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How to Kick start a Profitable Business with Little Capital
So you have a business idea. You have done your research – including conversations with industry experts and even have a 30-page detailed plan to prove it. Yet, the Goliath that stares you down is your seemingly little capital. Don't fret! With the right tips, you can pull through and achieve steady growth. Read on to begin the process.
Don't quit that 9 to 5 just yet:
You may not like this piece of advice, especially if escaping the rat race is why you're pursuing a full-time business in the first place. However, as Kay Miranda of Chron rightly explains, holding on to it
in the meantime saves you from depending on a personal salary from your limited business capital.
Swap services:
This is a creative way to save labour costs and grow your professional network at the same time. It's as simple as seeking opportunities to exchange technical support with other
equally ambitious professionals who have skills you lack. A good example is an IT professional who offers laptop repairs in exchange for a month's worth of social media marketing. Quite a match, don't you think?
Be honest with yourself:
Do you really need an office space in Victoria Island, or 3D business cards printed with the latest technology? The latter is clearly an exaggeration, but it's a sample of the kind of questions you should answer that will
save costs without affecting the quality of your offering. The owners of Nike, for example, started selling shoes from the trunk of their car, and the Google guys, their car garage. Both cases prove that office rental costs can be slashed with employed creativity.
Begin with a service:
Experts recommend that start- ups kick-off with an associated service before supplying a product. Want to create fabric? Start off with fabric design. With profits incurred, you can
transition into fabric production in no time, with a substantial network of customers already present.
Get a loan:
After months or years of a steady cash flow, getting a loan might be the next step worth pursuing. Access Bank offers a wide range of business loan solutions; this makes choosing the right loan
that little bit easier. It's advised that you confirm your company has a good credit score and guaranteed means of repayment before applying.
Seek knowledge:
You're clearly on the right track if you're reading this. Take this as encouragement not to relent, instead continuously seek information on cost saving tips and deals for your business. Knowledge is power and the more you
get, the more likely you are to reach your goal of success. Invest in your mind with the right literature; the results will payoff for you in ways you might never have imagined.
Which of the aforementioned tips resonated the most with you and why? Let us know at:
internalcommunications@accessbankplc.com
PAGE 11 INSIDE ACCESS | OCTOBER 2020 2ND EDITION