Small Capital Business Tips

11 Small Capital Business Tips

Small capital business tips are too important to pay attention to when you want to start a business.Make sure with the small capital used, you can achieve the maximum profit.

If you keep starting, the use of small capital is actually too important to reduce possible losses.

11 Small Capital Business Tips

Small Capital Business Tips

For this run the things below before starting a business or business.

1. Choose the Type of Business

The first thing before starting a business, of course, is to determine the type of business that can be run. If you want to open a business in the service sector, make sure you have skills that are relevant to the type of service.”

Meanwhile, if you want to open a business in the field of selling goods, try to prepare some funds for the purpose of inventory. For starters, don’t buy too many stock items first. Over time, if the next item has the potential to sell, only then can you stock more.”

2. Do Market Research

After determining the type of business you can run, do some market research. This aims to understand the potential for the services or goods that you offer to sell in the market or not.”

Research needs to be carried out in an integrated manner over several times so that the research results are valid. Also record the results of the research so that it can be used as a guide in carrying out the business. The research in question includes the types of goods that already exist along with explanations and their selling prices.”

3. Allocate Business Capital together Well

By allocating business capital, expenses can be more organized. This further prevents you from spending something that is not needed. From the start, write down what interests are important and less important.”

Then ensure the frequency of purchases of goods. Prioritize items that are important or too influential on business continuity. After that, if there is still capital left, buy other things that can support the business.”

4. Use Existing Equipment

To minimize capital, use some of the existing equipment. If you actually need tools to run your business, then you don’t need to buy a new one. For example, you already have a former business storefront.”

The next window can be used again for a new type of business by polishing it a little so that it is cleaner and more beautiful. Even though the new type of business is not the same as the old one, if the tool or item at first can still be used, use it.”

5. Look for Quality But Cheap Raw Materials

In running a business, quality is of course a matter that needs to be prioritized. Therefore, a small capital business tip after that is that you need to track quality raw materials. However, to minimize capital you need to track raw materials that have quality that are not expensive. You can buy raw materials directly from the first hand so the price is lower.”

6. Consider the Business Location

Usually, if prospective business people do not have land to open a business, they can rent an area to be used as a business area. If you don’t own land, be sure to look for strategic business land but have low rental prices. Even though the land is small, it’s okay, the important thing is that the location is easily accessible to potential buyers.

7. Employee Recruitment

At the beginning of starting a business, you can try to run it yourself if you are actually able to. However, if the business being carried out requires a lot of energy, there is nothing wrong if you want to recruit employees.”

Choose employees who are agile and have good performance so that the salary you give is proportional to the results of their work. Start by recruiting one or more employees first then it can be supplemented if your business gets bigger.”

8. Do Product Innovation

Selling a product that is already on the market does not seem to be able to attract too much attention from customers. For that, do product innovation together by presenting the newest products that are unique and never existed before.”

That way, customers can be interested in trying the products you market. For this, make sure to always use the least possible budget. Do not let the procurement of innovation actually bring the impact of capital to swell.

9. Consider the Selling Price of the Product

Considering the selling price of the product has something to do with the research you did previously. In research, of course, you track and understand the price of similar products that are already sold in the market.”

If it can be less expensive but offers similar or better quality, of course your product can sell better. However, if you really need to sell a product more expensive than competitors, be sure to bring out the uniqueness of your product.

10. Use Social Media for Promotion

Today, almost all residents must use social media to communicate and track information. So, social media can be used as a means of promoting your product. Upload your product to social media accompanied by clear info or description.”

Try to take product photos together to understand and be interesting so that potential customers are interested. If necessary, include the price of the product so that people understand whether your product is worth it or not.”

11. Manage Business Finance together Well

All types of business require good and systematic financial management. By carrying out maximum financial management, you can understand whether the business being carried out is effective or not. Financial management includes recording all incoming and outgoing funds for the benefit of spending or employee fees.

Those are some small capital business tips that allow you to open a business with a minimal budget. In order for business bookkeeping to be organized, you can download the BukuWarung application on the Play Store or AppStore. BukuWarung can facilitate all processes of recording or accounting for business finances that you are running. That way, you can understand and understand the amount of business income and expenses.

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