Dreams are boundless. And we all dream of living a lavish, stress-free, perfect life. Reports state that in Western countries, people have come up with entrepreneurship as a shortcut to becoming rich. It is becoming a new trend nowadays. Everyone dreams of becoming an entrepreneur, starting his business.
And, of course, it is commendable. But, there are encumbered challenges linked along with it. How, when, why, and where? Even a tea stall needs an initial investment of cups, saucers, tea, sugar, and essential commodities, and so do every company’s needs. So, is it possible to start a company without investment?
LET’S BREAK DOWN THE FACTORS!
What company is it?
It depends on what company you plan to set up, whether it’s a raw material-based manufacturing industry, a tech firm that needs minimal resources, or an educational firm that will require resources and the workforce.
The type of company would decide what amount of initial investment you would require. You will need to get funds from an investor, or a handful of savings would help you to start it.
How many employees do you need?
Every company’s success depends on its employees. Your employees should be provided with the utmost care and attention, but apart from that, they also need to be paid for their hard work. Chances are negligible. You would get skilled employees working for free. So in the loss of resources, this holds a great value.
Space
You own space with all the necessary amenities to start your company. Kudos! You have started it! But if the answer is no, you have a big task ahead.
Travel
Even if you are concerned about the space sorted, a significant factor is how accessible it is from the city and your resources. The raw material required for you is easily transportable, and the cost must be figured out beforehand. If the travel is eating up more than your raw material, you must undoubtedly check your calculations.
Legal concerns
Legalization and permissions are significant factors for any small-scale or large-scale industry. You need to have the complete list of the agreements, certificates, and licenses signed and stamped before even taking any step further. These are mandatory as well as might cut slack in your expenses. You might require a lawyer for a large-scale industry, so it is a concern.
Marketing and visibility
This point is not useful if your industry is based on production and goods. But, if you’re planning to plunge into the entertainment, food, or even education sectors, you need to invest a lot more before earning anything out of it.
In these sectors, you need to build a brand and earn the trust and faith of your target audience before even launching anything. For the same, you will need to spend more than you earn to make it viable.
So, the answer to the question of whether you need investment or not is conditional. You can understand from the above factors the necessary expenses and initial costs required and then decide if your savings are pretty enough to get it all started. Even if they aren’t, there is nothing to worry about.
Several investors are willing to invest under different terms and conditions. You can create a good pitch and approach them for the same. You must be of utmost care regarding the returns and conditions laid down. But after all, entrepreneurship is all about risks and challenges. And by deciding to be an entrepreneur, your journey has already begun. Good luck!
