If you’re anything like me, a lack of time and money has discouraged you from pursuing your business venture. You’ve made excuse after excuse on how you just can’t move right now because you are not financially stable and you just can’t allocate the time to go after the passion that lies within your heart.
But, I have great news, it is possible to develop a strong brand even with limited time and financial resources and here’s how.
- Develop Your Business Model: Before you begin to invest any resources into your business, understand what your business concept will be. What problem(s) are you wanting to solve for the consumer? Create a brief business plan that will outline your business concept from conception to birth. If you’re short on time, set aside an hour or two a day to begin building this outline/plan.
- Perform Market Research: If you believe market research has to be a long and time consuming process, allow me to change your perspective. We spend time pointlessly and religiously scrolling down social media, so why not use that time to be productive and search the web for information on your industry. Also, market research can be conducted verbally. You can learn way more through a conversation with a potential customer then scrolling down your social media page.
- Use what’s Free: Facebook, Instagram, Twitter, and LinkedIn are all free completely free, with absolutely no tricky loopholes. If you are a millennial, I’m sure you’ve learned the best way to leverage social media to your advantage. So use what you know to market your business and develop a strong brand. Through social media, your friends can easily share information on the business you are working to create.
- Find A Mentor: Although you may strongly admire the way Steve Jobs or Bill Gates built their companies with little resources from the ground up, find a mentor whom you are able to physically speak to and build a valuable relationship with. Most importantly, you cannot find just any mentor, but one who has walked a path similar to yours in the industry that you desire to join as an entrepreneur.
- Research Cost Reductions: If you are on a tight budget, it is wise decision to research ways that you can reduce expenses. Perform a cost comparison of the tools and resources that you will specifically need for your business. For example, if you are in need of a new computer to become more efficient for your business venture, don’t purchase the MacBook or iMac just because you have a love for Apple. But purchase a computer that is more cost efficient for your budget until you are able to make a large computer purchase.
- Competitive Analysis: Learn from the mistakes of your competition. There are some entrepreneurs and companies who will provide helpful business insight on lessons they’ve learned over the years. Use their insight to mitigate your risk on wasting valuable time and money.
Although these are not the only areas to consider when seeking to save on time and money, these principles will lead you in the right direction. Each item can be effectively managed and completed with a few hours a week devoted to each. Stop making excuses on why you can’t and have a Nike mentality, “Just Do It”!