Kshiraj Mahtani, Founder of CCULO, shares his learnings as an entrepreneur and highlights the key steps that you need to take in case you decide to run a business that is self-funded
As an 18-year-old entrepreneur, I have faced numerous challenges while embarking on the journey of entrepreneurship. Perhaps the most daunting of them all has been securing funding for my business. Unlike more seasoned professionals with years of experience and financial resources, I had to take on multiple roles and responsibilities to save costs and get my self-funded venture off the ground. However, this experience has turned out to be a valuable asset, allowing me to develop skills that I might never have acquired otherwise.
I’ve already established myself as an entrepreneur with a thriving glamping business operating in Dubai. But my latest venture presented a fresh challenge – starting a monthly subscription underwear line called “CCULO.” CCULO is a unique underwear line which follows a SAS model where consumers can subscribe for the mere price of 35 AED and receive a pair of underwear at their doorstep every month. This project began just two months ago, and I had limited financial resources at my disposal. This meant I had to take charge of various aspects of the business, from developing my website to managing marketing strategies and communications with both suppliers and customers. The journey has been nothing short of incredible, primarily because of the invaluable skills I’ve acquired.
However, I acknowledge that not every industry is as forgiving when it comes to launching a business with limited financial backing. But here’s the thing: many industries offer opportunities for entrepreneurs like me to make a start without deep pockets. It often comes down to leveraging the resources already available in the market.
Here are some industries that are well-suited for entrepreneurs who wish to embark on self-funded ventures:
E-commerce:
The e-commerce sector is a prime example of an industry that welcomes entrepreneurs without significant financial investments. With an abundance of online resources, including thousands of educational YouTube videos and user-friendly platforms like Shopify, anyone can start an e-commerce business in a relatively short amount of time. Setting up an online store is more about your time and effort than your initial capital.
Affiliate Marketing:
Affiliate marketing is another low-cost entry point for budding entrepreneurs. You can become an affiliate marketer for existing companies and earn commissions on sales you generate. The investment here is primarily your time and energy, as well as some basic marketing skills to promote products or services effectively.
Influencer Marketing:
In today’s digital age, becoming an influencer is a viable path to entrepreneurship. You can build your personal brand and leverage social media platforms to collaborate with brands and promote their products or services. While it takes time to grow your influence, it’s a path that requires more creativity and dedication than financial resources.
In conclusion, choosing a business that can be self-funded often depends on the resources available in the market that you can harness to your advantage. While not every industry may be equally forgiving to entrepreneurs with limited fiscal backing, there are plenty of sectors, like e-commerce, affiliate marketing, and influencer marketing, that offer opportunities for those willing to invest their time, energy, and passion. The key to success in self-funded ventures is resourcefulness and the determination to learn and adapt as you go along.
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- Source: https://mystartupworld.com/how-to-choose-a-business-which-can-be-self-funded/
