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What are the essential steps to start a small-scale business with a limited budget of 150 and ensure its sustainability in the long run?
** Bootstrap Your Business**: Did you know that 82% of small businesses are self-funded, meaning entrepreneurs use their own savings to start their venture?
This approach is known as bootstrapping.
(Source: CB Insights)
** Validate Your Idea**: Before investing time and resources, test your business idea by conducting market research, assessing competition, and gauging interest from potential customers.
This crucial step helps avoid costly mistakes.
(Source: Inc.)
** Choose the Right Business Structure**: Sole proprietorship, partnership, LLC, or corporation?
Understanding the pros and cons of each structure is vital to optimize tax benefits, liability protection, and scalability.
(Source: IRS)
** Employer Identification Number (EIN)**: Obtaining an EIN is essential for tax and legal purposes.
It's like a social security number for your business.
Apply for one through the IRS website.
(Source: IRS)
** Low-Cost Funding Options**: Explore alternative funding sources, such as freelancing, offering services, or leveraging online platforms, to reduce startup costs.
(Source: Entrepreneur)
** Write a Compelling Business Plan**: A well-crafted plan attracts investors, lenders, and partners.
It outlines goals, strategies, and action steps, serving as a roadmap for your business.
(Source: SBA)
** Online Presence is Key**: In today's digital era, having a solid online presence is crucial for visibility, credibility, and customer engagement.
Invest in a professional website and social media profiles.
(Source: Hootsuite)
** Minimize Expenses**: Utilize free or low-cost tools, resources, and services to minimize expenses.
Take advantage of online platforms, free trials, and open-source software.
(Source: Entrepreneur)
** Start Small, Scale Up**: Launch with a minimal viable product (MVP) or service, then iterate and improve as your business grows.
This approach reduces risk and helps refine your offering.
(Source: Lean Startup)
** Network and Seek Guidance**: Surround yourself with entrepreneurs, mentors, and industry experts.
Attend workshops, join online forums, and participate in networking events to access valuable insights and support.
(Source: SCORE)
** Market Research is Crucial**: Conduct thorough market research to understand customer needs, preferences, and pain points.
This information informs product development, marketing strategies, and competitive positioning.
(Source: Harvard Business Review)
** Scalability is Key to Long-Term Success**: Design your business to scale efficiently, focusing on processes, systems, and infrastructure that support growth.
This enables your business to adapt to increasing demand and expand profitability.
(Source: McKinsey)
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