After completing medical school and having more free time for herself, Adesola Ogunsakin aimed to bust the notion that medical professionals don’t have time for hobbies outside of work and maintain their careers. Through pursuing her love of fashion, she fell in love with retro style, and she built The Retro Bag business from that love.
Ogunsakin always knew she had an entrepreneurial side and chose to explore that further. Identifying a need in the market for retro vintage bags, she decided to bring this line of retro bags to a younger group of people.
She has a love for her medical career and a new business venture, showing others that you can pursue both sides of your personality. It doesn’t have to be one or the other. Ogunsakin’s vision is to build the business, have critical people running the business while she oversees the company and has time to pursue her medical career.
Does that sound like big, lofty goals? They are!
Ogunsakin started her business with zero dollars in her pocket and offers these tips to those who want to start their business but have no money to invest in it. She doesn’t want the lack of money to stop other women entrepreneurs from pursuing their dreams.
Ogunsakin’s top tips for starting a business on a zero budget:
1. Research what you have available to you
In this digital landscape, you have access to many free social media platforms where you can start promoting your products and services for no money. Resources like YouTube are great because they are video-focused, give the consumer an idea of you and your product, and are SEO compatible.
2. Set up your own website
You don’t need to invest in a graphic designer to set up a website for your business. You can get started with little money and do the design yourself. Save that fancy website that will cost thousands of dollars for when you can afford it.
3. Connect with different sellers who can help you
Many business owners like to support other business owners, especially when you are first starting. Creating and building relationships with other business owners who can help you get ahead is essential, but you also need to reciprocate when you can help them out. It takes a community to build a business.
4. Don’t take no’s personally
Rather than seeing a no as a closed door, remember that a no means not right now. Don’t give up or get discouraged by hearing no’s from others – they are redirecting you and building your resilience.
5. Get scrappy
Don’t be afraid to get scrappy and resourceful in your business. Starting a business with little money to invest in that business takes creativity. Don’t be scared to try new things and approach problems differently. Your imagination may be what you need to succeed.
The bottom line is that starting a business is hard work, but don’t let that discourage you. Ogunsakin feels that in our society, it’s important for women business owners to support each other in our journeys and encourages you to get out there and pursue your dreams.
Melissa Houston, CPA is the host of She Means Profit podcast and blog. She is a Finance Strategist for CEOs where she helps successful business owners increase their profit margins so that they keep more money in their pocket and increase their net worth.
The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.