How To Develop And Run A Business With Minimum Capital
  • Download Apps
25k+
close Image

How to Develop and Run a Business with Minimum Capital

A
by Amelia Scott — 3 years ago in Finance < 1 min. read
2616

Although it’s not an easy task to set up and run a business in such a climate, it is possible with the right attitude, steps and mindset.

It is difficult to start a business, especially when you are in the middle of a pandemic and have limited capital. Many businesses are finding it difficult to stay afloat, and they have to adapt their business models to meet the requirements of the SOPs as Malaysia moves into lockdown.

Although it’s not an easy task to set up and run a business in such a climate, it is possible. With the right attitude, steps, and mindset, you can make it one of your best decisions.

Identifying the needs of current consumers

Research is an essential step in starting a business. It helps to find a market gap. This will help you determine if your product or service is able to meet the needs of existing customers or solve their problems. It will also ensure that there will always be demand.

Strategic branding is important as it will allow the public to identify your business as an influential one.


(adsbygoogle = window.adsbygoogle || []).push({});

When brainstorming SweetPeachier, Malaysia’s first home IPL device, we stayed focused on the first two steps. It was launched in the first round Malaysia’s Movement Control Order (MCO), which took place in the first half 2020. At that time, beauty salons were banned from operating, leading to people losing access to their regular hair removal services.

We realized that there was no semi-permanent hair removal method that could be used at home. This was both due to the pandemic as well as for those who don’t feel comfortable having it done in public.

We made it our mission to help these people and began to think about a memorable name that would be easy to remember. This was in addition to promoting awareness of our brand using well-researched marketing strategies.
Also read: Snapchat Premium: How To Make A Snapchat Premium App?

Being financially equipped to run a business

Next is to keep a complete overview of all financial aspects of your business.

The financial aspects of your enterprise. A good understanding of your company’s financial position will help you be prepared for any future challenges or pitfalls.


SweetPeachier, for example, was not founded with a large amount of capital. We started with US$1,170, and we chose not to withdraw any money from ourselves during the first three months because we had insufficient liquidity and cash flow for business expenses.

We persevered despite this setback. We raised funds from family members who believed in our cause to scale up the business.

We were able to overcome these obstacles thanks to their support and strategic financial planning.
Also read: How To Turn Off Likes + Views Count On Instagram? Do It In Just 4 Simple Steps

Ensuring great customer service

A great customer experience is an important part of owning and running a business. This can be achieved through excellent customer service. Happy customers are customers who are more likely to make repeat purchases while recommending your brand to friends and family.

This all adds up to increase your market reach and revenue. Customer loyalty will be enhanced by providing excellent customer service.

It is important to remember that starting your own business will require a lot of effort, time, and capital. Focusing on the things that really matter to you is the best way to stay motivated in all of life’s ups and downs.

To be a successful business owner, you must remain humble and thirsty for knowledge. The more you understand your market, the better you can serve it.

Don’t let anyone stop you from pursuing your dreams. Believe in yourself, work hard, and never give up. The rewards will speak for themselves.

A
Amelia Scott

Amelia is a content manager of The Next Tech. She also includes the characteristics of her log in a fun way so readers will know what to expect from her work.

Top 10 News

view all
Follow us on

Categories

Related Posts

img

Finance

Software Development In Finance Service: Driving Innovation ...
By: Neeraj Gupta, Sun October 13, 2024

Technology has revolutionized the finance industry and changed banking and..

img

Finance

[30 Best] Apps That Pay $100 A Day For Real (With No Deposit...
By: Bharat Kumar, Wed October 2, 2024

Think of apps that pay $100 a day instantly often without checking your credit..

img

Finance

A Guide To 401K Hardship Withdrawal Reasons
By: Bharat Kumar, Tue September 17, 2024

401k hardship withdrawal reason is treated legal and falls under retirement..

img

Finance

How To Cancel MoneyLion Account Quickly?
By: Bharat Kumar, Mon September 16, 2024

There can be multiple reasons to delete or cancel moneylion account..

img

Finance

How to Navigate Financial Market Uncertainty with AI
By: Neeraj Gupta, Sun September 8, 2024

The financial markets have every time been tagged by incalculability. Market..

img

Finance

How These 7 Fintech Apps Transformed the Financial Industry
By: Neeraj Gupta, Sun September 1, 2024

The financial technology sector underwent a significant transformation in 2023...

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Copyright © 2018 – The Next Tech. All Rights Reserved.