According to Karani Nyamu, everyone is looking into being an entrepreneur now. It has become a thing for fresh college graduates who go unemployed for years after graduating. It is generally believed that to start a business, you need a huge amount of money. But that is not true. It is all about how good your managerial skills are and how well you treat your customers or clients.
Karani Nyamu offers some tips that entrepreneurs need because it is believed that most of them put them on hold due to a lack of capital. They assume that their idea will never get far off the ground unless they have major funding behind them.
Karani quotes Jonathan Long on some of the must Dos before starting your business:
Build your business around what you know.
Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance.
Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.
Tell everyone you know what you are doing.
Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.
Avoid unnecessary expenses.
You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending. Being frugal in the beginning can be the difference between success and a failed business.
Take advantage of free advertising and marketing.
There are several ways to generate a buzz for your business without breaking the bank. Social media is a great way to gain exposure and interact with potential customers. You can also reach out to local media and offer your expertise.
Make as many local media contacts as you can and be extremely responsive with their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.
Get ready to hustle.
Hard work is an absolute necessity, but when you are starting a business with little to no capital then you must be prepared to dedicate everything you have into making the business a success. This might mean cold calling, handling customer support, dealing with billing and accounting, and every other working part of your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.
Don’t let limited capital prevent you from taking a great idea and running with it. Will it be difficult and will you have some stressful situations? Of course, but that is part of entrepreneurship.
