How to Start a Successful Businesses With Little or No Capital – Starting a business seem frustrating sometimes, and this could only happen when an individual has little or no capital. In this post, we will be discussing How to Start a Successful Businesses With Little or No Capital. Keep Reading!
Thus, With the rise of technology, many of these most profitable businesses fall under the realm of online business ideas—but not all of them. You’ll also find ideas that fall within the realm of childcare, others that correspond more to B2B services, and some that suit entrepreneurs who are looking to be on the move with their businesses.
This being said, there’s nothing to say that any business idea that you come up with won’t be profitable, but if you’re looking for a good place to start, you’ll want to check out this list of the most profitable small businesses:
How to Start a Successful Businesses With Little or No Capital
It is very important to note that many of those successful businesses come within the area of online business ideas but not all of them. However, here is the list of the most successful companies to start.
Real Estate and Real Estate Brokering
Real estate is a property (consisting of land or buildings) or a huge collection of properties. On the other side, real estate business is the process of buying, selling or renting a property, building, home or land. Real estate agents assist homeowners, businesses and investors buy and sell all four types of properties.
The real estate and real estate broker is definitely a win-win. If you have an extensive network, this business is ideal for you.
Apart from establishing your own schedule and working on your own time as a realtor, you may also obtain a broker license and start a brokerage company.
However, brokers serve as a middleman between vendors and purchasers. With an average net profit margin of 17.4 per cent for leasing and 14.8 per cent in sales, real estate has a lot to offer. Also, after you have gained expertise, it may become one of the most lucrative businesses.
How to start a Real Estate Business?
However, In order to be successful in this industry, one should have good knowledge and information in this field. This basic guide will equip you with the knowledge and information you need to acquire to start your own very successful real estate business in Nigeria.
1. Have a strategic business plan
You need to strategically plan your business to be able to conquer this market. Real estate investing is just like starting any other career in which you can’t start on a whim without having a specific business plan in mind.
A business plan is vital for any real estate investor, and one of the best advice you’ll get in the housing market is to start out small and plan, plan, plan! This step is especially important if you’re planning on becoming a real estate investor for the long term. In this case, you want to grow your real estate investment portfolio strategically.
2. Build a unique brand
Brand credibility is important in building a successful business in Nigeria especially when it has to do with the investment of millions of Naira. Branding is all about creating a perception about your business in the minds of people.
To turn your real estate business into a trustworthy brand, you need to give your customers more than enough value for their money and build a relationship by engaging with them on a personal level. Also, set your real estate business apart from the competition by investing in premium branding identities such as logo, website, adverts and more.
3. Legally register the business
If you really want to make this business to the highest level possible, then you have to legalize its existence by registering the business with the Corporate Affairs Commission (CAC). Registering as a Business Name with CAC is enough at this stage if you can’t afford to register it as a Limited Liability Company (LLC).
Also, watch out for the rules and regulations guiding professional real estate bodies in Nigeria to ensure that you are not operating against the law. Some of the popular real estate professional institutions to watch out for include; Association of Estate Agents in Nigeria (AEAN), Real Estate Developers Association of Nigeria (REDAN) and Nigerian Institution of Estate Surveyors and Valuers (NIESV)
4. Raise the required capital to start
If you did your business plan research well you must have known the minimum amount of money it will require to get you started depending on the scale at which you choose to start. If your savings and financial capacity are not enough to start, you can source for alternative fundings.
Real estate business is very capital intensive and requires a huge amount of investment. If you do not have enough it is important that you seek investors. You can look for equity investors that can give you enough leverage at the start and accelerate growth.
5. Get Started & Get Working
The last step to starting a real estate holding company is execution. Execute on everything that you’ve developed in your business plan. A good number of Nigerian businesses fail due to very poor execution. Execution comprises of your day to day activities in the business. This includes the closing of deals, marketing, networking, client orientation, human resources etc.
Starting a real estate business ain’t for the faint of heart. So, to be successful in the real estate business, you must be prepared to face the challenges. At a personal level, and as a business owner, nurture your ambitions and become a goal-oriented and organized person. Keep in mind that the real estate sector is not about achieving instant success. Instead, it is a long game, which requires a lot of patience.