Venture capital is often seen as the best way to grow a business, but a majority of the fastest growing companies in the world today don’t take one dollar of venture capital. Instead of looking for business angels and incubators to give them the funding that they need, they are taking a different route. What are these companies able to do that every company should be able to do?
1. Build Up The Company One Step At A Time
Sometimes slow growth is the best kind of growth to achieve. You don’t need to have 800,000 properties in more than 190 countries like Airbnb happens to have right now in order to be successful. Sometimes success can be defined as being profitable when you’re trying to find a couple of air mattresses that are on your own apartment floor in San Francisco. Build your business one step at a time and the sustained growth is more likely to be permanent growth.
2. It Only Takes A Little Money To Start Creating Some Big Money
If you have an idea that will transform an industry, there will be people who are willing to invest what you’ve got. For a small investment now, you can provide them with an advanced access to your idea and this will prove the concept behind it. If you can do that successfully over a period of time, your customer will actually fund your growth.
3. Saving Money Is The Biggest Problem That Can Be Solved
If you can create a better product for a lower price than your target market can get anywhere else, then you’re creating a major market where a lot of success can be achieved. If your customers come back to keep getting some more of what you’ve got, then you’ll be able to start building bigger revenues, more growth, and eventually wind up with something that is truly incredible. Just ask Krishnan Ganesh – in 6 years, he created a $200 million product from a $100 per month subscription for tutoring.
4. Sell Products Before You Have Them
The flash sale concept is a beautiful thing for the retail market and something you can use to have your customers raise money for you. By selling items now and shipping them to customers, you’ll get revenues before you have to pay your suppliers. This means you can potentially build a business without any capital and wind up becoming one of the hottest brands in your country.
5. Focus On The Strengths That You Can Provide
The internet is an amazing global community that provides you access to a number of unique demographics. Your strengths can be focused into a cohesive product that people are going to keep wanting and this can give you a consistent level of revenues that will fuel your growth. GoViral sold for $97 million after 8 years of work and they never took any investment capital whatsoever.
You can build a successful businesses from one good idea. You can have your customers fund the business so you can build slowly, but surely, step after step. When you do that, then you’ll be able to have an incredible business opportunity and the possibility of huge profits.