Perhaps the biggest challenge that business owners have to face before even starting a business is finance related stuff. Everyone is scared to start a business because they are afraid of losing money. As someone who provides SEO services for business, I have to deal with convincing my clients who often felt worried about spending more money than they’d bargained for. I don’t mind, though, for this is only natural for those who are just starting out a business. After thinking a lot about this, I decided to find a way for my clients to stop worrying about that. And in doing so, I found Tai Lopez the right inspiration for this. Tai Lopez, an investor, philanthropist and member of The Oracles, explained his points to launch a business with no money. I have summarised the ways in this article for your insight. Keep reading to find out!

Select an idea that works for you

A lot of people think they can do everything for business and that they don’t have to have specific skills in doing so. Well, they are usually wrong. Maybe it is not all about skill, but it is more about chance. While doing something you love (a.k.a your hobby) may turn into a business, how good you are at it determines the success of your business, should you choose to turn it into a business. I love badminton, but I’m not good enough to play professionally. Therefore, if I tried to pursue it as a career, I would fail financially. For that reason, I play badminton as a hobby, but build a business around things that I am more specialised in: creating content, social media marketing, and writing. A friend of mine, who has zero knowledge of nutrition and basically has no self-control in eating food told me that she was going to start her own healthy diet catering. While I knew she was never the type to listen, I still told her that she should leave healthy diet catering to a nutritionist (and yes, she didn’t listen). And it’s true; her healthy diet catering business didn’t even make it to 5 months. From this real life experience I have told you here, you can conclude that if you want to open a business, select an idea that works for you. It is fine if you want to connect your hobby to your business as long as you are well-resourced and you know what you are doing.

Spot trends

Trend is undeniably one of the aspects required for the success of a business. A business mindset is able to spot something that can be the hype of the year. In my country, for example, business owners are looking for opportunities to expand and dig new ideas based on the existing ideas. For instance, there is this traditional food in my country that uses palm sugar and sticky rice as the main ingredients; however, business owners nowadays created concepts to remake the traditional food and turn it into hyped food by replacing palm sugar with chocolates. Well, it doesn’t have to be like that for you, but you can do your own research by spotting trends.

Revolve around what customers want

Sometimes what’s good for us doesn’t mean good for your customers. Take example from Wingstop. Just yesterday, my friend posted a personal rating for Wingstop on Instagram. He said, “4.5/5.0” after ordering their food through online service. He actually didn’t complain nor did he get disappointed, but Wingstop messaged him asking what they could do to make him change the rate from 4.5 into 5.0. They even went all out by giving him a package of food as replacement. This gesture from them shows their care for customers that you can take example from. Basically, a good business is the one that can help your customers find what they need.

You don’t need a specific set of skills to start a business. All you need as a business owner is the mindset and objective to help solve your customers’ problems because that is why they buy from you; what they buy from you solves their problems. When you instil that kind of mindset, everything else will follow.