Creating a profitable business is very difficult. Without money is almost impossible.
No one has chosen to arrive on this earth, let alone the family in which we are born. Some come from a rich family, others from a poor family.
However, what you need to know is that the most important thing is not where you start but where you end up.
You can be born poor and end up at the head of a profitable business and even a company operating in several countries.
In this article we will see how someone from a poor family can create a profitable business and realize their dreams.
You are certainly excited and very enthusiastic about starting your own business. Because you want a little freedom, because you want to have your time, you want to make your dreams come true, you want to solve a problem, or you’re just tired of working for someone else.
However, there is a big problem: the funding problem.
Why? Because you are from a disadvantaged family. Your environment does not allow you to have the means to achieve this dream: create a profitable business.
If you read this article until the end you will see 6 tips that can help you overcome your difficulties and create a profitable business even if you come from a poor family or you have very little means.
1- You need to have a mentality of “rich” to create a profitable business
It is not because you are from a poor family that you must necessarily have a poor mentality. You can come from a poor family and have a rich mentality.
What is a rich mentality? To have a rich mentality is to think that money is not bad; money is not for Satan and the rich will not go to hell because they are rich.
Money is the value of the good or service that you make available to the people who need it. For example, when you sell a t-shirt or when you sell a car, you are given money based on the value of that t-shirt or car.
So you have to understand that money here is not a bad thing, but money is just the value we exchange based on the product or service you make available to people.
To have a rich mentality is also to understand that it is not because one is born of a poor family that one will necessarily finish poor. We can start poor and finish rich, if of course we put the right amount of work and if we have the determination and courage to get there.
To have a rich mentality is also to understand that money attracts money. Without money it is difficult to make money. Therefore, without money it is difficult to create a business.
Finally having a rich mentality is having a winning mentality. Say to yourself that whatever the price that you will have to pay to reach your goals you will pay it, “I have to create my business and I have to be successful”.
“I must be successful so nothing should stop me”; not even the lack of finances, not even the lack of support from the government, friends or family. “No matter the difficulties I have to get there”. That’s also having a rich mentality.
2- Why your business needs money, for what?
The second thing to know is why my business needs money. To do what? In what specific area should I invest money to make my business start and be profitable?
Many people go into business without really knowing why they need money. According to U.S. Small Business Administration, many of the creation costs are tax deductible, up to $ 5,000 in the first year of doing business.
Many people are intimidated by the size of their project, the size of their idea. But the truth is that you can have a great idea and spend a lot less money than one who has a little idea.
Sometimes we think that the project will require a lot of resources. However, if you start to make deep analyzes or if you ask the opinion of an expert, you easily realize that the project requires much less money than envisaged.
So the solution here is already to know how to write a business model or a business plan for your project.
Depending on your region or the type of business you want to create, in general the needs are:
- The state requires you to have certain specific documents such as patents or approvals or permits to operate.
- The need for human resources. The more you do not master the field in which you enter the more you will need people to work for you; and that takes a lot of money in the first place.
- You will also need equipment and a space to work: rental. You will need computers and an internet connection.
- When the business is still starting, you need huge marketing and communication campaigns.
- And finally (but not all), you may need legal fees for the legal constitution of your business.
This is the overhead costs when you want to create a profitable business.
3- Educate yourself and become an Expert
Here we will see how important it is to reduce your expenses.
If you are from a poor we assume you do not have much money to start your business or just that you have no money. So one of the effective strategies to reduce the costs of your business is to educate yourself and become an expert in one or more fields.
Earlier we were talking about communication. Instead of spending a lot of money on communication and marketing for your business, you simply need to train in communication and marketing.
And today you do not have much excuse for training, as all the information or training on this earth is on a free tool called Google.
You can go to Google, go to websites that talk about marketing and communication; and once you have acquired marketing and communication skills you no longer need to spend a lot of money communicating about your product.
So it is imperative to train for free or for cheap son the internet and be able to reduce the costs of your business.
The second trick to reduce the costs of your business is to outsource; so outsource some areas of your business.
Today it is difficult to see a business doing everything alone. So you have to see what activities you can do yourself and which ones you are going to outsource. If you are not very good at Accounting you can go to sites such as fiverr.com or Upwork, you will find some freelancers who will do this job for you. If you can not do your logo or your visual identity for example, you can outsource it.
Running a profitable business requires strategic partnerships through outsourcing.
4- Create a profitable business on the internet / online business
The fourth trick is to build your business on the Internet. Here we talk about online business. Why do you need a online business?
The advantage of doing business on the internet is that to start you only need a computer and an internet connection. Today, thanks to the evolution of technology, computers are becoming cheaper and the Internet connection is becoming more and more accessible.
The second advantage in building your business on the Internet is that you have access to an unlimited number of customers, so you save in communication.
How much will it cost if you have to communicate through a television channel, through newspapers, national radio or magazines? That will cost you a lot of money, will not it?
However, if you communicate on the internet through social networks Facebook, Twitter, Instagram, not only you have access to millions of people but also this access is almost free or not very expensive.
So by building your business on the internet you have the advantage of starting with very little means and having access to millions of customers.
5- Start a Home-based business
The good thing about creating your business on the Internet is that you do not need to rent a large office with large work spaces that will cost you the head.
When you have your Internet business you can work from your home and make as much money, if not more, than those working downtown.
Now what types of business can you do while staying at home:
- Web designer / Web developer: today many companies and entrepreneurs want to develop their presence on the internet. They want to be more and more present all over the world through their website; so you can provide the services of creating websites for businesses.
- Create a Home Restaurant: If you know how to cook well or you know how to prepare succulent food, you can open a restaurant in your house; prepare so that people come to eat at home or make home delivery
- Become a Blog Writer: today more and more companies and entrepreneurs have blogs but do not have enough time to feed these blogs with new articles. You can if you have writer talents sell your services.
- Affiliate Marketing: It’s simply about promoting a company’s product and when a customer or people buy that product, you have a commission on the sale. Generally the commissions range from 5, 10 to 20% and the more you have a large enough audience the more you make money.
- Online courses: This is a business that consists of giving courses on the Internet and make you pay for it. Today more and more people want to train, specialize and improve their careers in new formations. If you are an expert in a field you can go to udemy.com. This site allows you to be at the same time student (learning new skills) and also instructor (teaching thousands of people your knowledge).
6- You need to be on entrepreneur
The sixth trick to creating a profitable business when you come from a poor family is to become an entrepreneur.
Here it is not about the fashion or trend that prevails these days or everyone claims to be entrepreneur. here I am talking about a mentality and a character.
Generally people from poor families act as victims. They accuse everyone, they accuse the government: “I do not have the right connections”, “I do not have good ideas”, “I did not have the right training”, “I’m not from a rich family”,” I did not have this, I did not have that “.
An entrepreneur is someone who solves problems. It solves many problems, very difficult problems and very different problems. Every day comes with its lot of problems.
You have to have a winning mentality, a go-go mentality, be someone that nothing stops, not even the lack of funding or connections. An entrepreneur is someone who has the mentality to find solutions to any type of problem that comes his way.
But more importantly, you will understand that doing business requires money. No money, no business. The market does not care about your poverty, do not care about your lack of money. There is a need in the market and you must find the solution for this need.
After reading this article I would like you to do one last thing: leave a comment below telling us what kind of family you come from.
Are you from a rich family? Are you from a poor family or a middle class? And do you think that where we come from can hinder our entrepreneurial journey?