SEMINAR RECAP ON THE TREASURED ENTREPRENEURS ASSOCIATION TEA HALL OF WEALTH MEMBERSHIP GROUP PAGE
👉🏻Theme:
❤ 5 PRACTICAL STEPS & TIPS WHEN STARTING A BUSINESS WITH ALMOST NO MONEY. ..
🎤SPEAKER/FACILITATOR/DISCUSSANT
🗣 ENGINEER GBOYEGA KADIRI….
Good evening everyone.
Happy brand new year to every one here.
2020 shall be a very successful year for all.
It is my pleasure to be directing the first seminar in this decade on this honorable platform.
I am honoured.
We shall be unlocking this year with our seminar titled.
“5 tips when starting a business with almost no money”
” I have a great business idea but I don’t have enough money to start it up”
This is a phrase I have heard from friends and colleagues severally.
While it’s true that a generous credit line, a team of investors, or an uncle with deep pockets can make starting a business easier, not having money is no excuse.
Although a lack of finances appears to be a major problem, it is possible to get a business started with almost no money in the bank.
So, this evening, we shall be explaining 5 tips to help you realise your dream of starting up a business with little financial investment.
1. Form a business around your skills.
Knowledge is power. Building your business around your skills and what you know will reduce your need to outsource.
You will have a good understanding of what you need to do to achieve what you really want.
Obviously, there are going to be gaps in your knowledge as no one knows it all.
But, once you start building your business, you’ll be able to engage others as well.
2. Consider your expenses wisely
Starting a business typically means you’re going to have plenty expenses.
There are some expenses you simply can’t avoid, but there are ways you can avoid overspending.
Instead of looking at a retail space for lease in a major town area like in wuse, Abuja, consider an upcoming area.
Or better still, if it is something you can start from a space at home.
It is the starting point, try to get some cheaper and effective alternatives to the things you need as long as the quality of delivery is not affected.
Being frugal could be the difference between failing and succeeding.
3. Be careful with your credit card.
It’s so easy to flash your credit card around and buy up everything you need to get your business off the ground.
Cashless economy things.
But what happens when the enormous bill arrives at the end of the month?
As a business that is just starting, you still have to pay the bills to service the business and make it stabilize.
Then you can expect the business to later pay its bills and generate profit.
Don’t spend what you can’t pay off at the end of the month.
Purchase one thing at a time and as your business grows you can use your revenue to cover the cost of the expenses.
4. Consider crowd funding
The way people seek investment these days has changed.
Instead of going directly to the bank, entrepreneurs are going to the public.
Sometimes, one can get people interested in a product and gets them to fund it.
Whether you’re creating a website, building a tech gadget or app, or making jewellery, crowd funding can help you build capital.
Through platforms such as Kickstarter , the public invests a small amount of money in return for a product or benefit.
So, replace the no money slogan with no passion next time you couldn’t start up your business idea.
5. Be prepared to grind it out
A little sweat goes a long way when it comes to starting up a business and a lot of sweat goes even further.
No good thing comes so cheap. Effort, passion and commitment is really needed when starting up.
All those long days and nights of working hard will pay off as you increase the value of your business.
You may not be receiving a big payout yet but you’ll be growing and marketing your business.
By the time you need a partner, finance or when you’re ready to sell, your sweat equity will pay off.
Work your socks off.
It is your own business.
Some of us work extra hours for others even without overtime.
Use extra time to build your own too.
Finally,
With little or no money, you need to learn to hustle to make your business a success.
Depending on your business, that might mean putting flyers in schools, at ceremonies, at supermarkets.
You could be hustling to get investment or finding the right consultants for less.
Don’t let having limited funds prevent you from starting up your dream business.
We’re not going to tell you it’s going to be easy, but it is possible.
That is what comes with the territory of being an entrepreneur.
This 2020, I wish you all success as you begin your dream business.
Thank you for giving me the audience tonight
It was indeed my pleasure
TREASURED ENTREPRENEUR ASSOCIATION 