Donald Trump famously said that he started his business with a ‘small’ loan of one million dollars. Now, most people don’t have that kind of money laying around, which is why starting a business used to be something that was difficult for average people. But now, that’s all changed. New funding streams and better technology have opened up the world of business to everybody and, as a result, there are people all over the world starting a small business off their own back. But how did we go from needing huge amounts of funding, to starting a business with nothing from the comfort of our own home?
When eCommerce technology was first launched, it was expensive and not readily available to everybody. Companies that were already established could afford to branch out into online retail, but there was no way you could easily set up your own. Now, there are great selling platforms like eBay or Amazon where anybody can set up their own shop in minutes. There are also lots of great companies like Kurnol that can handle the bulk of the day to day handling and optimize your sales. That means people that are complete amateurs can still set up a successful business for themselves.It’s free to set up one of these shops and even if you buy yourself a website of your own, it will cost you less than a hundred dollars a year. Nowadays, if you want to set up a business, you’ll just need a bit of money to produce products and ship them, and if you start out small, anybody can afford it.
Traditional advertising is incredibly expensive. In the past, only the companies that had a huge amount of money to put behind their campaigns could reach enough customers to make themselves a success. There were cheaper alternatives like leafleting but it was still very time-consuming. Social media marketing has completely changed all of that. It’s the best marketing tool that we’ve ever had because you can reach millions of people all over the world completely free. If you do it right, you could start a campaign that goes viral and get massive responses from potential customers. It also allows you to adapt marketing campaigns quickly and easily so if your current strategy isn’t working, you don’t have to waste resources on it.
New Lending Streams
The biggest hurdle that people face when they’re trying to start a business is finding the money. As I’ve said, smaller businesses can get themselves going online without much funding. However, there are still some ideas that need a lot of money behind them to get off the ground. Unless your father will give you a million dollars to start your new company, you’d have to go to the bank to get the money. If you don’t have a very high income, or your business idea is a risky one, they aren’t likely to give you anything. The introduction of crowdfunding sites like Kickstarter has put the power back into the hands of the people and offered a new, low-risk way of raising business capital.
The combination of all of these things means that anybody, even you, could start your own business right now.