How much do you really need to start a business?
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Now, that's a difficult question because the answer depends on multiple factors.
What kind of business do you want to start? What's your skill level? Are you doing this alone or are you going at it with multiple people? Can you survive working full time without pay in your business?
Based on the answers from these questions, you can figure out how much money you need.
One of the mistake people make early on is trying to plan for the cost of the entire business, instead of planning for a minimum viable product or MVP.
An MVP in the startup world is not the most valuable product, but the smallest or earliest version of a product that people would be willing to use or buy.
Early on, all your your focus should geared at what it would take to make something that a few people would be willing to pay for. In this day and age, it's your simple and cheap to start an internet business.
To really answer the question of how much money you'd need to start a business, the answer would be, "free or under $100"!
Shocker right?
How can something that is going to be worth millions of dollars be free to put together? Well, it's cheap from a financial perspective to start but it will take you a lot of work. Money only speeds things up for you. For example it's free to start an instagram page, post regularly, create an audience and when you reach 100k followers, try to sell them a product or service related to your page.
Let me give you an example, if you've put together an instagram page for people who are passionate about the wilderness about hunting, or nature, and these followers are actually engaged with your page and look to you as sign of authority.
You could decide to find a specific piece of gear like a Swiss army knife, or anything camping-related to promote to them. In exchange, the company who manufactures the said item will pay you a percentage of the sale you've generated for them.
Repeat that process a number of times until you have enough.
The money you realize from this could used to make your own version of that product and directly sell it to your audience.
Congratulations, you did it.
This is just one of literally thousands of examples of businesses that could be created without any cash upfront.
If you've got around $100 saved up, that's more than enough to buy yourself a domain name, some cheap posting and a word press theme to customize yourself into a walk-in store for your business. It's never been easier to do so and because it's easy, there's a ton of competition.
In conclusion, It doesn't cost much to start a business especially, if you're ready to put in the work and have the necessary discipline and expertise. Lack of money is just an excuse, which means you're too lazy to figure out a way to make it work with the resources at hand.
Thanks for reading!
How come this post does not look like my handwriting?🤔🤔
Lol, it's your handwriting darling..
You have a good sense of Business..
Great piece.
Thank you..
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