You have probably heard about entrepreneurship. But how to do it with little money?
It is possible to work from home and without employees other than yourself, for example.
In fact, with creativity and willpower, the sky is the limit for your business possibilities.
Therefore, in this article you will find some tips on how to become an entrepreneur with little initial investment.
What is entrepreneurship?
First of all, entrepreneurship is being able to solve problems. And, said like this, it may sound complex and difficult to put into practice. But the great truth is that we all have the possibility to become an entrepreneur.
In other words, when you offer a service, offer a product, or do both, you are an entrepreneur.
Do you do nails? You are an entrepreneur! Do you have a digital consulting business? You are also an entrepreneur.
In other words, all these activities meet someone’s need and solve other people’s problems.
In fact, many people don’t see themselves as entrepreneurs because they don’t know what this means and how, many times, this is precisely their reality.
Entrepreneurship in the crisis
During the pandemic, entrepreneurship with little money became even more common. After all, many people lost all or part of their income.
In these moments, we see the importance of having more than one source of income. This way we are not only dependent on our fixed salary and we are also able to save more.
So if you are experiencing financial difficulties, this is certainly a good time to do it.
The key point, however, is that you should do this with as little initial investment as possible. After all, you cannot risk losing even more money, can you?
Below we will list some good ideas to become an entrepreneur in the crisis.
How to become an entrepreneur with little money?
First of all, every business starts with an idea. And, as we said above, entrepreneurship is about solving problems.
So, look around you carefully and notice what people need.
Is it a service that is poorly done today and you can do better? Or a product that is not yet available in your neighborhood?
With the pandemic, for example, the need for cloth masks arose. So, many people took advantage of this moment to start a business making and selling masks.
Or, a service that already existed, such as food delivery, increased with the social isolation. As a result, investing in this type of business was also a good thing at this time.
These two examples, when practiced on a small scale, do not require much investment. In other words, you can do business with little money, doing it at home.
The important thing, however, is to always be organized. In this sense, use tables, write everything down, and make sure you are making more profit than loss, okay?
Pros and cons of entrepreneurship
When you start in the universe of entrepreneurship, you will probably realize that there are several positive points in this type of activity, and others not so nice.
Something that I consider very interesting for those who have their own business, for example, is the possibility of managing more autonomously their schedules and commitments, being able to have more flexibility and freedom of time.
The other side of this story is that when we have our own business, all the responsibility for its success and execution (especially in the beginning) is ours. After all, there will be no gains without dedication and effort, aligned to good strategies.
Not by coincidence, what makes the process of entrepreneurship so attractive, may also be what makes it challenging at times.
But that is the way it is with any decision you make. In other words, there will always be positives and negatives to consider.
So check out some of the pros of entrepreneurship:
- Making your own hours and having flexibility;
- Being able to create income goals;
- Having control over every decision you make.
On the other hand, there are also some cons of entrepreneurship:
- Having long working hours;
- Not being sure about income;
- Being responsible for absolutely every detail of the business.
Branches for entrepreneurship
You can do business with little money in any field and activity you want. If you have a good product, good service, and know how to sell it, people will come to you.
Although many people believe that the market is saturated, the truth is that there will always be a group of people who will identify with your cause, with the quality of your products/services, or even with your personality.
Some areas, however, can give you a faster return because they have a greater acceptance and search in the market. For example:
It is important to reinforce, however, that you need to identify what you do well. And also whether it will bring you a financial return and whether it can be started quickly.
“So I can only be an entrepreneur if I meet these characteristics?”
No! However, according to your current need, thinking about this may be necessary.
I now bring some ideas for entrepreneurship with little money. Write down the ones that make sense to you and get inspired for alternatives that may seem more interesting to you.
In which activity do you have great knowledge that you could pass on to others?
If you can cook very well, or if you have worked in one area for a long time, you can develop a step-by-step and teach it to others.
You need to have an internet connection, a mobile/computer, and not be shy to show what you are made of!
Nowadays there are several platforms that you can use for these classes. This makes the process cheap and efficient for you and for those who hire your services.
People, even after the quarantine period, will be very interested in having celebrations at home. And, of course, with quality and customization.
Have you ever thought about making and selling a party kit? The investment in materials is not high and you can create each element yourself.
Making the process totally customized, according to the client’s request and profile, you will have a differential.
Besides being a moment of recreation if you like crafts.
If there is one thing that human beings will always prioritize, it is food.
Even in times of crisis, the food sector will always have a high demand. And the best thing: you can do it with very little money.
Besides nourishing the body, people often seek to eat to improve their state of mind.
When preparing food to sell, you have the opportunity to bring something positive to those who consume it.
Be it in the quality and care of the preparation, to the delivery with a small note wishing them a good meal.
If you like to cook or know a recipe that has a good output, like sweets, for example, this can be a very interesting (and low-cost) alternative to start with. Pay attention to all the rules and get started!
4. Reselling products
A good old alternative to increase your income with little investment can be the resale of products.
We have all had access to some kind of catalog, be it of cosmetic products or even of home products.
With technology, it is possible to do the whole sales process totally online. From your registration on a reseller platform, to sending an online catalog in PDF format.
You can start by offering the products to friends and family and expand little by little.
You can also sign up for credit card payment sites. All this to minimize your risk of default and increase your range of payment options.
5. Virtual assistant
The Internet has countless opportunities, and many people are taking advantage of them. One role that is growing a lot is that of a virtual assistant.
This is about you assisting another person with their activities. Such as scheduling and serving clients, controlling schedules and payments, among others.
With the social distance, it is totally possible (and necessary), that these services are done in a digital way.
You can offer this service to several people. All according to the work demand of the contracting parties and from wherever in the world they are.
Moreover, the initial cost of offering this service is low, making it a great alternative income.
6. Digital media
Another demand that increased a lot during the pandemic was the management of social networks and media. From the creation of texts and arts to digital marketing strategies.
This service, however, demands more specific knowledge so that you can offer the best results for your client.
Even though it is an extremely growing market, the quality of the results will always be your biggest differential.
How to get started?
Well, maybe, after reading all these tips on starting a business with little money, you have liked some of them. Or even had an idea of what you would like to do. And then the question arose: how to get started?
First, recognize what you are good at, what your skills are, and what activity you would be good at. There is nothing that will open more doors for you than doing quality work.
Once you understand this point, think about what format or formats your work could be delivered in. Service or product? Physical or online?
Assess what materials or products you need to start your work. Research prices and know what your costs will be, and then define the amount you will charge.
Write a text and/or an artwork and send it to people close to you who may be interested in what you will offer. Or even that they may refer you to other people who will hire you.
Study about entrepreneurship. Even if it is an area where you are thinking of starting just as extra income.
Having a knowledge of how to make the best decisions at each stage will certainly give you good results.
Have a reserve
One of the biggest mistakes professionals who start an entrepreneurial career make is to think that the money they receive is all theirs.
It is necessary to think that you now have a business and you need money to keep it running.
Stipulate how much of your profit will be for your personal use, how much will be a financial reserve, and how much will be reinvested in the business.
You see how entrepreneurship with little money can be something totally within your reality. And even more possible than you imagined?
This text was written to facilitate your decision making. And, who knows, maybe give you that little push you needed to start your entrepreneurial journey. How about it?
If you had an idea about how to start your business with little money after reading this text, put it into practice. And let us know how it went! We will be very happy to hear about it.
Oh, and of course, keep following Entrepreneurship Today here and in our social networks to learn more about entrepreneurship and finance.
We will always bring you the best content to help you at each stage of your evolution!