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What is the minimum amount of money possible to start a successful small project?

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Question added by Lamya Adam , Front Desk Team Leader , Mariott
Date Posted: 2015/07/30
salman khalid
by salman khalid , MANAGER SYSTEMS DATA CENTER MANAGER , KING KHALID UNIVERSITY HOSPITAL

Dear If you have great idea  and having capability of convincing then the world is full f investors

You can start with any amount of money based on the business location, kind of business, amount of resources to run the business and their wages.

hatem labib
by hatem labib , Quality control manager , MISER consultant

the many which you have is enough to start

Amount of money doesn't guarantee the success of a project. Its how you manage tells you if it is success.

Elke Woofter
by Elke Woofter , Project Assistant , American Technical Associates

All depends what kind of project you are talking about....

Are you building something ....  like ceramic ware or a building .... a business like a store or restaurant?

Yes, it takes planning ahead ... having a startup and running budget (overhead like rent, employees pay, utilities, taxes...) .... location ... advertising ...

Some fancies you need a networth between $250,000 - $500,000 ... at least a cash value of3-6 month...

I agree with Mr. Anil Naram's statement.... it does not guarantee's you success.

The fact is10 out of100 new businesses will fail ...

We can not figure out the minimum amount of money , But I think It is better to estimate the minimum Percentage of the total Project Budget , Like a10 % of Total price It could be enough .

But sure It is depend on the kind of the project : for example some electrical Project need at least40 % as a down payment to start .

Thanks for invitation .

mohammad ali malekian
by mohammad ali malekian , deputy of mashhad internatinal airport , iran airport ompany

You may have to ask right question to get right answer

Else may get general answers which may not really serve the purpose of raising query.

Bilal Habibib
by Bilal Habibib , General Manager , Flour Mills

it depends on size and type of project

Mohsen Saeed
by Mohsen Saeed , محاسب مدفوعات , Blue resorts egypt

Abou two hundred thousand

Laith Abdullah Nasser
by Laith Abdullah Nasser , Management & Training Consultant , PCI Global Incr

This is certainly the sort of question that you can not get answers from others. 

 

it may range from 5 US $  or even 50,000 US $   like Fiverr  online businesses or real life one. 

khaled elkholy
by khaled elkholy , HR MANAGER , misk for import & export

1. Build your business around what you know. Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance. Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.2. Tell everyone you know what you are doing. Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.3. Avoid unnecessary expenses. You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending. Take something as simple as business cards. You could drop $1,000 on500 metal business cards that give off the “cool” factor, or you could spend $10 on500 traditional business cards. Being frugal in the beginning can be the difference between success and a failed business.4. Don’t get buried in credit card debt. There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can all quickly add up. Instead of purchasing everything at once and throwing it all on a credit card, use your company’s revenue to finance your expenses. Eliminating the stress and burden of debt will greatly increase the chances of creating a successful business. Related: Funding Your Business on Your Own? Learn From These7 Entrepreneurs5. Make sure your receivables policy won’t sink you. If your business is a retail operation then this isn’t going to apply, but if you are providing services such as consulting or products to retailers you need to make sure that your payment policy is well thought out. Can you remain above water with net-15 or net-30 terms? Don’t base your receivables on what you think your customers will want. Base them on what is going to make your business operate successfully.6. Build up sweat equity. When I first started my business I worked around the clock, handling every aspect of the business as well as the marketing and growth. All of the hard work and long days that you put in isn’t for nothing. You are building a brand and your hard work is essentially increasing the value of your business. Your sweat equity will come into play if you ever decide to sell off a piece of your company or take on a partner.7. Take advantage of free advertising and marketing. There are several ways to generate a buzz for your business without breaking the bank. Social media is a great way to gain exposure and interact with potential customers. You can also reach out to local media and offer your expertise. Make as many local media contacts as you can and be extremely responsive with their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.8. Get ready to hustle. Hard work is an absolute necessity, but when you are starting a business with little to no capital then you must be prepared to dedicate everything you have into making the business a success. This might mean cold calling, handling customer support, dealing with billing and accounting, and every other working part of your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.

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