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If you’re in the final category referred to above, this article is for you. Here, we’ll talk about the steps to start a business with no money. Hopefully, you’ll be able to act on the tips we share here quickly enough to have a venture running sometime in 2025. The following are the things you can do:
Come Up with an Idea
The first thing you need to do is find a business idea. Preferably, it should be at the intersection of something you’re passionate about, skilled at, and willing to put in the effort to bring to life. It should also have an existing market for its solutions, and offer products or services that are potentially profitable. In other words, the business should create value by meeting actual needs. These are the most important boxes that your idea must tick.Find Potential Customers
As we noted in the previous step, your business idea has to be viable. And viability is partly dependent on the existence of customers who are willing to pay for your products or services. Before you even launch your business, you need to be certain that there are enough of them out there to be worth your while. So, talk to your friends, family, and acquaintances; put out the word about what you’re trying to do with your business; and find out if there are likely competitors (whose presence would indicate that there is indeed a market for your kind of product or service).Design Your Product
By “design”, we don’t necessarily mean fashioning a physical product or working system. What we’re referring to is a conceptualization of your offering. This concept should address the pain points you identify in your interaction with potential customers. When you do have funds to work with, you may proceed to build. For now, try to “sketch” a solution that could work in the real world.Sign up for the Connect Nigeria daily newsletter
Raise Funding
At some point, you will have to raise the funds you need to start your business. There are many ways to go about this, even for people starting with little more than a promising idea. Depending on the sort of product you want to sell, you might raise money from preorders, and funnel that to creating the product you intend to ship. In other scenarios, taking something akin to the traditional route might be the better approach. For example, you could pitch your business idea to family and friends, and raise your startup money from them. If they are convinced by your vision and have the funds, they will help out.Build a Simple First Version of Your Product
When you have secured funding, you may go on to create the products you’re going to sell. The smart thing to do here would be to build a simple and efficient first version of your product. This version is called a Minimum Viable Product (MVP). If it gains traction, there’s a good chance that its next version, with its enhancements, will do well in its market.Take Careful Steps
Some entrepreneurs are so keen on growing fast that they neglect the most basic thing: having a great product. They chase after publicity with audacious marketing campaigns, hoping that more exposure will drive customers to their doorsteps. We would advise that you take measured, carefully thought-out steps instead. Focus on improving your product, so that the people you cater to love it. If you succeed at this, your customers will spread the word about how good your offering is, and you’ll see traffic coming into your business.Register to attend the CN Business Mixer
Final Words
Most people don’t know how to start a business with no money. This has caused many to give up on their dream of founding a venture that makes an economic or social impact. If this describes you, we hope that our article inspires you to begin thinking positively about setting up your business in the New Year, even if you don’t have much to work with.Got a suggestion? Contact us: editor@connectnigeria.com
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