Starting a business with limited capital requires a shift in mindset. Traditionally we are conditioned to believe that Starting a Business requires huge human and capital resources and might need particular entrepreneurial skills and expertise which you don’t possess, Well, that’s not the case anymore.
Google, Microsoft, Amazon, and Walt Disney originated in a garage with almost no investment and today they are ruling the business world like anything.
With the technology revolutions we are going through, one really doesn’t need a huge capital amount to launch a business, rather there are multiple business types for which you might just require a smartphone, a laptop, and a good speed internet. Who doesn’t have that today?
Types of new businesses to start with limited capital
The businesses that emerge when entrepreneurs have limited capital and adopt the alternative mindset for new venture creation typically have certain characteristics. They often fall into one or more of the following broad categories:
Service, Events, Performance, Brokerage, or Education.
Service businesses depend on the skill and time of the person starting the business. Such a person can make their skill available to others with relatively little upfront investment. To start a service business, you merely need the tools of your trade.
A consultant may require a computer, a handyman some tools, and a dressmaker a sewing machine. With these tools on hand, you can use your contacts to start selling your service.
The migration to a service-based economy is leading to a fundamental shift in industries toward business models in which the service component of products is becoming dominant based on the value they provide to customers.
IT Services, Web Development Services, Digital Marketing, and Creative Ad Agency are some of the most time-tested examples of successful services businesses.
Events-based businesses are a little more complex but can still be started with limited capital. Events-based businesses include ventures that put-on sports events, expos, and concerts. The advantage of such businesses is that with effective marketing, you can sell the tickets before you incur the major costs, limiting the amount of capital required to keep the venture afloat.
Creating education, entertainment, corporate, and private events are good examples.
Performance-based businesses depend on the ability of entrepreneurs to perform and to pull together other people who can enhance performance. The business model is based on the fundament that the customer pays for the utility of the product and not for its quantity or volume.
The Internet of Things (IoT) can serve as an important enabler of performance-based business models. And this performance-based (PB) business models offer one of the strongest levers towards the transition to a circular economy.
Brokerage Business exists to help their clients match the other side of a trade. Bringing together buyers and sellers at the best price possible for each, and extracting a commission for their services.
Ecommerce, Business Brokerage, Car Dealership, and other supply chain management are a perfect example of brokerage.
Education Business is a perfect match for someone who has particular skills, knowledge, or expertise which you can share with others and bring potential benefits or remedies to their lives.
Online training, coaching sessions, teaching, and mentoring are good fits for business in the education sector.
The Only Investment requirement you would have is to Register a legal business entity and your tax documents. so that you can open a business bank account, merchant account and perform any / all kind of business trade and transactions without compromising the regulatory requirements.
Has an official business registered? Even if you are performing the activities on an extremely small-scale. Can still win the client’s trust and will provide room for you to expand gradually?
Other expenses required would be a small advertising budget for online advertising and send out the postcards to the neighborhood. And you are good to go.
Expand Your Business
Once you have a legal base set up and defined your particular niche. You are all set to put your heart and soul to expand your business. With every new client coming on board. And every new transaction hitting on your account will increase your business credibility and profiling. Soon, you would realize calling yourself an established business entity.
How Can We Help
Whether your business objective is to grow your business and achieve economic success. To qualify it for a Business Migration. Our trained and experienced professional consultants are equipped to facilitate you on the whole route.
Services we offer are as below: