One of the most common mistakes that people make when starting a business is thinking that they need large sums of money. Due to this, the fear of failure increases when you think about the investment that can be lost in the project that you have planned to carry out.
For Andrés Felipe Jiménez, professor of International Business at Areandina, “failure is part of learning, so it is important to take the risk in addition to mitigating the impact of losing money.”
Likewise, it is important to know that when creating a business you have to be clear that it is a medium and long-term bet. That is why one of the errors that arise is that most people expect immediate results and, as the days go by, they realize that this is not really the case.
All you need for a business with little investment is time, analysis, adaptation, tenacity and creativity. One of the strategies that must be taken into account for this type of investment is to have capital, which can be your own or that of a third party such as (partner, participants or financial entities).
For Martha Isabel Soto, corporate sales manager for 3C Hotels, “it is important to test the market and scale it up over time as the market responds positively.”
“It is important to have a marketing and communications plan, selecting the most appropriate media according to the public to be addressed and according to the investment budget. For example, B and B businesses generally require more low investment and can be managed very well at through direct channels,” he added.
On the other hand, another of the processes that must be carried out to have a business is to focus on the creation of valuable content that can increase your community in networks, also if you want to emerge in a good way you must also invest in the digital market, trying to so it is a content that can go viral. It is also important to keep operating and personnel costs under control.
For this reason, for Andrés Martínez, manager and founder of Mediarte, “in the initial stages, part-time labor can be hired with a progressive commission strategy as the business grows.”
In order to capture the attention of customers, it is important to have a previous investigation of what you want to get out or demonstrate. In this sense, Eduardo Montoya, national executive director of Asobares, said that “investigating previously can show you what are the trends and means on which you can capture the attention of your consumers.”
Dropshipping
In this case, we must bear in mind that e-commerce has grown exponentially and for this reason, dropshipping is one of the most promising business opportunities without making large investments. For Andrés Felipe Jiménez, it is not necessary to manage the products and their respective logistics, but to worry about the sales process ““It is recommended to select a specific niche to adapt the offer to that market, when you have more experience and knowledge of the sector, can think about migrating to other markets”.
Consulting services
Knowledge is something inherent to people and a business without so much capital investment is consulting services, in this case it is important to take advantage of training, experience and different contacts to be able to offer different qualities to companies.
Digital marketing services
Another important aspect is that digital transformation has become a fundamental issue for companies, where it is possible to take advantage of the different potentials of the Internet and thus have a greater reach, generating scalable businesses. That is why digital marketing has become a good business alternative for people who want to start a business without having abundant capital.
Coaching
For this topic, virtual or face-to-face platforms, mentoring services in this case are another business that can be monetized without making large financial investments. That is why, for Andrés Felipe Jiménez, the important thing is to be able to overcome the challenges that arise “The important thing is to have certificates or projects that can guarantee the experience that one has and, of course, have knowledge and recognition in the field, since, The more recognition, the higher the fee to be charged.”
Subscription services
This may be an opportunity similar to dropshipping, but the difference is that customer loyalty may be greater, since in this case the person pays a monthly fee to be able to learn about the various products or services of some kind. “This business is cheap, so the suppliers are the ones in charge of logistics and inventory,” according to academician Andrés Felipe Jiménez
After this analysis, it can be concluded that the important thing is that people who are going to undertake this new business keep in mind what the competitive advantages are, who they are going to address, estimate a time and rate of return on the investment that was made, be transparent with the different investors and generate an impact on the community and business so that the business is more profitable and positive when it comes to generating a new project.