I am sure there has been a time when you have thought about starting your own business. With so much hype around starting a startup & entrepreneurs getting celebrity-like status, every person thinks of starting a company at least once.
While the reasons may be different for different people like creating an impact, solving a complex problem, Being your own Boss, creating a business has never been easy.
Though still, building a business from scratch is not easy, some recent technological developments have helped to ease the process of building a company.
1.Low Setup Cost :
Earlier, when people thought about starting up, the first step only of buying or renting the office seemed too overwhelming.
Now, it’s not the case anymore. Coworking Spaces have redefined the way people work. With lots of office facilities at a much affordable cost, Coworking Spaces have revolutionized the way, work is being done.
Now there is no need to buy or get an office on rent for years even if you’re using them for a few months only.
With the Asset Light Model that coworking spaces bring with them, there is absolutely no commitment to your workspace.
Do you want an office for a day? For a week? Or for few days in a Month? Everything is available at a price you would be happy to pay
- You don’t need a huge capital to start
Ever heard this?: “I really want to start a business but I don’t have any money!”
Well, here’s Good news! Gone are the days when you needed a huge capital to start a company. Today the world has become more efficient and because of the globalization, you can serve any global client right from the comfort of your home.
Today if you have some specific skills, you only need a laptop and a healthy Internet Connection to start a company. Here are some business ideas which can be started from the comfort of your home without the requirement of huge capital.
- Technology has made it way too easier
Technology has made it very easy for anyone to start a business. Earlier, Non Technical people(including me) were afraid of the fact of spending lacs in building a website or an app.
However, because of the advancement in technology, non-tech people are building websites/apps on their own. Click here to know more about how to make a website/app without ever writing a line of Code.
Also, thanks to the rise of social media, connecting to your customers has become way too easy.
Now you can easily connect with your customers online on Google, Facebook & Instagram etc without the heavy advertising cost of TV, Radios & newspapers.
Understand how you can use Social Media to drive free traffic on your website
- Jobs have become risky
As the automation creeps in, people will lose their jobs and the jobs which came once with security and guarantee aren’t the reliable option anymore.
According to The Hindu, 70% of the IT Jobs will be replaced by the technology by 2030 which is more than good enough reason for you to think of alternate options.
Source: The Hindu
- More you wait, riskier will it be
Failure is part of your process of succeeding. You cannot avoid failure when you want to achieve success, so it better to go through all the failures now than later.
Experience gives you the biggest lessons of your life & you won’t be able to achieve success in business unless you have all the experience required for succeeding in a particular business.
So, it becomes obvious that you start early and not wait for the time to be right.
Source: Millenials of Wall Street
- You don’t have to risk it all
You don’t need to quit your job to start your business. There are a lot of businesses which you can start without leaving your full-time job.
In fact, I would suggest you start something with your job only. It will help you understand that whether what you’re planning is the right fit for you or not.
Once, you’re sure and the business is generating enough revenue which can replace your salary, you can quit your job & jump on the board full time. Here is the list of business which you can try part-time.
- Lean Teams:
Here’s a fact
“WhatsApp had only 18 people in their team when they became a Billion Dollar Company”
Today, you really don’t need a team of 100 people to make it big. You can use a lean methodology to improve your efficiency by outsourcing & automating certain tasks
I know the above reasons don’t change the fact that building a business from scratch is still difficult but ask yourself :
IF NOT NOW, THEN WHEN?
After having started 2 startups, I can surely say that You will never be 100% ready & Sometimes, we need to take a leap of faith & work it out along the way itself.
PS:I wish you all the very best for your journey if you choose you to take the path less traveled.