Starting a business with minimum investment can also help you test the market without having to worry so much about the loss. You can then learn whether the technique is correct as expected or not. This allows you to improve the technique or strategy in the next investment. For now, I have solutions for starting a business with minimum investment to tell you as follow.
1. Reduce unnecessary costs.
When starting a business, there is still a risk of failure. You should try to save your money as much as possible first. Use your money only for necessities and reduce all unnecessary costs.
You should consider what the most important thing in your business is, and what have lower priorities. Each business has different priorities of its operational factors. For example, if you open a tutor school, the highest priority of your school is high quality teachers who are specialized in the subject and able to transfer the knowledge to students. Therefore, you should pay more attention and spend more investment with teachers. Meanwhile, you should give a lower priority on decorating your place. Your school does not have to look so luxurious. Instead, safety of students when learning and when commuting between the school and their home should be given more importance. Spending large investment only with good teachers and safety in teaching should be good enough for starting tutor business.
2. Use your existing resources as worthy as possible.
The term ‘resources’ here does not refer only to money, but also to anything that you have including knowledge, friends, relatives, cars, materials, etc. For example, if you want to advertise your tutor school and you have a friend selling cookies in front of the school, you may ask your friend to post an advertisement of your school in his shop for free.
3. Select the option that is cheap or free of charge.
No matter what you do, please remember that you always have options whether to use an expensive or a cheap item. Although we know that costly items are normally have better quality than cheap items, but we may not have to use costly items at this time. For example, if you want to buy a computer for your business just for opening a web browser and use general office applications, you may by a cheap laptop computer instead of buying a high-end model.
4. Use technology to save cost.
At present, computer and the internet are used by people in general. The internet can link people around the world together with a very cheap cost (or almost free of charge). You can use the internet as a channel for advertising your business or for contacting your customers. For example, you may build a Facebook Fan Page for promoting your tutor school. Another option is to post your advertisement on forum where many students are likely to have online activities. These simple solutions can let you promote your school without having to spend much money.
5. Outsource some work.
In your business, there might be a lot of trivial work for you to take care of such as cleaning, accounting, security, etc. These kinds of work, although important, are not the main work of your business. Instead of hiring permanent officers to take care of these chores, you may outsource them to other companies. This solution does not only help you save time in training personnel, but since the outsourced companies are normally skillful in the tasks, you can be relaxed with the quality of their services.
Starting a business usually requires much physical and mental effort. Anyway, I hope these suggestions above can help you gain a higher chance of success. Cheers!
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