5 Easy Ways to Be Your Own Boss Some tips that will help you step up your 'entrepreneur-ing game'.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Dive into the pool of entrepreneurship with some low investment ideas and lot of hard work. It is not tough, if you make up your mind to ditch the comfort of your present job and the habit of a regular income. Ideas are need-based, you just need to think in that direction and see an opportunity to explore.
Having an idea is not sufficient, it is just the beginning, you need to do extensive research around to idea to check its feasibility. Too often enthusiastic and ambitious entrepreneurs jump in on an extra income project and suddenly find that the costs are beyond their abilities and the time requirements are more than they can meet. So, that is not how you should go about it.
Set definite goals with a time frame, figure out how much money it will take to get there and plan accordingly. Entrepreneurs who do not have too much cash at hand can indeed turn this strategy to their own advantage. You should think before spending, build small, go back to your customer for feedback and eventually build a product that is more in consonance with the market needs.
Off the Ground
We will here discuss some business ideas to start with very less initial capital. This is the amount of money required to get the business off the ground, and get some traction.
Consultancy services - This requires practically nil investment but a sharp skill set. One can basically consult on anything one is good at - legal counselling, marriage consultant, digital consultant - the list is endless. Setup required is also small. There is no need to spend on marketing, it is easy peasy with all the social media tools available today. Use Twitter, Facebook and Instagram to put across your point. Follow relevant people and give out information related to your field.
Basic needs - Services that address the basic needs of people like food. A food business normally runs fine; one could start a small outlet or delivery-only business model. The business expands and becomes popular only if the quality of food offered is good. Normally word of mouth is enough to sustain and expand.
Aggregator services - Zomato, MakeMyTrip are great examples of how aggregator services are appreciated by people. In this fast paced world, there is no time to recce and thus these services come handy as they let us choose the best service provider for our needs. A lot of running around is required but not much capital. One can operate out of small spaces and rented rooms.
Game for kids – This is the simplest. Buy 10-odd battery powered RC cars and bikes. These are available in wholesale markets for less than half the price they sell in showrooms. A bunch of those would cost anywhere between 45K to 60K. Give them out on rent to operators who will take fixed amount.
Real Estate business – With low investment and high returns, this is most lucrative. No doubt it requires a lot of running around and follow up, but high returns make up for it. Just have the right information and you laugh all the way to the bank!
Penny saved is penny earned
Whichever business you choose to do, remember - try to save as much as possible. Here are some ways you can save money:
To keep the cost low, the founders could do the tasks themselves and build the product instead of hiring people.
Work from home or cheap rented space instead of hiring an office.
Hire some interns instead of full-time employees.
Save on marketing costs by using Social Media to spread the word about your business.
Don't procrastinate, if you have to do it, do it now!