How to become an Entrepreneur without Money
Being your own boss, calling all the shots, Achieving to meet your goals — for many people entrepreneurship is the ultimate career goal.
Entrepreneurs are also more concerned than other people and they experience more day-to-day stress. After all, when you’re responsible for the bottom line, every difficulty falls on you personally.
Positivity of This is that Starting a company can be one of the most rewarding, uplifting,Inspiring and interesting opportunities you’ll ever get. If you’re aware of the risks and you’re still aimed on being an entrepreneur, use the strategies and advice in this following guides below.
1.Ask your friends what annoys them.
Founders get inspiration from their frustrations all the time.With this in mind, ask your friends to keep track of the day-to-day things that annoy them. Then go through their lists and look for problems you might be able to solve.
2. Prepare for the future
As the world changes, people need different product.
You want to get ahead of the curve. Read trend predictions for your industry or market, or check out universal trend forecasting publications.Then ask yourself, “If these predictions come true, which tools will be necessary?”
3. Look online.
Checking out what other people have come up with can be a great way to kick your own thought process into gear.
4. Make something better (or cheaper)
You don’t always need to develop something brand-new. If you can offer an existing product at a lower price-point, better quality, or ideally, both, you’ll have plenty of customers. Better yet, there’s clearly an existing demand.
5. Focus on a growing category
Pick up a category, Key says you should study all the products in that category. What are each product’s benefits, and how do they vary? What’s their packaging and marketing strategy? What do reviewers say? What are the potential improvements?
Once you’ve picked a product, consider questions like what can be done to improve it? Can I add a new feature? What about a different material? Can I personalize it somehow?
And there are many more like you should have Network with other entrepreneurs,you need to Research on exclusive applications and last but not the least Have a brainstorming session.
How to Get Funding for Your Startup !!
1.Ask your family and friends to invest in your business.
2.Apply for a small business grant.
3.Use a crowdfunding platform.
4.Pitch to angel investors.
5.Solicit venture capital
6.Use a credit card for a short-term cash option.
7.Get a microloan.
How to Incorporate Your Business
At a certain point, you need to decide whether you want to incorporate your business. As a sole proprietor, you and your company are considered to be the same entity.
Once you incorporate, your business becomes separate from you. From a legal standpoint, it can buy and sell property, incur taxes, sue and be sued, set up contracts, and commit crimes.
The advantages of incorporating –
First, and most importantly, a corporation protects you from businesses debts and obligations. Creditors can typically only seek repayment from the corporation’s assets, not your personal assets (like your house, car, bank account, and so on).
You’re also not legally liable for the corporation’s actions. In contrast, as a sole proprietor, anyone who sues your business is suing you.
Having a corporation lets you transfer shares. You can sell some of your ownership in a company, transfer it, or give it away. If you want to accept external investments or bring a partner on board, you need the ability to divest.
Corporation status also gives you more credibility, which helps you attract investment capital.
Lastly, corporations can deduct normal business expenses before they allocate income.
The disadvantages of incorporating-
It creates an additional tax burden: You need to periodically file with the state and pay yearly fees.
I hope this guide can serve as a helpful blueprint for starting your own business.