Most people think that the only way to be a businessperson or entrepreneur is by first having money – and lots of it. This is simply not true.
Now, to be fair and honest, having money in the form of startup capital definitely helps. In fact, it’s pretty important. Your chances of growing a successful business are related to your ability to raise funds and attract investors.
However, it’s possible to get into the game without significant startup cash and there are plenty of incredible stories of business moguls and brand tycoons who have done so.
But how? Cash is king, especially in business. How can one possibly become a player in the game of entrepreneurial thrones without a starting nestegg of investment money?
The answer, as in most things, is to start small, think strategically, and take it step by step. As they say, Rome wasn’t built in a day.
The following is a list of ideas and tips for how to think past your financial limitations and pursue the entrepreneurial business mindset hidden inside you.
Building up and selling small, lucrative operations
Ever since Amazon launched its Fulfillment By Amazon (FBA) program, the logistics landscape for small business owners has changed. And by small businesses, we also mean one-person online operations, such as craftspeople and sellers who have ecommerce shops on Etsy and other platforms. Such online shops are popular because the startup costs are very low.
If you or a friend/partner have a lucrative craft or trade that you’re very good at and which is relatively popular, you can tap the warehousing and third-party logistics of the biggest ecommerce company in the world, Amazon, to dramatically upscale your operation.
And that’s not even the best part for entrepreneurs. If your goals go beyond just running one selling operation online, you may want to sell your business itself. There are partner-investor platforms that buy Amazon FBA business assets and can close the deal in 45 days or less.
If you can make this sale, suddenly you will have startup capital to dump into a new endeavor. Granted that you’re safe and strategic, this is a way to start small with virtually no startup funds and grow into a serious investment package.
Jump on the cryptocurrency train
You’ve probably heard a lot about cryptocurrency in recent years. The blockchain-based, decentralized digital currencies like Bitcoin and Ethereum have grown exponentially. In fact, early investors – those who scooped up significant amounts of Bitcoin when it was only worth pennies – are millionaires many times over now.
The train’s already out of the station on these bigger coins, but the truth is that cryptocurrency is finally being accepted by mainstream financial institutions, who are integrating it into various operations. Blockchain technology is here to stay, which means that new blockchain projects that are attached to crypto coins are also here to stay.
Eventually, it’s inevitable that these smaller crypto projects are going to explode the same way Bitcoin did. So if you invest early in the right coin, you could find yourself with new funds in only a few short years.
This path is only recommended for those who already have a knack for stock market investing and have the discipline to study and research the cryptocurrency industry. Crypto is a very volatile investment, but the payout can be huge.
Have you always had an eye for high-value clothes at thrift shops? Maybe you can walk into a used book store and find a gem that only costs a dollar. Thanks to platforms like Etsy and others, reselling has turned into a major industry and the best part is that it’s accessible to everyone.
You might be able to spend 10 bucks and walk out of a Goodwill store with hundreds of dollars worth of resellable inventory. If you know how to set up a digital shop and market your wares, you can become a reselling powerhouse in no time.
The best part about reselling is that it’s not limited to any particular type of product or craft. There are resellers for vinyl records, paintings, books, clothes, shoes, video games, etc. Pretty much anything that has ever excited humans has a ready-made niche market in the reselling industry. If you have a passion for something and naturally know how to find valuable models of it, you could have a promising reselling career ahead of you.