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Showing posts with label Business Opportunity. Show all posts
Showing posts with label Business Opportunity. Show all posts

15 Of The Most Profitable Small Scale Farming Ideas !

Ishan Jain

 

If you own a small land and looking for farm business tips and ideas, this article is a must-read for you.

Do you want some creative ideas for what you can do on your small-scale farm beside the obvious farming of fruits and vegetables? Now even small-scale farmers can generate more revenue from basic farming. There are various ways to earn good money in agriculture.

With the advent of latest technologies, the farming business on a large and small scale is generating more profit than ever. Technology has helped the farmers to use small spaces with maximum utilization. So now, the size of the farm doesn’t matter anymore to generate a good amount of profit. All that matters is, the input a person does to take care of the land he owns and use it in the best productive way.

If you own a small land and looking for farm business tips and ideas, this article is a must-read for you.

Check out this list of 15 creative alternative ways to put your farm to use.

It includes some of the most profitable crops for small farms, which can become great income sources if you are looking to generate money from your farm.

However, most can also be done on a small scale for your own personal use and enjoyment.

1.     Soft Fruit / Fruit Trees

If you intend on using your small farm for fruit trees, then getting them planted right away should be your priority.

Fruit trees require a lot of labor up front and you may not get a harvest for several years. But once your trees start to produce fruit, you’ll have a relatively passive food source for the life of the trees.

You just need to do some basic maintenance and harvesting, and your trees will take care of the rest.

Apples, plums, pears and peaches make great choices.

If you’re in a warmer climate with mild winters, you may even be able to grow oranges, lemons or figs.

No matter what variety of fruit you’re growing, we recommend planting dwarf fruit trees. These have a maximum height of around 8 feet, which makes them much easier to harvest from.

They also produce fruit faster than larger trees. If you plant 1-year-old dwarf apple trees, you should hopefully start to get some fruit the very next year!

Dwarf trees are also easier to tuck away into corners of your farm that wouldn’t otherwise be usable.

It’s best to choose fruit trees that will all bloom around the same time to ensure good pollination.

If trees aren’t your thing, why not try planting some blueberry or raspberry bushes instead?

Example: Wither’s Farm produces strawberries, blueberries and apples

2.     Herb Growing

You can start an herb farm from home and run it part-time. Startup costs are quite low as well: about $2,000.

If you live in a cold climate, you may want to pay to invest in a greenhouse so that you can grow herbs year-round.

Herbs fit into many other ideas on this list we’ve already discussed, such as urban farming or using hydroponics to grow them.

You can sell your herbs as-is, or market them in a number of different products including teas, candles, bath products and aromatherapy essences.

Basil, lavender, chives, cilantro, chamomile, oregano, parsley, catnip and St John’s wort are all profitable herbs to grow.

If you’re growing other vegetables, herbs come with an extra benefit: There are many types of herbs that keep bugs away.

You can interplant herbs around your other crops to repel unwanted insects while still attracting pollinators.

Example: Zack Woods Herb Farm in Vermont, USA

3.     Beekeeping

Keeping bees will produce extra products for you, as well as having other indirect benefits like making your existing crops better pollinated.

Having bees around your vegetable plants will dramatically increase your yield. In fact, some farmers will even pay to rent beehives to help pollinate their crops!

A beehive can fit just about anywhere. You can have just one or two hives as a hobby to start with.

Setting up your beehive doesn’t cost very much. It’s about $500 to get everything you need including your bees, clothing and equipment and bee boxes.

Each hive should produce about $200 worth of honey per year.

But bees offer a lot more than just honey.

They also provide beeswax that you can make into candles, soap, lip balm and other products.

Bee pollen, propolis and royal jelly are other bee products that are often considered superfoods and can fetch a high price.

As your hives grow and reproduce, you can even sell bees to other beginner beekeepers who are just starting their hives, or as replacement stock to beekeepers who lost their colony to swarming or disease.

Looking after your bees is very much a part-time job when you’ve only got one or two hives as well.

Expect to spend about half an hour per week looking after your beehive.

Bees require more time in warm months when you’re harvesting honey, but are less effort in the winter when the hive mostly goes dormant.

If you find that bees are really your passion, you can expand and make it the main focus of your farm and keep hundreds of hives.

For more information on why we need bees check out this useful article on Gardeners Path.

Example: Paynes Southdown Bee Farm based in Sussex, UK

4.     Growing Mushrooms

Mushrooms are a crop that most people don’t consider when it comes to farming. But there’s a big demand for them, and often a lack of supply depending on where you’re located.

While growing mushrooms you can make use of vertical space to get high yields in a small area. A single room is enough to grow a full-time income’s worth of mushrooms.

Mushrooms also have a quick growing cycle and you can get many harvests in the same amount of time that it would take to grow one season of wheat or corn.

That said, it’s good to know that they are more time and labor intensive than traditional crops like tomatoes.

5.     Growing Microgreens

Microgreens are the stage a plant goes through after they’re a sprout, but before they become a baby green and start to grow into a full-sized vegetable.

They only take a couple of weeks to grow and they’re packed full of nutrition and flavor.

Like mushrooms, microgreens are another crop that doesn’t require a ton of room to get started. You can begin growing microgreens on a small scale with just a couple of trays in your basement or greenhouse. Then your business can scale up as your confidence and demand for your product starts to grow.

You can sell them at farmers markets or direct to customers.

Chefs also love using them both as a garnish and as an ingredient in their meals.

Microgreens are an excellent way for small scale farms to grow something in the winter when it can be too cold to grow many other crops.

6.     Christmas Tree Farming

If you’ve got extra land on your small farm that you aren’t using, why not plant some firs, pines and spruces and start your own Christmas tree farm?

You can grow Christmas trees on land that isn’t practical for growing conventional crops or setting up other things like pastures or chicken coops.

The big downside to growing Christmas trees is the amount of time it takes to grow them.

Unlike other crops that only take a season to grow, you’ll need to wait 8 to 10 years from planting to harvest of your trees.

Christmas trees still require some care as well, such as shaping and pruning.

You’ll need to make sure a single leader is pointing upward and shear each tree every summer once they’ve reached about 5 feet in height to make sure the branches grow thick and form the traditional Christmas tree shape.

Overall they don’t require a tremendous amount of work though. People often prefer to harvest their own Christmas tree, which further cuts down on your own labor!

There’s also a narrow window of time that Christmas trees are profitable. People only want them during a very specific time of the year. So it’s a very seasonal crop.

You can add to your Christmas tree business by also growing holly, making your own fresh wreaths and much more.

Example: Elliot Tree Farm, a family run Christmas tree farm in Ontario, Canada

7.     Market Gardening

A market garden is a small-scale farming operation. Usually all the work is done by hand with very little machinery, and crops are sold directly to restaurants and consumers.

A market garden can include fruits, vegetables, livestock and even flowers.

Starting a market garden is a great option if you haven’t got hundreds of acres of land. Or if you only want farming to take up part of your time while you have another part-time job.

Market gardens typically focus on a wide range of different produce, as opposed to large industrial farms that normally focus on growing a single crop (which is called monoculture).

It’s a great way for people to return to a lifestyle that focuses more on living off the land without making the switch to being fully reliant on farming for an income.

Market gardens have a smaller startup cost and allow you to focus on filling specific gaps in the market that commercial farms might not be able to fill.

Example: La Ferme des Quarter-Temps. A farm run by Jean-Martin Fortier, who is the author of the book “The Market Gardener.”

8.     Permaculture

Permaculture farming is a method of agriculture that’s based on sustainability.

It moves away from harmful commercial agricultural practices like monoculture, annual tilling and other farming methods that lead to soil erosion, and the use of pesticides.

Permaculture can be defined as a permanent cultural system that is based on observing nature. It’s all about working with nature instead of going against it.

Natural principles are integrated into agricultural processes to create self-sufficient, self-abundant systems that benefit both humanity and the Earth.

Permaculture is all about whole systems thinking, and understanding how different parts of the agricultural process interact with one another.

Permaculture has three main tenets:

Caring for the earth, because without the earth humans can’t flourish;

Caring for people;

Making sure people have the resources they need.

Example: Limestone Permaculture in New South Wales, Australia

9.     Forest Gardening

A forest garden (or food forest) is a low-maintenance and sustainable way to produce food in a woodland ecosystem.

It incorporates many different types of plants such as nut and fruit trees, herbs, vines, shrubs and perennial vegetables. It’s companion planting taken to the extreme!

Forest gardening is how our ancestors would have farmed in prehistoric times before they were able to clear large, flat areas of land and didn’t yet have access to much in the way of tools.

It’s a type of agroforestry, which is integrating the benefits of trees and shrubs with livestock and crops.

This is argued to produce a more productive, healthy, sustainable, diverse and even more profitable use of land.

A seven-layer system is usually at the center of a forest gardening strategy. Forest gardeners use all different layers of the forest.

Including:

A canopy with mature trees

A low tree layer with fruit trees and nuts

A shrub layer with berries and currants

A herbaceous layer with perennial herbs and vegetables

A rhizosphere layer with roots and tubers

A ground cover layer with plants that grow horizontally

And a vertical layer of climbers and vines.

Example: Robert Hart’s Forest Garden, an early pioneer of forest gardening

10. Aquaponics

Aquaponics is a combination of a couple of different farming techniques: Hydroponics, which is growing plants without the use of soil, and aquaculture, which is growing fish or other aquatic animals.

Aquaponics combines these two practices in a symbiotic way.

Fish produce waste, which is converted into nitrites by bacteria that can be used to feed the plants.

Like most other farming styles, aquaponics can be adapted to all kinds of different levels of complexity and sizes.

Aquaponics has a long history dating back thousands of years to ancient China, where rice paddy fields were combined with farming fish such as carp and eels.

Some argue the practice may even go back further to the Aztecs who created farming islands in shallow lake beds called chinampas.

Modern aquaponic systems consist of:

A rearing tank where fish are kept.

A settling basin where uneaten fish food is captured by filters and removed.

A biofilter where bacteria that nitrifies the aquatic animal waste can live.

A hydroponics system where plants are grown.

A sump to pump water around the whole system.

Example: Aqua Grow Farms is an aquaponic farm that operates as a food bank, providing about 2,500 servings of fish and 28,000 servings of greens to families in need each year.

11. Hydroponics

Hydroponics is just aquaponics, but without the fish or other aquatic creatures!

Instead, hydroponics relies on adding nutrients to the water to help plants grow.

It’s a soilless growing method where plants only have their roots in contact with nutrient-rich water. Or they may be supported in a growing medium such as coconut coir or gravel.

Most hydroponic operations use chemical fertilizers, although more organic options like manure are also available.

There are a number of different hydroponic systems to choose from.

There are static solutions where plants are grown in containers like tubs or plastic buckets. Water may be unaerated or only gently aerated.

Then there are continuous flow systems where the solution constantly flows past the roots, which allows the plants to better absorb oxygen.

There’s aeroponics where a plant’s roots are only misted with nutrient solution and not actually submerged in liquid.

Or ebb and flow systems where plants are flooded with water and then drained several times per day.

Hydroponics are a good way to diversify your small scale farming operation and allow you to grow all year indoors or in a greenhouse. You can grow microgreens in hydroponics as well as full-sized crops.

Example: GrowUp Urban Farms, a commercial hydroponics company based in and around London, UK

12. Urban Farming

You don’t need to live in the countryside to start a small scale farm of your own!

Urban farming is growing, processing and distributing food in cities and urban areas.

It can include growing fruits and vegetables as well as beekeeping and keeping animals like chickens or even goats.

If you want to start an urban farm, the first step you’ll need to complete is checking with your city to see what your municipal by-laws say about different types of agriculture within your area.In some cities, you may be allowed to convert your whole front garden into raised beds or raise chickens in your backyards. In others you may be hit with a hefty fine.

So make sure that whatever small scale farm ideas you have are legal in your city before you begin.

Urban farming is all about making the most of the space you have. You can start off using your own garden to start growing food, and you may eventually expand and start growing on other plots in your area.

Many homeowners are willing to allow urban farmers to rip up all the grass in their unused backyard and turn their property into a productive farm.

Some may want a monetary fee for renting their property, while others may allow you to use their land in exchange for a basket of fresh produce each week during your growing season.

Example: One of the most well-known urban farmers is Curtis Stone who runs Green City Acres and grows more than $100,000 worth of produce per year on a quarter-acre of land (about 10,000 square feet.)

13. Micro Dairies

A micro dairy, also known as a micro creamery, is a small scale dairy farm.

You might want to run one all on your own, or partner together with other people who want to run a small dairy farm on a part-time basis while having other jobs as well.

To start a micro dairy, you will need about four cows and about $15,000 worth of equipment.

You can compete against larger dairy farms by offering fresh, locally grown milk. You can produce higher quality organic milk that comes from grass-fed, pasture raised cows without any antibiotics. That’s a quality of milk that industrial dairy farms simply aren’t capable of producing.

The key to a successful micro dairy is scaling up slowly. If you try to expand too fast by buying too many extra cows or making your line of dairy products too diverse, you run the risk of collapsing your business.

Having a small-scale dairy farm can be a tough as your sole business, since a small farmer can’t really compete on price with large-scale farms that produce milk for $1.50 per liter.

But it can be a great way to diversify the different products that you offer on your farm, or at least provide your family and friends with all of your own dairy products.

Example: Long Dream Farm in California is a micro dairy that produces dairy cheese, butter and yogurt

14. Plant Nursery

A plant nursery helps with your own farm by giving you a head-start on the growing season.

You can start your plants in a greenhouse weeks before the risk of frost has passed and weather is not yet warm enough to plant them outside.

You can also grow extra seedlings to sell to other farmers or to home growers with extra space that you’ve got. People will always want small plants.

Nurseries scale well. You can start small with almost zero capital and just some seeds, cuttings and soil that you already have.

Try raising 10 or 20 extra plants and see if you can sell them on Craigslist or Gumtree.

The main thing you’ll need for a plant nursery are good propagation skills.

A plant nursery won’t produce much income if your beds are full of unsprouted seeds or dead cuttings.

It’s best to pick up these skills by volunteering or working for an existing nursery before starting your own.

Example: The Agrofestry Research Trust runs a nursery stocked with a wide range of specialist food crop trees and shrubs.

15. Corn Maze

Adding a corn maze to your farm can be a great value-add.

You’ll lose some potential crops since you aren’t maximizing all of the land you’ve got available.

But in the fall once your corn maze is done, you can still harvest the majority of it.

Any lost productivity can be made up by charging people to visit and enter your maze.

But the real benefit of having a corn maze is as a marketing tool. It will bring people to visit your farm throughout the year, and they’ll then often stop to buy some of your other crops and products.

Example:The Maze Maize, a popular visitor attraction at Kelham Hall in the UK

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I have idea for success a business but no money what can I do? 32 Proven tips to help you start with…

Ishan Jain

In this century, everyone wants to start a business. People young and old complain that they want to start a business but have no money. If you have a viable business idea don’t let the lack of capital stop you. Did you know that you can start your company today for $0? Don't worry - in this article, we will learn how to start a business with no money.

In this century, everyone wants to start a business. People young and old complain that they want to start a business but have no money. If you have a viable business idea don’t let the lack of capital stop you. Did you know that you can start your company today for $0? Don't worry - in this article, we will learn how to start a business with no money.

You might be asking “What type of business can I start with no money?”

Here are some brands that started with almost nothing:

Whole Foods Market – In 1978 John Mackey and Rene Lawson saved and borrowed money from friends and family to open their first store in Austin, Texas. After getting evicted from their apartment, the two lived in their first store.

Apple, Disney, Google, Harley Davidson, Hewlett-Packard, Lotus Cars, Mattel, Yankee Candle Company all started in garages.

Nike – Founders, Philip Knight and Bill Bowerman started selling training shoes from their car trunk.

Dell – Michael Dell started out as a dishwasher, making a whopping $2.30 per hour. Dell started selling PC out of his college dorm.

Throughout this long article, I will be teaching you how to overcome each business stage without a penny while sharing my personal experience doing it, share some ideas that you can start without much money, particularly of online businesses, and recommend you some tips and considerations you may want to take throughout the process.

What motivated me to write this post was recently receiving a message in the chatbot down in the corner that said: “I want to start a small business but have no money”.

However, this is quite a controversial and difficult topic to talk about. In the end, starting a business can cost from $0 to millions of dollars, as it depends 100% on the industry you want to operate in, the idea you have had, your knowledge and experience in the field, etc.

How to start a business with no money?

1.     Work on Your Business Idea

Coming up with a great business idea is just the beginning of your journey as an entrepreneur. There are many more steps that you need to take before you can get started. Fleshing out your business idea is one of them, and it’s very critical to the success of your venture.

Is your business idea really unique? What value will it generate? Is it something your target audience really wants? Or is it something you think they’d want? Getting answers to these questions is important to determine whether or not your idea works.

2.     You MUST Research!

The first and possibly most important step of starting a business is to research different markets & customers.

You have a brilliant idea that you know will definitely work, but what about your competition? Will it be difficult for a rival to copy your idea and repackage it in a better way? A potential investor will ask you this when you approach them for funding. It’s very important to understand the market you operate in and your competition.

You should first look at the trends and identify challenges that your business may face. The next step is to understand how you are going to address those challenges to stay profitable.

3.     Keep Your Present Job

Being practical is extremely important when you are toying with the idea of starting a business. Starting a business is risky. Starting a business with no money is even riskier. Don’t jeopardize your family’s financial well-being. The longer you keep your job the less pressure you put on yourself. When you start your business you are not ready to walk away from a steady paycheck. It’s true that you’ll have to work harder, But the transition from being an employee to a business owner will be far smoother as you won’t have additional expenses to worry about.Once your business starts to generate revenue, you can start thinking about transitioning out of your job.

4.     Start a Home-Based Business

Whenever you need to start your business either online or offline, you need to begin with a home-based office. By opting this method, you can eliminate a roughly 42% of the established businesses’ overhead costs. Know how your home-based business, you can eliminate or significantly reduced the below-mentioned things all together.

Start Considering Your Vital Savings:

·       First and the foremost you don’t have to pay office lease payments

·       Second you don’t have to deposit any cash to take the franchise or to set up services for the franchise.

·       Third you are saving the fuel costs required for commuting to work

·       Reduction in your child care expenses that you might have to take upon if you are out of the home.

·       According to the significant facts, most of the companies could add more than a Billion to their bottom line profits if they start offering their employees to work from their home. Thus, working from home or having a home-based office is the smartest option for setting up your business with inadequate resources.

5.     Master your mind.

The mind is split into two: the conscious and the subconscious. The subconscious is what really matters, what produces the results, but it cannot tell right from wrong. The conscious on the other hand can, thus the conflict. The conscious mind exists just to act as a gatekeeper for the subconscious. Obviously you don't want the wrong things to make it through. Duality (right-wrong, good-bad, big-small, easy- hard) exists only in the conscious mind. During your "formation years" you got by default a lot of beliefs from the people around you (family, friends, teachers, colleagues, media etc).

6.     Dream big and have a vision.

White down the why behind your goal. This should be meaningful to you. Try with more things until you hit a home run. You need to get inspired by your goal. Your goal should be a mission to serve, to make a difference. Otherwise you are not going to take action. It's just going to be wishful thinking. This is the process that will inspire you to take action. It will come naturally as an idea or an urge to do something towards your goal.

7.     Think creatively.

The industrial revolution created "robotic mindsets" focus mainly on fulfilling pointless and repetitive tasks. A direct effect of that was a generalized creative thought atrophy:

8.     Stick with something you know.

Build on your passions and experiences. Instead of trying to start a business in a niche outside of your comfort zone stick to something you know. Build your business on your skills and knowledge. It is true that you can learn new skills, but it will take time. If you want to start a business quickly, you have to focus on what you can do now not years from now. Always believe in the saying, get the job you love, and you never have to work for a day. So find out the expert in you and start the business.

Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.

9.     Do all the work yourself.

Get ready to hustle. Hard work is an absolute necessity, but when you are starting a business with little to no capital then you must be prepared to dedicate everything you have into making the business a success. This might mean cold calling, handling customer support, dealing with billing and accounting, and every other working part of your business. Doing everything yourself you will be able to put every dollar back into your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.

10. Avoid unnecessary expenses.

You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending. Take something as simple as business cards. You could drop $1,000 on 500 metal business cards that give off the “cool” factor, or you could spend $10 on 500 traditional business cards. Being frugal in the beginning can be the difference between success and a failed business.

11. Don’t get buried in credit card debt.

There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can all quickly add up. Instead of purchasing everything at once and throwing it all on a credit card, use your company’s revenue to finance your expenses. Eliminating the stress and burden of debt will greatly increase the chances of creating a successful business. that burn through millions of dollars only to fizzle out and shut their doors forever.

12. Offer a service.

Some of the best business you can start with no money is a service business. You can start a service business with practically no money. Instead of money what you need is the ability to knock on doors and make sales. Even if you ultimately want a product business, owning a service business can help you get there. Use the service business to finance your dream business.

Here are some great product businesses that started out selling something else:

3M – Started as a mining company. From that, they went on to sell sandpaper, then masking tape, the “Scotch Tape”.

Microsoft – Started out by doing sporadic software development gigs.

37signals – Started out as web designers before they have created products like Basecamp.

13. Create a professional website.

If you’re offering any type of business service, a digital presence will help you get more clients and add to your professionalism. Websites can be setup for with little skill and cost, there are thousands of professional website templates online for free that can help get your business website up within a few hours. It’s essential you use a professional domain name for your business website, such as the name of your business or your own name. If you’re stuck coming up with a domain name, try using a domain name generator to help develop some ideas and register the domain.

14. Make it public.

Starting a business with no money means that you have to work hard to get the word out. Don’t keep your business a secret. Tell as many people as you can. Call your friends. Explain it to your family members. Make it public. Telling people will help you in several ways. For starters, it will give you extra energy. More importantly, it might help you land some of your first customers. People in your network could make valuable introductions.

15. Run a Trial

Want to be sure if your business idea is indeed unique? Run a test and find out. A pilot will give you the confidence you need to take your idea to the next level and mitigate risk. You can start on a small scale by giving away some freebies to a few people in your target audience group to see how they respond.

A small trial can give you some new insights to grow your business and identify challenges that you might have overlooked.

16. Gather Feedback

If you are planning to get into a completely new business, it would really help if you got a second opinion from someone who knows the market and the challenges involved.

A business idea that looks good on paper may not be that attractive when you actually get into it. An expert’s opinion may help you look at things from a different perspective and gain more knowledge that you may lack.

17. Ask for help.

You might be thinking “I want to start my own business with no money, but I don’t know what to do.” Nobody can succeed alone. Especially, if you are starting a business with no money you will need all the help you can get. Reach out to small business owners. Many of them started their business with little or no money.

Asking for help can help you several ways:

·       Some people in your network might be entrepreneurs who could give you some pointers about starting a business with no money.

·       You could find a co-founder. Starting a business with the right co-founder greatly increases your chance for success.

·       A friend, family member, or coworker could teach you skills you don’t have.

·       You might find free office space.

18. Barter.

When you start a business with no money, bartering comes in handy. Barter your own skills for office space, products, equipment, or services you need but can’t afford. Bartering is also a great networking tool.

19. Join a mastermind group.

Joining or starting a mastermind group can help you save a lot of money in the long run. It gives you an opportunity to learn from other entrepreneurs. Instead of paying an expert or a consultant for advice you will interact and learn from other entrepreneurs.

Although many mastermind groups cost money you can start your own for free. Look for people who are at a similar stage in business. If you are starting out, you don’t want to build a mastermind group of business veterans. When you are starting outreach out to people who are also interested in starting a business and those who have been in business for less than two years. With that strategy, you will have enough diversity in the group to make it interesting for everyone.

It helps if you are in the same city, but you can build virtual mastermind groups and meet through Skype or Google Hangout.

Here are some of the greatest benefits of mastermind groups:

·       You give and get support from people with similar goals and ambitions. Being an entrepreneur can be a lonely place. Get the support of others.

·       Learn from those who had some of the same or similar business challenges to yours.

·       You can get different perspectives.

·       When you are part of a mastermind group your network grows exponentially. The group’s network becomes your network.

·       You can ask for help with problems you haven’t faced before.

·       Your fellow members can keep you accountable.

20. Invent something and license it.

If you are an inventor, you could license your patent to a company. In licensing deals you normally get a percentage of sales. The best way to license your invention is to seek out manufacturers. Technically, it is called licensing your patent rights.

You want to start out by developing a list of manufacturers. Look for those that are already making products in your target niche. One or two manufacturers is not enough. Identify at least, 25 potential manufacturers.

You can find manufacturers by looking at product packaging, online research, networking, and visiting trade shows. Libraries have excellent resources to locate manufacturers. Thomasnet, WikiMachine, ManufacturerUSA are possible resources too.

Reach out to manufacturers with a short message about your invention. Provide enough information to trigger interest, but don’t overwhelm people with data. LinkedIn can be an excellent resource to find the appropriate contact person.

Consult with an experienced licensing attorney before you enter negotiations. Ultimately, the licensing agreement will include details about upfront payments, exclusivity clauses, percentages, and infringement issues. You could really do yourself a major disservice by entering into an agreement without professional help.

21. Partner with an entrepreneur.

Many businesses are started by solopreneurs who quickly become overwhelmed. Most entrepreneurs would want you to buy yourself into a business partnership, but there are still ways for you to do this with little or no money.

You could find a business where the owner is about to retire. The owner of the business might want to sell the business, but the reality is that most businesses never sell.

The most common reasons businesses don’t sell are that they are:

·       Priced unrealistically high.

·       In a downward spiral by the time they are listed for sale, and potential buyers look at the business like a falling knife.

·       Relying too much on the business owner. Potential buyers fear that the business will not survive once the current owner leaves.

·       Another option is to find a business where the entrepreneur is either too overwhelmed or simply burned out with the business.

22. Find a co-founder with money.

Many successful businesses are started by two or more founders. With two founders you will also improve your chance of success.

Tell people in your network that you are looking for a co-founder. Team up with someone you trust. It’s a bit like getting married.

You can search for potential cofounders through:

·       Friends, family, and family friends.

·       You classmates from college and high school.

·       Past coworkers.

·       Local startup networking events.

·       Business meetups.

·       Former business partners if you have been in business before.

·       Working in a co-working place.

·       Teaming up with a customer.

23. Focus on cash flow, not profitability

The reality is that you pay bills with cash, so focus on cash flow. If you know you are going to bootstrap, you should start a business with a small up-front capital requirement, short sales cycles, short payment terms, and recurring revenue. It means passing up the big sale that take twelve months to close, deliver, and collect.

24. Get paid fast or upfront.

When you start a business with little or no money, getting paid fast is crucial. Nothing will help your cash flow more than getting paid up front. Late payment, net 30, 60, or 90, slow payment will hurt your business.

You can get paid fast several ways:

·       Ask for at least 50% payment upfront.

·       Offer incentives to pay early.

·       Show up in person, if your clients are local.

·       Send invoices at least once a week.

·       Ask your customers to pay with a credit card or electronic bank transfer.

·       Fire customers who are chronic late payers.

·       Set up automatic payment.

25. Assess Your Capital Needs

You require money to start your business, but how much do you really need? Without a clear idea you run the risk of coming up with an unrealistic valuation of your business, which will put off investors and get your loan application rejected.

So before you start wondering how you should raise money, you should focus on evaluating your funding requirements. How much do you need to get started? How exactly are you going to use the funds?

Another thing that’s important to understand, when doing this analysis of how much does it cost to start a business, are the different types of costs that exist. We will divide them into three categories:

Fixed vs. variable costs: Rent, employee’s wages, and insurances are 3 examples of fixed costs, those that you’ll have to pay even if your business’s doors are closed. Materials, transaction fees, and bonuses are variables costs, those that depend on how many goods and services your business produces every month. As the business grows, fixed costs begin to represent a smaller part of the business’s revenues, while variable costs increase.

One-time vs. ongoing costs: One-time payments can be significant at the beginning as you’ll need to form the business, acquire machinery, prepare the working space. Ongoing costs are those that need to be paid on a regular basis - they generally increase as time goes on.

Essential vs. optional costs: Essential costs are absolutely necessary for the survival, growth, and development of the company. Optional purchases, in contrast, are those made only if there’s a surplus of revenues. They generally involve experiments and risky decisions that may not bring any ROI (return on the investment).

Knowing these kinds of costs will be essential at the moment of doing an estimate of how much will starting your business cost.

The internet has democratized a lot the business world, reducing the costs of starting a business to $0 or almost $0. Someone who can code can easily purchase a domain and hosting for less than $30 and build a site that makes thousands per month.

A great example of this is Alex Tew who, at his 21 years, built a digital billboard that sold 1 pixel for $1. It contained one million pixels and selling them all only took him 4 months, at probably $0 costs.

26. Get a credit line.

Businesses are commonly funded by lines of credit. You might end up using a credit card to help you with your cash flow. The key with credit lines is it is no substitute for revenue. Use credit lines only as a temporary measure, not as an alternative to making enough money to pay your bills.

27. Use crowdfunding.

At a time when 98% of the business plans are rejected by VCs and accredited investors, crowdfunding offers a great alternative for entrepreneurs. Crowdfunding requires a lot of effort and dedication, but is a great option, especially for consumer product businesses. The great thing about crowdfunding is that it gives you access to capital without giving up equity.

Crowdfunding can help your business in several ways:

·       It’s free!

·       Crowdfunding reduces your financial risk.

·       Fast access to capital.

·       It enables you to pre-sell.

·       Crowdfunding is easier than getting VC or angel investment.

·       It gives proof of concept. If you don’t get funded, perhaps your idea isn’t as great as you thought it is.

·       Your crowdfunding campaign can serve a marketing tool.

·       Your investors can help you improve your product.

·       The “crowd” can provide great word of mouth marketing.

·       It can build a loyal following.

·       It’s free PR.

The most popular crowdfunding sites are:

·       Kickstarter

·       Indiegogo

·       RocketHub

·       FundRazr

·       GoGetFunding

28. Explore Crowdfunding Platforms

Crowdfunding platforms such as Kickstarter have changed the way entrepreneurs are raising money to fund their new businesses. Whether you want to sell a new software tool or set up an organic noodle bar, you can get people to invest in your business.

29. Network with People

When you don’t have money to start your business, it’s essential you find the right people who can help. You may attend events and trade shows where you can find potential investors. You may also join various online forums on social networking sites where you can find useful tips and resources to bring your business to life.

Most venture capitalists and investors are quite active on social media, so if you can wow them with your idea you may find a great way to get started on your business dream.

30. Apply for government programs.

Apply to the Small Business Administration (SBA) and other government agencies for help and funding. There are business financing options for women, veterans, and minorities.

Enter business plan competitions.

31. Take advantage of free advertising and marketing.

There are several ways to generate a buzz for your business without breaking the bank. Social media is a great way to gain exposure and interact with potential customers. You can also reach out to local media and offer your expertise.

Make as many local media contacts as you can and be extremely responsive with their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.

Here are some of the most common free advertising options:

·       Submit guest blog posts to relevant blogs. You will get a free link back to your own site.

·       Order free business cards from Vistaprint – Most importantly pass them out.

·       Develop strategic partnerships with businesses who serve the same customers you are targeting. It will enable you to cross-promote each other’s business.

·       Set up a free WordPress website.

·       Submit your business to Google Local.

·       List your company in free directories related to your niche.

·       Offer an introductory free consultation or free evaluation.

·       Host an event. Recruit sponsors to cover your costs.

·       Create a Facebook Fan Page.

·       Frequent forums where your customers hang out.

·       Network with others and get free word of mouth marketing.

·       Ask friends, family, and people in your network for referrals.

·       Make connections and promote your business through social networks like Facebook, Twitter, LinkedIn, Pinterest, and the like.

·       Build your email list from day one. Email is still one of the most effective marketing channels.

·       Include your website, Facebook page, and Twitter handle in your email signature.

·       Write an eBook or a report and use it a promotional gift item.

·       Comment on blogs with a link back to your own website.

·       Learn about Search Engine Optimization (SEO) and use it to drive free traffic to your site.

·       Develop an iPhone or Android app for free and include your branding within it.

·       Post an ad on Craigslist.

·       Write articles relevant to your niche and distribute them to article directories.

·       Publish press releases. Prlog offers free press release distribution.

·       Wear your ad. Print your brand, URL, and phone number on your T-shirt, so when you are out in public people will see.

The above list might seem overwhelming at first, but it is doable. Take it one step at a time. Be systematic. Track and measure your results. Rinse and repeat the ones that give you the best results.

32. Avoid get rich quick schemes.

There are countless cases of “get rich quick schemes” both online and offline. They promise you everything you want to hear. Quick and easy money with little or no work. It simply doesn’t exist. You can start a business with no money, but you can’t start one without hard work, strategic thinking, and patience.

Don’t believe stories about overnight success. They are simply myths.

Here are examples of real success stories, and none of them is the overnight kind:

Milton Hershey started 3 unsuccessful candy companies before he started the Hershey Company.

It took Bill Gates 6 years to land his first contract with IBM.

It took Steve Jobs 20 years to become an overnight billionaire.

It took Biz Stone 8 years to come up with the idea for Twitter.

It took Steve Martin and Jim Carrey 10 years of stand-up gigs before making it big.

Nothing will hurt your chances for success more than believing in the – false – idea of overnight success. You are doing yourself a disservice believing it. Most businesses take years of development before they become successful. You can start a business with no money. Expect to spend years to build your business instead of days. Persistence is key.

 

NOTE: This is not gonna be a cake walk but it's possible with Understanding, Confidence and Patience (as it might take 3–5 years to become a well established business)

This was just one way to make you stand apart from the crowd but there are thousands of ways for those who dare to desire.

All the best

If your idea and plan of execution aren’t well thought out from the beginning, no amount of money can turn it into a winner. Have a great idea but very little money? Don’t let that stop you! Yes, there will be ridiculously long days with little to no sleep. Yes, you are going to be stressed. But those that want it bad enough will make it.

Don’t let limited capital prevent you from taking a great idea and running with it. Will it be difficult and will you have some stressful situations? Of course, but that is part of entrepreneurship.

Time is more important and precious than money for investing in starting a business. Time is money my dear. First invest your time in generating a promising and successful business idea.

Always remember the tips mentioned above as they will help you in keeping your business on track.

Related post:

https://jiyoaurjeenedoo.blogspot.com/2020/11/how-i-do-business-myself-without-money.html