Wednesday, August 4, 2021

10 Ideas To Start A Business With Little Money... and Succeed

At this point, we're not going to fool you: you can't start a business with 0 dollars. You can do it for little money, but you will have to pay something.

Even if you only invest time in your project, that would already be a cost, of hours, which translated into financial terms could be equivalent to what is known as opportunity cost, which, roughly speaking and in a colloquial way, would be what you would stop earning if you dedicate yourself to something else that gives you a certain return. To put it in concrete terms: if you want to start a business, you will have to invest something.

It can be a lot or a little money, depending on different factors that you will have to evaluate: the sector you are going to address, whether or not you will have premises, whether or not you will have employees, whether or not you will have structures of any kind if you choose to sell products and/or services, if you only develop and outsource other functions if you decide to be an individual entrepreneur or one of the many types of commercial companies that exist. Here you can see 29 concrete businesses that you can start with a small investment:

1. Consultant

It is the most popular proposal because you can always offer the services that you were doing as an employee, now as a freelancer.

Take advantage of your training, experience, and the contacts you have built up throughout your professional life. Focus on one aspect and become a reference. Do not try to cover many areas. You should not be obsessed with offering your services only to large companies. There, the competition will be greater and with your commercial proposal -as the only consultant of your brand- it will be more difficult for you to win over a large consulting firm. SMEs should be your potential client. Become their personalized consultant. Here, the only costs you will have are representation costs. Control them to the maximum, because, naturally, there is a tendency to maximize them. Evaluate if you need to have your own office and car, maybe you can replace it with your home or a business center, which have meeting rooms and various infrastructures.

2. Strategic Advisor For Small Businesses

Unlike the previous one -which has a more general approach-, this idea we propose revolves around the figure of the strategy expert who helps small and medium-sized companies in making decisions related to their growth and consolidation.
In this case, as in the previous one, the costs you will have are minimal: office, telephone, and transportation. These three items should be adaptable to your resources.

3. Financial Manager

Liquidity is a major concern for SMEs. Many companies lack minimum and basic knowledge to effectively manage their cash.
We propose you become the CFO of other small businesses. You can work at a fixed price and another part for success if you get your clients to reach certain milestones. The costs are similar to the previous ones. Although, perhaps, here you need to invest in management software.

4. Intermediary Between Investors And Companies

Very much along the lines of the previous one, companies have problems finding sources of financing.
The right profile is that of a professional with extensive financial knowledge and good contacts in institutions, entities, and investment companies, mainly, able not only to locate funding but also to advise other entrepreneurs -your clients- on how to present the business plan to public and private investors.

5. Detective Of Potential Clients

Late payments are still latent in the market. Despite the regulatory changes that have been made to reduce payment terms between suppliers and customers, Spain is still one of the countries in the eurozone with the highest levels. 

We propose the figure of the expert in managing the collections of SMEs. The main task should be to investigate the collection and payment history of potential customers and suppliers before contracting with them. In cases where the commercial relationship already exists, to ensure collections and payments. One of the functions will be to design liquidity plans for your customers.

6. Monetization Expert

This is one of the most important parts of business models. How we are going to make money with our project is one of the less consistent and less worked parts in most projects.
We propose you be a designer of viable, profitable, and scalable models for startups. It is important to have experience in markets more advanced than ours, mainly the United States, Japan, and Israel.

7. 'Hunter' Of New Clients And Markets

Now more than ever, the search for new customers and markets has become an obsession for many companies.

Sell yourself to other companies as a hunter of profitable customers for their business and new markets to export to. You must have a cross-business vision of markets, as well as the effective use of social networks.

8. Product Importer

Importing products is always a good opportunity.

However, not just any product will do. Evaluate, first, its acceptance and adaptation to the conditions of our market. Also focus on products that are not too bulky and heavy, which will make their importation more expensive and, therefore, your profitability. Be especially careful with products related to food and health, which are exposed to very strict regulations and controls.

9. Expert in Conversion Funnels

Many businesses, mainly online, boast of having thousands of users but feel unable to transform them into paying customers.

The idea we propose to you is to become an expert in conversion funnels, capable of transforming users into paying customers and making them loyal.

10. 'Headhunter' of Talent

In these times of uncertainty and crisis, there are lots of talented unemployed individuals on the streets ready to be polished. 

How many talented professionals have been or will be fattening the unemployment lists? Specialize in a market, locate professionals who are unemployed, and become their manager. Work for success, charging the companies that hire your professionals. Another option is to focus on potential student talent. Similar to what happens, for example, in the United States, you can look for sponsors to pay for the training and internships of the most valuable students. And aiming higher, you can do the same with German, Italian, or French researchers and scientists.

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