If you're thinking about starting a business with not much money and maybe not very much experience, a service-based business is your best bet. Being an entrepreneur is a journey. The best day for starting that journey is yesterday, the next best day is TODAY.
The 1st point is assessing: What do I have?
We all have something in our hands!
Do I have time?
Do I have money?
If I don't have time, then I have to use money to get things done. If I don't have money, but I have time, I can do the work myself. One or the other is good, both is GREAT.
What do I know? We all have acquired some knowledge. It doesn't need to be academic. Some people know a good romance novel because they've read 100s of them. Some people have watched every crime documentary out there. Some people know everything about a certain sport because they've spent 10 years fanatically dedicated to a team.
The key question is how do I turn what I know into something I can do to earn my way to the next phase of the business?
Don't overthink it, it's just a starting point!
Amazon didn't start out looking the way it does now. Google the story of the initial idea Jeff Bezos had. You'll be surprised that it was ordinary. So, wrap your mind around the ordinary, get to work, and it will lead to the next thing.
What can I do with what I know? From the examples above, perhaps you can write a romance novel. Sounds massive?! Ok, can you edit a novel script? At this stage don't judge the ideas. Let them be a natural consequence of the knowledge you have. Perhaps you can start a crime podcast where you talk to other super fans of crime documentaries about them. FYI, most crime podcasts are a HUGE success! Can you help crime podcasters research for their shows? Perhaps you can start a YouTube channel about your favourite team. Growing a youtube channel is an in demand skill? These are all natural progressions into the knowledge you have, and even better they cost little to start and here you have the 1st PRODUCT.
Next, let's get to the BUSINESS of things.
It's clear that you know more than most, but what's going to make you exceptional at this?
How to GROW YOUR CAPACITY to earn more from this 'knowledge mining'.
In any market, there are going to be other players a.k.a competition. Not a big deal! They must be there to ensure everyone pulls up their socks continuously to over-deliver in value for their clients.
ASK: What can I easily learn to do? Identify the critical skill that will make you world-class at doing the "thing". Not a 4-year degree unless it's a requirement of being in that business. Otherwise, think more of short practical apprentice-type skill acquisition.
It's time for RESEARCH.
Take out your notepads!
What are the top people in the space doing? Study them. What makes them great? Where could they be missing the mark? What methods are they using to get clients? How are they monetizing their expertise? What words are they using to describe what they do?
You get the point.
STRATEGY time...
Be ready to start at the very bottom, with a singular aim: GET SOCIAL PROOF!
This is where the rubber meets the road. Place your offer where people would naturally look for it and start working with clients. My personal favourite is Fiverr.com but there are many such platforms where you can create a free profile, create your offer, and pay the platform fee every time you get a client.
Make the offers competitive and work for that REVIEW and REFERRAL.
At this stage more than collecting money, we're also collecting reviews. Get them in writing, in video, in audio. etc. This is what will help get more business opportunities.
As one grows in confidence, in the ability to exceed a client's expectations, in reputation, that's the beginning of building out a business from scratch with little or no money but with BIG determination and discipline.
It's going to be hard. VERY HARD. The beauty of this method is it's low-risk, and your entrepreneurship brain will have been activated.
It's a Journey of Reinvention.
Listen in to my podcast, Lessons Of Entrepreneurship: The Journey of Reinvention for business gems to help you become a business visionary rooted in faith. OR if you prefer top watch catch the episodes on the Lessons Of Entrepreneurship: Reinvention Journey YouTube Channel
[Entrepreneurship, Christian Entrepreneurship, Startup]