How Can I Start A Business With $10,000?

How Can I Start A Business With $10,000?

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Guest post by Rizwan Aseem. Find the original post on Quora: How can I start a small business with $10000 in the USA and in what state?

How Can I Start A Business With $10,000?

I lost $10,000 because I believed in get-rich quick schemes. I bought coaching, and marketing tools and all sort of junk. Until I finally realized that $10,000 is not enough money to start if you don’t know what you are doing. But if you do know what you are doing… it’s a lot of money.

For starters, don’t look for a business, look for an audience who has a problem. Then go out and solve that problem for at least 3 people in that audience. Ask those people to pay you.

Keep doing this. Spend no more than $100 to test out your idea, from inception to getting the first 3 people to sign up. If you see there are people who are paying then you can put more money, and scale it up if it is profitable.

If it’s not profitable, if it is a dud, move on. The lessons you learn from taking action and doing the things that will move you to a successful startup will be worth 100 of 1000s of dollars.

Read the Lean Startup by Eric Ries, and if you can watch the Lean Startup Workshop by Ash Maurya.

They will teach you more than you can by anything else. Spend money only on marketing your business, and not on learning to market by buying courses.

Learn by doing.

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About the Author — Lydia serves as Content Manager for Nav, which provides business owners with simple tools to build business credit and access to lending options based on their credit scores and needs.

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