Zero to Euro: How To Start a Business from Nothing
By Yanna Solace Adofina
Most people are understandably wary of starting a business. Some say it involves a lot of luck, which will be subject of heavy debate from business majors and self-made entrepreneurs. Others say it is too tiresome and risky, not having a steady paycheck to depend on every month. The majority are reluctant, as they think that unlimited funds and cost-heavy business savvy are needed to go about the whole thing. But we also hear some Cinderella success stories from people who practically had nothing, and have built an empire with their own bare hands.
This would not be a step-by-step account of building one, but we are more than happy to share with you some ways on how to start your “million-dollar” idea from scratch.
1. Be clear about your vision and purpose — these are your foundations.
As our lifelab co-founder Lisa always reminds us, you have to know your true north. This applies to pretty much everything else in life, not just in business. Building your own business for the sole purpose of being a millionaire overnight is going to leave you sorely disappointed. Your vision and purpose will guide you through the roughest parts of your entrepreneurial life, and help you coast safely through the victorious and peaceful parts as well. You are not just here to earn money, but to offer something worthwhile to other people.
2. Research your target market and your challenges.
Once you have ascertained your intentions, it is time to do your research. In any partaking, it is always good to be armed with as much information as possible. When selling a product or a service, you always want to make sure that your target market needs it; or at least discovers that need it and wonders how they have gone on with their lives without it.
If you want to sell something that is already out there, make sure that yours will set itself apart from the crowd. You wouldn’t want to get lost in the crowd, would you? Devising a strategy for this might take a lot of creativity and insight on your part, and might it even take weeks, months or heaven forbid, years to come up with solid plan — but the pay off will be worth it.
3. Check your resources, whatever you have and otherwise.
You will definitely need a certain amount of capital to get things started, so you have to know how much money you have and how much you need to loan. You also have to know how you will be using the funds in very definite terms, e.g. a financial plan. You can’t afford anything just yet, even more so waste a single cent on a bad whim, so you have to make sure that everything is well accounted for. You want to make sure that the money that you loaned is going to be put into good use.
If you decide not to loan money from an entity and work with your own savings, that’s totally fine as well. The main idea is that you work with your idea within your means.
4. Spread the word.
You don’t exactly have the resources to pay for a PR agency yet (you might not even need one), so you’re going to have to do the promotion all on your own. But fret not, the internet is your friend. Make use of social media and your connections. Go crowdsourcing; offer your services online. Try to post on any platform where people can share your post and keep the ball rolling.
5. Execute your plans and strive to improve constantly.
All this planning is for naught if everything remains on paper. You have to take action; you have to take the first step. It doesn’t have to be an all-out grand opening with streamers and champagne for everyone, but a small step out there is a good start.
To tell you honestly, everything is not going to go perfectly well at first. You should expect failures and mishaps along the way, which will help you improve in your chosen field. Do your best to gather feedback from your consumers as well. It might not sound all positive at first, but you can see it as an opportunity to grow your business and help your market stay happy.
Going to business is a huge undertaking, no matter how big or small the scale is. It involves a lot of time, sacrifice, confidence, and information to go through, without the assurance of success both short and long term. But as the quote from the film Bohemian Rhapsody says, “Fortune favors the bold”. If you go forth bold and ready for your entrepreneurial journey, you increase your chances of good fortune.