8 MUSTS TO START YOUR BUSINESS WITH LITTLE TO NO CAPITAL

Entrepreneurs will often have amazing business ideas, but they put them on hold due to a lack of capital. They assume that their idea will never get far off the ground unless they have major funding behind them. 

It seems that every day there is a new startup receiving millions of dollars from venture capital firms, but what you don’t hear about is the several startup failures that burn through millions of dollars only to fizzle out and shut their doors forever.

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.

Here are eight tips that can help you get your idea off the ground with limited funds.

1. Build your business around what you know. Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance. 

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

2. Tell everyone you know what you are doing. Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.

3. 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.

REFINERIES LIKELY FOR PRIVATISATION THIS YEAR — NCP

The National Council on Privatisation has listed the nation’s four refineries for possible privatisation this year.

The Director-General, Bureau of Public Enterprises, Mr. Benjamin Dikki, disclosed this in a statement made available to our correspondent in Abuja on Tuesday.

He listed the prospective transactions in the oil and gas industry to include the privatisation of the two refineries in Port Harcourt, as well as the Warri and Kaduna refineries.

The Minister of Petroleum Resources, Mrs. Deizani Alison-Madueke had earlier in the year said that the Federal Government was ready to privatise the refineries, but following opposition from the organised labour, the government later said there was no such plan.

Dikki also said the NCP had approved the partial privatisation of the Bank of Industry and the Bank of Agriculture.

He said, “Council has mandated the bureau to achieve the following milestones in 2014, restructuring and partial privatisation of the Bank of Agriculture, partial privatisation of the Bank of Industry, privatisation of the Nigeria Commodity Exchange and commercialisation of national parks.

“The transactions approved for the transport department were to privatise the Skypower Catering & Hotel Services and the sale of moveable assets in the ports.

“The sale process for Skypower Catering & Hotel Services will commence as soon as the steering committee is inaugurated. However, the sale of the moveable assets in the ports has reached advanced stages of conclusion.”

He added, “The definite transactions in the information and communications department are to conclude the guided liquidation of NITEL/MTEL and the policy/legal and regulatory framework review to prepare the ground for the commercialisation of the media enterprises – NTA, FRCN, National Films Corporation and the News Agency of Nigeria.

“The restructuring plan for the FHA (Federal Housing Authority) has been submitted to the Technical Board for review, while the recommendations for the policy, legal and regulatory frameworks for the housing sector are being finalised for the consideration of the Board and the NCP.”

He said that the BPE, in collaboration with the Enugu State Government, has set up a joint committee to resolve the issues surrounding the sale of houses and land of the defunct Nigerian Mining Corporation.

Another joint committee headed by the Permanent Secretary, Ministry of Mines and Steel Development has been set up to resolve the legal and other issues that impeded the sale process of the coal blocks, Dikki said.

HOW TO START A BUSINESS ON A LOW BUDGET.

Growing a new business is generally seen as something that requires a lot of money.The fact that you do not have enough money should not discourage you from starting your business. Many people have started their businesses with little money and are successful. It takes your time, energy and creativity. The following tips will help you to start a business on a low budget.

1. Research: Choose a business that can be started with very little capital.Take time to find out and evaluate your business and your personal goals. It  will help you figure out if your business idea has potential. For a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants. You need to be sure that there’s a demand for your business. Your business can only survive if it generates enough demand to sustain it. If not you’will run out of resources.

2. Plan: Use the information you get to build a well-thought out business plan that will help you reach these goals. The process of making a business plan will help you think through some important issues that you may not have considered. Your plan will become useful as you set out to raise money for your business. A business plan is an essential road map for business success.

3.  Be creative:  When you start your business, think of ways to get things done, as cheaply and efficiently as possible.You need to be creative and resourceful in finding ways of stretching your thin budget. Endeavor to learn new things, and find ways to bring in money. If you want to survive, you need to rise above being a cash-dependent entrepreneur to a wit-dependent businessperson. For example, you can use  advertising methods that do not cost a lot of money. Sharing of flyers and your business catalog can make your business become popular in your neighborhood. Identify environments where your target are likely to be in so that you can get your fliers across to them.

4. Be Passionate: For a business to stand the test of time, you have to be passionate about it.  If you are passionate about your business, you tend to work harder and go that extra mile. After all, you need to put in more time and effort to compensate for the lack of capital. Passion will help you keep your enthusiasm and energy to do what is required to get the business off and running.