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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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