Many people have great business ideas. But then they have to put them aside because of lack of capital or lack of capital to start the business. They realize that their idea cannot grow without money.

In fact, despite having capital, many people have to close their businesses because they cannot make a profit from that capital. But there are also many people who start a successful business from scratch. So if you have a good idea but no capital, don’t give up. Read this article before making a decision.

This article does not guarantee your success but will help you get on the right track on your entrepreneurial journey.

Review the idea

Before you start developing your idea, take some time to test its feasibility. Especially if this is your first business, your idea should revolve around the knowledge and skills that you have. Don’t choose ideas that are beyond your capabilities or “encroach” too much into areas that you are unfamiliar with. That will only make your path more difficult.

Make a specific plan

Have you checked your idea and found it really “ok”? Then take out a pen and paper and start planning for that idea. Describe in detail the idea and how to implement the idea, the necessary factors to develop that idea… This is an extremely important step because it will give you an overview of the path you have chosen. Not only that, a summary of the business plan will be the basis for investors to consider and decide whether to “invest” in you or not.

If you do not know how to make a business plan, you can refer to templates on google or refer to the article below:

Capital raising

You don’t have capital or lack capital? Then let’s go find capital. After making a detailed plan, start looking for sources of capital for your idea. You can borrow money from family members, use savings, seek cooperation from friends, raise capital from venture capitalists or borrow from banks… As for how much is enough, your business plan already has it. After having enough capital, we start to realize the idea.

Notice to everyone

In the beginning, when you first open a business, you will encounter many difficulties, so do not ignore the help of family, friends and relatives. Let people know what you are doing, ask them to introduce your business to others. This will be the first step to help your business reach more people.

Avoid unnecessary costs

You will definitely have to spend money on many things but avoid unnecessary expenses and try to save as much as possible.

Also, you should invest gradually instead of pouring capital into an idea all at once. Remember that the capital you are using is money you owe others so don't depend on it too much. If your business starts to generate profits, use that profit to invest but don't forget to try to accumulate and pay off the debt as quickly as possible.

Read more: Analysis when selling on personal page and fanpage

Be careful when setting up payment policies

If you run a retail store, this may not be important. However, if your business is a service business or a product manufacturer, you need to have a reasonable payment policy. Your payment policy must be safe for your business, do not just rely on the needs of customers to make the terms of the policy. That can put your cash flow in a negative position and have a very bad effect on your business. In short, "don't let customers owe you too much".

Read more: Distinguishing OKR and KPI in business management

Be willing to "sweat"

You are starting from zero. So, in the beginning, instead of investing in human resources and immediately jumping to become the "boss", you should work hard to save costs for the business.

The effort you put in will give you valuable experience that can be of great help in running your business in the long run.

Take advantage of free advertising tools

There are several free ways to advertise your business. Social media is one of the most effective channels. With this tool, you can reach customers without spending a penny. Create a Fanpage for your business, connect with other pages (the more the better) and interact with them regularly to increase your customer reach.

Ready for any job

When you start a business with zero or little capital, you not only have to work hard but also have to take on many tasks at the same time, from making advertising calls, selling, taking care of customers to calculating income and expenses... So be mentally prepared to face the amount of work you will have to do.

Don’t let financial reasons stop you from pursuing your idea. You may encounter many difficulties on the way to starting a business. However, your efforts will be worth it.

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