STEPS to Starting a Business with Next to No Assets while Forming an Affiliation with a Nonprofit

Written by: Lannette Inouye, Executive Contributor

Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.

Starting a small home-based business takes a lot of patience, time, education and planning; however, it’s definitely attainable if you really want it. Everyone has transferable skills, and you certainly don’t need to spend all your hard-earned money on expensive courses to obtain these skills!


EXAMPLE:

I had $1000 dollars barely to work with and held down a full time special educational career; knowing that retirement is close, I consciously put my wheels into motion. I was very determined! I didn’t leave my job, and continued to work. For two years, I had spent my weekends and evenings planning, researching, and putting my ideas together. What had occurred to me as I have some pretty amazing skills to work with. Transferable skills I acquired over the years, skills that were sitting idle for a very long time!


These transferable skills can prove to be reliable and useful in your business path!


1) The first thing you need to do is make a small list of your personal and professional skill set, like I did.


This is the realization I made about myself! These are my top 4 skill sets


  • Skills and talent of an artist, a writer and graphic designer.

  • A Bachelor of Commerce Degree and an Entrepreneurial Management Diploma

  • Education and knowledge of Social Services, Psychology, Applied Behavior Analyzation, Autism Spectrum Disorder (ASD), and Special Education.

  • Experience and knowledge of working with nonprofit organizations.


Now make a list of your own 4 most prominent skill sets!


2) Create a list of assets you have acquired or desire to obtain.

EXAMPLES OF ASSETS ARE:

Business idea, Business plan, Approved business name, Registered business, Skill set and talent, Knowledge and/or Education, Desire to learn, Ambition, Product, craft, merchandise or services, Website/Blog, E-commerce store or marketplace platform, Office equipment, Small savings, Business bank account, Basic credit card.


YOU REALLY JUST NEED TO PLAN YOUR STRATEGY, CHOOSE SOMETHING YOU KNOW WELL, GIVE YOURSELF TIME, AND CREATE YOUR BUSINESS PLAN FROM THAT.


1. Register your business and business name with your government registry program.


2. Many online places offer low cost legal documents too, like business plans that you fill out the details of your business and the program guides you through the process. I access https://www.lawdepot.ca for numerous legal Canadian documents. It only costs me just under $6.00 a month for unlimited legal documents, very convenient. Most countries have free to low-cost options for business startups. Search google with FREE OR LOW-COST BUSINESS PLANS. That way, if you ever decide to obtain a small business loan or grants, you’ll be prepared. I believe it’s not necessary to have a business plan complete before launching a small home-based business, but it doesn’t hurt to have it either! I like to refer back to my plan as a reminder of my next steps.