Thinking of starting a small business but afraid it will not be successful? Well you are not alone. Many people start businesses with the idea in their mind that they will make money, but then do not tell themselves for sure until the second year is here. Here are some pointers that can help you decide if starting a small business with no money is the right choice for you:
o Will there be a time in my life when I will have enough money to reinvest back into the business? If you make any money during the first year of business your profit margin will most likely be very small. In order to make a profit, you must earn more than you spend. If you start out with no money your return on investment will be small. Even if you eventually do earn back some money your cost of operation will still be low because you have no expenses.
o What is the product or service that you will be offering? If you will be using a business credit card for your small business venture then you will want to choose a product or service that has a high demand. This means that you will have a lot of competition. If you intend on selling a high ticket item then you will definitely have to work a little harder. If you choose a more niche product or service then you will have less competition which will make your business easier to run.
o How long will it take you to pay off your credit card debt? You may be thinking that starting a small business with no money is not a good idea because you will never make enough money. But this just is not true. You will need to earn enough money in order to repay your credit card debt plus a little extra on your side.
o What are the tax benefits of a zero-investment business? Most people know that a small business will save them a lot of money in taxes. Now, it is true that the government will give you a tax break if you have a small business. But you can only claim this reduction if you use a certain amount of capital. The amount that you can claim depends on several factors including your earnings, your investment and the tax bracket that you are in. If you are in a very low tax bracket then you will have very low taxes.
o How will I be able to get clients for my small business with such a zero investment? Once you have gained enough experience in the business you will be able to attract clients. You can offer discounted services or sell your products for a higher rate. As you get more clients then you can start asking for a lump sum payment or offer to compensate your employees for their services. This will surely bring in a lot of extra revenue.
o How can I make the most out of my credit cards? Credit cards allow you to make online purchases as well as cash advances. You also get to make purchases within your country or even overseas. If you run a business overseas then you can enjoy low rates of interest. If you are using a credit card overseas, then you need to make your payments in a local currency.
o How will I be able to keep my business running without spending money? Running a business does not mean that you do not have to spend money. The idea is to make smart financial decisions and invest what you can afford to keep your business running smoothly. Once you do so, then people from around the world will be able to view your website.
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