The frustration of building a business without capital.
It’s frustrating when you want to do something in business but you don’t have the capital or have it available in the moment, or when you had it at one point and you’re beating yourself up for burning through it.
Nine months into building this website, I realised the love I have for this market and got into studying my competitors, as I did more research I started to take notice of the ‘advantage’ they all have in common, it was the capital for paid traffic from ads on Facebook and other social medias.
Building a business without capital.
At one point into your endeavor, you’re going to notice that you will need to scale and grow your brand after exhausting all options in the free department, like social media promoting, word of mouth, SEO, and more.
I use a software to see what keywords my competitors rank for and I am able to see who my competitors are, and when some of the bigger names popped up, I realised how capital can make a difference in your marketing strategy.
Going against your competitors without capital.
But what happens when you don’t have the capital to build your brand?
What happens is that you have to start acknowledging your strengths, smarts, and knowledge and take advantage of what you know.
“If you have to compete based on capital, the giant always wins. If you can compete based on smarts, flexibility, and willingness to give more for less, then small companies like Bloomberg clearly have an advantage.” – Michael Bloomberg
The takeaway from the quote above shows that you can still compete as a small fish in a pond of bigger fish as long as you have the perseverance to put in the work and determination to not give up when things become intimidating.
A case study on building a business without capital.
Forbes has an article about a Seattle-based data analytics and visualization software company, that was built from bootstrapping their own money. After doing more research I took note of the many companies trying to bootstrap before going out and asking for a loan.
Mark Cuban, known for owning the Dallas Maverick’s and his appearance on ABC’s Shark Tank has said: “only morons start a business on a loan” which has been widely debated.
How I plan to move forward with the business without capital.
Well, the first thing I keep in mind is Michael Bloomberg’s quote and reread it every time I am struck with the feeling of not being able to compete. I also realise how important it is to reflect on how far the website has come with the amount of cash that was put into it.
I will continue to use businesses instincts and come up with creative strategies that will work in my favor which will allow me to be creative and smart with future capital until then we must continue to build our business without focusing too much on what our competitors are doing.