Business

Starting A Business: All You Need Is Love — And Just $5,000

Chart, Calculator, Pen, and EyeglassesWe must dispel the myth that having a pile of cash and taking dangerous risks are perquisites to starting a business. You can be your own boss with just $5,000 — which you can easily get through start-up business loans. There are two ways of going about this, according to tabbank.com. Here are ideas on developing a great business plan to aid your loan application:

Capitalize on Your Talents

Working for an employer also entails honing the skills you've got in your toolbox. Business is not much different. Just have faith in what you're great at and muster the courage to seek out your own clients. Talent-based businesses require more guts and confidence than capital. Did you know that yoga instruction has a $3 billion market?

Freelance writing, computer repair, teaching music and dance, SAT tutoring, landscape and interior design businesses are highly in demand as well. You'll need very little to get started. You can spend much of your funds on basic needs. These include phone, internet connection, computer and work space. You can market your business through creative signage and simply building a network within the target market. For example, a woman grew her business by selling all-natural granola bars to large retailers.

Come up with a Unique and Helpful Offer 

The key is to spot a process that is better outsourced or a market that is under served. By being different and by making work easier for other businesses, you can carve your own niche.

Did you know that you can offer client introduction services for those struggling to expand their market base? It's simple and performance-based, making it an attractive business-to-business service. You can also produce (potentially viral) creative videos, which are great for promotion. If you have created a one-of-a-kind product, such as an article of clothing or a home improvement device, you can sell them online.

Don't let limited capital or other challenges deter you from starting a business. As long as you know you offer value to your customers and the world, you should go for it — no matter how crazy your idea is. Nothing great ever comes from being safe and sticking to the norm.