Wondering how to start a business with no money or is procrastination not helping you? Here are a few simple yet effective steps to get this resolved.
Considering that?over 50% of the American workforce?want to be self-employed, but aren’t, there seems to be a gap between the desire and the implementation.
Whether it’s lack of funding, no proper formulation of an idea, or any other reason they can come up with, it’s quite clear that procrastination seems to be the dream killer of the potential entrepreneur.
But this is not the end for those who wish to beat the proverbial 9-to-5, as there are a few simple yet effective steps to get this resolved.
Get To Work On A Plan
According to a study done by Dr. Gail Matthews from the Dominican University of California, those who write down their goals are?42% more likely to achieve them.
For a business, this goal list is known as a business plan and usually details what the entrepreneur would like to achieve with this business concern over the next 5 to 10 years.
There are a few things that need to be done before the business plan can be completed, such as market research or a full feasibility study. Part of the business plan is also the cash flow, which will give the entrepreneur an indication of whether the business is financially viable.
Formulate A Personable Brand Strategy
For companies who want to appeal to the current consumer demographic which is largely made up of millennials, it’s important to build a brand they can relate to.
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Entrepreneurs will need to?focus on branding and brand strategy?to satisfy these requirements.
Millennials want brands to be more personable and reflect values and ethics within the organization. It’s also important to the millennial that?technology plays a big role in their communication?with the brand, and that the brand is aware of its social media responses.
Get Funding To Get It Off The Ground
Funding is a critical component to the success of a business, as up to 82% of?businesses fail due to poor cash flow?management or the lack of financial understanding within the business. Funding is critical to get the operation started and well-oiled until it exceeds break-even point and starts generating a decent income. Whether this means raising capital in a personal capacity through personal loans or equity in assets, the sale of an asset, or even apply for business funding.
It takes small steps to get that business off the ground, but what’s important is that those steps are taken however slow they may be. With the right strategy, a vision, and implementation, that business will be off the ground in no time.