budget, it is always advisable to go for a sole proprietorship set up since it’s the only structural foundation which is cost-free. Sole proprietorship makes the entrepreneur responsible for his/her debts but isn’t a separate legal entity. Once the business grows big enough, incorporation can be considered. Under that light, the entrepreneur is excused in case a debt occurs since the company now becomes a separate entity in the eyes of law.
Creating your own content
No one will know your product better than you. Having said that, it is advisable you as an entrepreneur to develop your own content. This works great when you are trying to start a business within a budget, not only writing your own content saves you some money, the details of the same is most likely to be impeccable and accurate. Additionally, you can DIY some other things too. For example, using graphic designing tools like Canva, you can design many important things like logo, banners, visiting cards, blog graphics, social media posts, etc.
Though the world these days is though, you will always find help when needed. It is important that you find such people, especially vendors who encourage upcoming or new business and are open to draft a budget. In addition to getting a friendly ally, bulk purchase always costs less. You may find such vendors in trade fairs or if you are street friendly and outspoken, approaching such vendors directly can also be another option.
Optimism with a twist
Optimism is always the key and one should never lose it. However, businesses can be tricky so it is for the best to be prepared for anything that might happen. Though you might be very positive about your business operations and its eventual success, do not plan to quit your job, your main source of income till you see some concrete results. It is always advisable to have fall back options prepared.
By Damilola Faustino
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