Starting a business with zero capital is unheard of. But for most aspiring entrepreneurs, getting hold of the much-needed capital is usually the biggest challenge.
However, times are changing; thinking is evolving, and we humans are now beginning to achieve what previously seemed impossible. What if we say that in today’s digital day and age, you could use your ideas, time and determination as your currency to build your business and reach out to prospective clients?
Sounds impossible? Then we invite you to read the following points which will shed light on a ‘fundless’ approach towards building a new SME India business:
#1 Use your ideas and skills to solve a problem
Begin with researching a problem that needs solving, something that you can do by using your knowledge, awareness, and skills.
Now find a niche customer base, untouched by competition, which faces this problem and would be more than willing to pay you for solving it.
Make your idea unique by adding value to it through factors such as enhanced delivery speed, adding automation, improved looks, combining ideas, etc.
#2 Make your idea public
The first thing that people do when they plan to buy something has searched the web. Thus, it is important that you appear in their search and gain the much-needed publicity for your new venture.
Try affordable website platforms, such as WordPress, to get your website up and running. Come up with appropriate branding and give your business a professional garb.
#3 Create a minimum viable product
It is important to test your new business idea before building the actual, full product. A minimum viable product is a test product with basic features that can go out in the market for an experiment run. This effort often saves an entrepreneur his time, money and energy in case the product turns out to have no market or zero preference.
You can validate a minimum viable product by adding it to your website’s home page and making it available to those who are interested. This will give you a better picture of your product’s feedback, pricing, USP, failures, market, and scope of improvement.
#4 Set up a way to get paid
Receiving your first payment is the best feeling in the world, but if not done methodically, it can lead to messing up the process.
Set up a reliable payment method, such as a PayPal account or open up a business bank account, to be able to accept customer payments.
Be sure to promptly raise a proper sales invoice as this will help you keep track of the payment amounts and dates.
#5 Communicate your product to the world
Build a solid customer base and that too free of cost.
Maintain a constant social media presence, post frequently, send out regular emails, drive traffic to your website, promptly respond to queries and connect with existing customers, and provide effective after-sales value. Create affiliate programs, use the digital medium for re-targeting and leverage on influencers to announce your product to the world.
#6 Try expanding your products, services or target market to scale future growth
It is vital to constantly brainstorm in order to fuel the business growth of your small business.
Once your business model and the main product is in place, enhance your offerings, ideas, and commitments, and add products and services that complement your main product/service as a potent value addition.
Test new ideas and stretch your potential to reach new heights like never before.
Besides the brilliant creative ideas listed above, there is also the option of securing an SME loan if necessary. To qualify for an SME loan, it is important for your business to meet some criteria, operate for profit and have a good credit score.