You are excited to start your own business. Maybe you have a good idea, or you’re just fascinated with the notion of opening your own company. You are willing to take some risks, such as leaving your current job or sacrificing your personal earnings for a while, but there is a small logistic detail that is holding you back: you don’t have much money. So, Kamyab Jawan Programme is helpful to fulfill your dreams.
In the first instance, this may seem like a huge problem, but the lack of personal capital should not stop you from achieving your dreams. In fact, it is possible to start and grow a business is to have to invest a lot of money on your own. The trick is knowing how to do it.
Why does a business need money?
First of all, let’s understand the reasons why a company needs capital. There is no official fee for startups, so let’s make it clear that different businesses have different needs. First, it is important to estimate how much you need before looking for financing alternatives to grow your business.
Consider the following expenses:
- Licenses and permits: Depending on the turn of your business, you may need special records.
- Supplies: Are you going to use raw materials? Computers or other devices?
- Team: Are you going to require specialized machinery or software?
- Office space: This is a huge expense, and you cannot discount things like internet service and other utilitarian costs.
- Associations, subscriptions, and memberships: What publications and affiliations do you require each month?
- Operating expenses: Little things like marketing and communication of your brand.
- Legal costs: Are you going to have a lawyer to serve as a consultant and avoid future headaches?
- Employees and freelancers: If there are things in your business that you cannot do alone, you will have to delegate the work to a specialist.
This means that you have two ways to start a business with Kamyab Jawan Programme: lower your costs or access capital from external sources. Here you have three options:
Option 1: Reduce your needs
Your first alternative is to change the model of your business so that it demands fewer things from the list above. For example, if you are thinking of starting your business alone, you can reduce your cost for “Employees.” Unless you absolutely need an office, you can work from home or in a coworking space. You can even find supplies that are cheaper or reduce your production line.
However, there are expenses that you can NOT avoid. The use of licenses and legal expenses can stop your entire entrepreneurship process if you do not use them in the right way.
Option 2: The famous bootstrapping
This stage can be known as “warming up” before starting to get more fit. The bootstrapping means that instead of starting with your business model fully developed, start with the basics. You can publish a blog for a niche, generate audience and earnings with this audience and then expand your range of action. If you can start your business alone, you will avoid some of the highest upfront costs.
Once you start receiving profits, you can invest your own money and build the business you dreamed piece by piece, instead of wanting to do it in one action.
Option 3: Search for money on the outside
Your third path is about finding financing through external investors. We have already talked about various ways to raise capital, but here are some potential sources:
- Friends and family: Do not ignore the possibility of getting the help of your loved ones, even if it is only part of the money you need.
- Investors angels: These are individuals with economic possibilities that support business ideas that are being born. They typically inject money in exchange for a portion of the company’s property, a sacrifice that you should consider.
- Venture capitalists are like investor angels, but they are related to organizations and look for existing businesses.
- Crowdfunding: It is popular for one simple reason: with a good idea, you can attract collective financing for almost anything.
- Government support: of Pakistan has been started Kamyab Jawan Programme to overcome unemployment from Pakistan. And you can get 1 Lakh to 5 Lakh easily.
- Bank loans: You can open a credit line with the bank if you have a good credit history. In addition, you are financing yourself.
With any of these options, you can significantly reduce your startup costs. You will surely have to make some sacrifices, such as starting small, accepting partners, or getting a temporary debt, but if you believe in your business idea, none of these “losses” will stop you. The lack of capital is a great challenge to overcome but make no mistake: YOU CAN OVERCOME.
