Entrepreneur Alex Miller set up his own firm with the least amount of investment and turned it into a multi-million dollar business. He recently featured on Yahoo Finance in the ‘Top 20 Business Leaders You Need to Pay Attention To in 2020’ list.
He shared a few tips on setting up a business with low investment and generating millions from it.
The idea of starting own business: When you know there’s a demand for a specific type of service and you know you can provide it, I’d say go for it because that’s what I did. There was this huge opportunity staring me in the face, I knew I had the expertise for it and that’s it. I just went for it.
I did not have the kind of investment required to start a business but that didn’t bother me: Well, it did, initially. I had seen people invest millions in businesses to make their ventures successful and there I was, with the least amount of investment. Of course, I had doubts, I’d lay awake at night, thinking what if it didn’t work? I had left my job for this venture, I was scared of failure because I had been completely broke before, to the point that I didn’t have money for food and that life isn’t easy.
How did I manage to overcome the fear: I had confidence in myself and my ability. I wouldn’t say I wasn’t worried or that I managed to overcome the fear completely but I had made a decision and I had to stick to it. I saw this as my one shot at completely changing my life and it did.
The most important question, how did I manage to make millions off of a business that I set up with a very low investment: It wasn’t a piece of cake, but I knew it wasn’t impossible either. My business idea was services based so, I made sure my first ever clients left fully satisfied.
Once they began to see how good I was at what I did, they spread the word about my services around, on their own. It didn’t matter to them that I lacked investment, they could see I had the skills. I had turned a room of the apartment I was living in into my office.
My skills were all that mattered, my financial strength didn’t. I constantly kept polishing my skills, learning more and more about the business by the minute. It took me time to turn it into a million-dollar business but it was all worth it.
What advice would I give to anyone who is currently in the same situation I was: I’d say never let the lack of money stop you from pursuing your dreams.
Find out what you’re good at and then do market research on the demand of your product or service. If your venture is based on the provision of services, ensure that you do the best possible job at it. Satisfy your clients so your expertise becomes evident.
If you’re amazing at what you do, it won’t be long before people will start recognizing you for your skills. For a product-based venture, gather money by selling a service first. After you’ve managed to make enough, invest it into your business.