I’ve built my first business, an online retail company focused on football gears, with just ₱5,000.00 (US$100) in 2015. It grew into a six-figure business and enabled me and my wife to leave our day jobs and become full-time entrepreneurs.
In 2017, my eCommerce development agency became a Shopify Partners and Google Partner agency. The only investment that I made was a one-year domain subscription plan for my agency’s website that I’ve built.
I only spent ₱2,400.00 (US$50) to get Magnate Media rolling.
The point that I’m trying to make is that you can build your own empire even if you only have nothing but grit and the desire to succeed.
Here are a few tips that you can use to build your own empire despite having limited resources:
Whenever I build a new business, accept a side project, or do anything in my life, I always start by creating a detailed plan. If you are traveling to a new place, you always use a map before taking your journey so you can make your travel experience pleasant and efficient.
The same goes for building empires. You need a detailed map so you know exactly how to achieve success in building your own business.
Keep Your Offense and Defense Strong
I’m talking about your personal income and expenses here. Building a successful business from scratch requires financial capital. You need to be wise in handling your personal finances if you want to see your idea turn into reality.
One of the main reasons why I can exercise my passion as an entrepreneur is because my wife keeps our household’s offense and defense strong. Whenever our household’s offense is declining or our defense weakening, she makes necessary changes or suggests actionable steps to keep our household’s income within or above the goal and our expenses below the budget.
Use Resources Wisely
Building an empire takes time and energy. If you carelessly spend your time and energy on petty things, chances are high that you won’t succeed no matter how big your financial capital is.
Your capability to stay focused on building your business relies heavily on how you use your time and energy. Keep yourself from things that won’t help you push your business forward.
Get Early Wins
Getting the traction your business needs early in the game is truly important if you want to succeed in building your own empire. Getting those early wins not only increases your confidence in your abilities, but it also confirms that your business idea has a place in the market early on—saving you days of researching and doubting if your idea makes business sense. Getting small or big wins early in the game also build the momentum that you need in building a successful business.
Roll Up Your Sleeves Daily
In my own experience, hard work always beats talent and lack of resources. If you put in the right amount of work needed to push your business one step forward, then you are increasing your chances of succeeding in building your own empire. Regardless if you have tons of capital in the bank or you lack resources, work hard daily.
I’ve built my businesses using less financial capital but with a huge amount of detailed planning, disciplined money & time management, focus on getting early wins, and hard work on a daily basis.
You can too!