If you have spent years working in the corporate realm, you often start to daydream about living a different life and being able to pursue better opportunities. For many people, the idea of working for ungrateful bosses and simply being a cog in the machine is not the way they want to be. They start to think about ways they could create their own business and be their own boss and chart their own course in life.
As they explore different ideas for their venture, one of the things that often comes up is a lack of funding. It can be expensive to fund a new business if you do it in the traditional way. Fortunately, in today’s world, you can make some smart choices and fund your business entirely from scratch. Rather than having to mortgage your house and empty your bank account, you can create a model for success with almost no money down.
Create Your Own Products
The first step you need to take on this alternative path is to produce an innovative new product. Many entrepreneurs try to start a venture by buying and selling things that other companies create, but there is no differentiation if you are just selling something everyone else can buy and sell too. Instead, come up with something unique and create and produce it yourself.
When you produce your own parts and products, you’ll be able to keep all of the profit from the sale. Additionally, you’ll have a one-of-a-kind item that will have its own niche in the marketplace. If you make a product out of metal, you can partner with a foundry that can cast your metal part and provide any necessary machining too. As soon as you have the perfect working prototype, you are ready for the next step.
Leverage the Power of Crowdfunding
With advances in technology and the global reach of the Internet, innovative ways of funding new products and ideas began to emerge. Today, instead of struggling to come up with the money to produce your item and take it to market, you can offer it for sale and let prospective buyers provide all the money you need. Platforms like Kickstarter let you showcase your new invention and get prospects to pay for it in advance.
These social funding platforms let you build excitement and pre-sell what you have to offer. You’ll get all the money you need in advance and can use those funds to partner with a custom manufacturer to produce your unique product. With every item, you sell you’ll be making a profit, all with minimal investment.
Create Viral Marketing Campaigns
As you launch your new product, you want to always be looking for great opportunities to create viral marketing campaigns. Instead of plodding along trying to reach a single prospect at a time, think of ways you can make a splash in the marketplace and create a buzz that attracts lots of future customers at once. Read more about 3 Business Ideas Driven by the Pandemic That Are Still in Play.
If you create a captivating video that’s fun, innovative, and unique people will share it on social media, and you’ll get noticed by other websites or mainstream channels. One mention or rave review of your product by a site that has 100,000 followers and you’ll be catapulted to product success.
When you want to start an entrepreneurial venture from scratch, take a non-traditional approach to product launch and development. Work with a partner to prototype your invention and tap into the power of crowdfunding and social media to vault your venture to success.