No matter who you are or whatever you are doing right now, this one question will always bug you in your life tenure on this earth: Can anyone start from scratch and transform the business into billion dollar enterprise with just a few resources?
As a serial Entrepreneur & a digital fervid in a digital agency in UAE, I’ve worked with so many small businesses & Entrepreneurs. What I concluded is that there is one thing that is common among all the brands. That is, they all have some considerable amount of budget for their digital marketing, but how they spend is entirely a different story.
Unfortunately, just like myself, many businesses waste millions of dollars on starting a business but after some time ran out of money. What are the reasons that took their dream and broke them into pieces?
In this blog, I will try my best to stir your assumption that it is even possible to start a business with just a few bucks. What you really need is ‘how to manage those bucks’ I started from ground zero and made my way up to the hilltop if I can do it, so can you.
Any person can kick start the business. Here’s how I did it:
First, do the research work
If there is one thing you need to do before you jump into building your kingdom, you need to make sure that you spend some time in the research. Start with a simple question and go on your way up. Why do you want to start the business in the first place? What are you willing to give to your customers? Is it under the budget or you have to think further before you start the marketing?
When I started my first venture it was a clothing store. My aim was to provide quality clothing to people in UAE. I choose clothing store for the following reasons:
- Clothes have a high-perceived value among the consumers (high-profit margin)
- Clothing is always a trending product among millennials (increased demand)
- They are light-weight (means easy shipping)
- Even though there is much competition, still there is a chance of growth.
Compiled these insights by all the similar companies that are working since years. Yes, there are sophisticated ways of gathering data and analyzing it, but for the purpose of normality, you need to start it simple and crisp and manageable.
Second, do you have a supplier?
This is one the most common mistakes young Entrepreneurs make, without completing the supply chain they start their business. Yes, it might be wise to start with a small supplier at first. Remember Ali Baba, he started small, Jeff Bezos started in his garage with a small supplier available at the corner of his street.
That is exactly how I started. With a single supplier. Now I have multiple suppliers in one city. But that first supplier was my starting point. You also need to find a starting point and go with it.
With tons of supplier choices online you can track them and go talk to them. Tell them the benefits of online shopping and I am sure they will be happy to get along with you.
Third, build your brand personality
One of the most underrated steps which small businesses miss is instead of building their brand personality, they focus on filling their pockets. And at the start, they might also be able to achieve it. But after a while, it will be difficult for you to stand out from the crowd. Then you will realize this tip. I have learned it the hard way but I am here telling you do not make the same mistake like me.
As they say, people do not buy brands, they buy dreams. What is your dream you want to sell? How passionate are you about that dream. If you are not passionate about your dream how can you expect others to be passionate about your dream?
Successful businesses whether be it Netflix, Zappos or Google they all have cultures that give the brand a personality. And that personality is the standpoint upon which they brands focus their efforts. If they can do it, why not you?
Jill Ferguson, the branding expert, says, “Your brand is what ultimately will sell your product. It should subconsciously speak to your audience’s wants, feelings and most importantly their lifestyle.”
As a young Entrepreneur, it’s important to manage your time effectively. And one thing you can do is to move fast and break things. Launch now and fail afterward is not as bad as launching late and failing. What matters is make mistakes, learn from those mistakes and make new mistakes.
The thing is, as humans you are allowed to make mistakes, but as smart Entrepreneurs, you are not allowed to make the same mistake again and again. So, are you waiting for some miracle to happen so you can launch your business? If yes, then forget and launch now.
You can start with simple website builders such ass Wix, Weebly, Spotify or Squarespace to start with your idea and check the response. One the response is good you can go for a full fleshed ecommerce website.
On the concluding end. What is important is that I have used these 4 step to skyrocket my business from zero employees to 27 full-time employees. Yes, I had some failures on the way. But I didn’t quit. MY dream was bigger than the critics. So, I worked hard to achieve what seemed impossible for others. If I can do it, why not you?