Hi Edwin – Maybe start by taking a look at products you really like, then see if you can improve on them somehow. Can you make it better? Can you make it cheaper? Can you deliver it faster? Can you find a market niche where the product will take off. It’s not necessary to come up with a whole new product, which is also very risky. But if you can take an existing product and make it better you’ll have a better chance at success. Also take old product and see how you reinvent them. That’s what Howard Schultz did with Starbucks. He virtually reinvented coffee, which is something no one thought could be done at the time.
There’s more to social media than gaining and engaging followers. It is also an effective platform to advertise your business and expand your market. With paid social media ads, you make the most out of your investment with highly targeted advertisements. You also get to reach those in your audience who are most likely to purchase your products or services at a fraction of TV and radio advertising costs.
Another option to start a business with no money is by running a crowdfunding campaign. Crowdfunding allows you to presell products before making them. For example, if you wanted to start an at-home bakery, but need to raise $3,000 for equipment, you could presell baked goods on a platform, like Kickstarter, to raise funds. Before starting a crowdfunding campaign, it’s important to have a network of potential customers who are interested in buying your products.
Financial projections are estimates of how much money the business will earn and spend over the first three years in business. It’s important that you have these in your business plan if you want to receive funding from a bank or investor, because they usually require it. In addition, establishing solid financial projections is essential even after you start the business. Successful companies usually produce month-by-month projections and evaluate how close they come to actuals to gain insight into how the business is really doing.
That’s what Yegi Saryan, founder of Yegi Beauty, does with her business. After establishing a successful online beauty brand, she turned her talents into passive income. Now, aspiring entrepreneurs can purchase lash classes to kickstart their skills and add it as a service offering in their business. Classes are available both online and in-person.
As a freelance publicist, you can be based at home and work online with press releases, emails, social media—essentially, assisting with all facets of your clients’ public-facing presence. Plus, this home business idea doesn’t require a specialized background or substantial startup costs. You can easily get your feet wet in public relations and roll with your business from there.
Once you determine your customer personas, it’ll be time to do research and ensure there are enough customers available to make your business a success. The type of market research you do for this depends on your business. If you’re servicing local customers, you want to ensure there are enough prospective customers physically located near your business to make it successful. If you’re an online-only business, you need to focus on where customers are spending time online versus if they live near your home.