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I am about starting a business, but right now I have a very limited finance, how do I go about it?

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2 answers

Don’t leave your job without a plan. Develop it in parallel with your current work. Insure that you are not moving into a field where your current employer has you signed to a non-compete agreement, a non-disclosure agreement or some other piece of paper you signed with your employment that would keep you out the business.

Then - follow your value system. Examine your talents, your attributes and your affinities and develop an idea for a business that you would enjoy.

Evolve your plan as you continue working for your current employer.

Give your start up idea the following test:

  1. Do you have a product or service niche in mind?

  2. Do you believe you have a market for 1 above and the means to reach it?

  3. Are you willing to develop a business plan using the FREE tool kit linked below to validate 1 and 2 above before you launch?

If the answer to the above questions is yes than take the actions indicated, observe the results, then make an informed decision on whether or not to proceed.

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan

https://www.bplans.com/sample_business_plans.php

When you launch if your plan risk analysis indicates high early challenges, phase into them gradually while retaining your present employment. As the business matures and your risks are mitigated, cut over to full time and resign your old position when you are comfortable doing so.

Report Kenneth's answer

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Hello Ezinne,

this is a good question, and it makes more sense now than before due to COVID-19. If you have no cash or very limited cash, I highly recommend no to risk losing it.

The best way is to test the market with other people's money but utilizing your efforts. If you know the product or service you want to sell, try first to find similar businesses in your local market offering the same products or services and do a favor for them and promote them for commission purposes. By doing this you will learn more about the market without risking your capital but utilizing your efforts until you have a solid background and feeling ready to start your own business. This is a Hand-Ons product-market fit practice by doing commission-based work until you have the knowledge, experience, and capital to start your own business.

good luck with that

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