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How To Start A Business With No Money
You don’t have to have money, but you will need Confidence to get started.
1) Sell Your Stuff
Everybody had junk they paid good money for but they don’t use. That junk could be your startup capital
2) Sell Your Time
Freelance your skills strategically. Only take jobs that stretch you in the direction your heading in.
3) Sell Your Know How
Information marketing is one of the fastest growing segments of online business. Information businesses make it easy and inexpensive to start, fail and recover. They’re also incredibly high profit margin businesses.
4) Sell “You” As An Experience
Listen to the video as I explain to you about how to determine your worth as a coach or consultant.
My Business Philosophies
Build Your Business From Revenue Only – Not from credit cards, family loans, or investors. Those are shortcuts you’ll regret.
Fail Fast, Fail Often, Fail Forward – having a successful online business requires one skill above all others. The skill of getting back up when you get knocked down with a throat punch.
Selling changes lives – Selling should be a win-win. It should change your life and the person’s life who’s buying.
[content_toggle style=”1″ label=”Transcript” hide_label=”Hide”]I'm going to spend a few minutes today talking to you about how you start a business with no money now I'm going to make one of 2 assumptions about you if you're on this video today number one is you don't have any money to start a business and I get that and think that's about where I started when I started my business number 2 is just like the confidence to get going and a lot of people using money as an excuse for not getting going in their business because they're just scared of what we're going to do on this later today if I'm going to walk you through 4 steps to start your own business with no money and hopefully what we're going to do is I'm going to show you how to generate some revenue and also some confidence in what you're doing okay so the first thing we're going to dive into it so your stuff okay everybody's got Junk laying around the house that other people would value that we could sell and we can use platforms like Craigslist we can use eBay and Facebook even has part of their platform now where you can list your items on there as well know what I want you to do when you're doing this because I want you to go and catalog everything that you've got that you might be able to sell or you can put online and the bottom line is it's not so important that you actually sell something the more important thing is that you learn how to sell things through this process okay so I want you to focus on subject lines that you're going to write to your ads on Craigslist or Facebook and then the copy that you put in there don't do what everybody else does and just kind of give the details of your if you've got Outta 10 speed I have a 10 speed in my basement right now so I'm actually 10 speed it's a triathlon bike but I really need to put on Craigslist and cell so I can go on there and do what everybody else does because I can put my item on there and I can give all the details of my item or I can tell a story about this thing I can talk about the triathlons I did and how this was a great starter bike and for somebody that's looking for a store to buy this bike is the one that will get you across the finish line and for the price you get what I'm saying like tell stories when you're doing this stuff the most viable exercise that you can participate in when you're starting a business selling stuff is to focus on your add copy and see what works okay because that is the skill is going to be more valuable at the next level than just being able to sell it 10 speak okay II think so yourself that may sound kind of funny and it's probably not what you're thinking right off the bat when I say sell yourself freelancing and I just read an article a couple weeks ago that talked about in 10 years 80% of United States population will be Freelancers it's called the gig economy so this is where things are heading it heading toward you being paid to perform an action or a skill and it being performance-based bottom line here is what that means if we're not good at what we do and 10 years we will not be employed upside is that you can get a jump on everybody else by developing a skill set is available okay so what I want you to do is I want you to start diving into the freelancing thing here's the bottom line you don't have to spend any money to freelance okay you can go on sites like upwork row death and you can look around in the skill sets that are required some of them are super technical light web development and then some of them are super non-technical like running errands for people or doing research for data entry and you going to go in there and kind of fun a sweet spot for where you are right now and learn how to sell yourself and get customers again everything about doing business online is about how do you get people that don't know you to engage with you okay and freelancing is a great way to do that no reason at second on the list is because what I want you to do with the money that you made from selling your stock is reinvested into yourself okay a lot of people want a return on investment without actually making the investment there are a ton of great training resources we're developing training resources for people that want to do business online but here's the bottom line you get no return on an investment that you don't like if you don't find a way to create some margin in the money that you're making from these first two levels and roll that money back into yourself you will never level up to the third level and that third level is so your knowledge okay so stay with me right here this is the business that I am currently in Wheatfield digital products online and I think about what that means for a second we take what we know we package it into video training audio training and written format and then we cell what we've learned over time to other people and I want to talk to you for a second about an idea that you may not be aware out hopefully you are but it's the idea of cost of goods sold so let me give you an example if you're going to sell toaster ovens for letting right you got to go out and you gotta find a place that will Source those toaster ovens or you've got to invent one and then you going to put a bunch of money up front and get an inventory of the toaster oven then you gotta pay somebody to have those toaster ovens and then when you cell 1 somebody's actually got to go get the toaster oven put it in a box and ship it out okay everything underneath that is called your cost of good sold everything related to what it takes for you to get your product to your customer is cost of goods sold okay so if you're selling toaster ovens you hope that your cost of good sold at some Percent so that you can run your business off of that other 60 to 75% and I hope that didn't get too technical here's the bottom line when you sell a toaster oven every time you cell when you have a cough in that sale if it's a hundred bucks you might have $30 of cost in that sell here's why I love information businesses what you're selling what you know once you develop the product your cost of goods sold is really really small right we had the cost for a digital product platforms we use Infusionsoft we use a kijabe to run our programs and so their cost that we have their hard cough that we have in those every month but the bottom line is every time we sell a new member that are cost of goods sold actually shrink a little bit and we don't talk we don't pay anything to deliver the video okay we're still on the same video over and over and over again for cost of goods sold is really small now here's what that means for you if you decide to start an information marketing business this is a word you will understand profit information marketing businesses have inherently a lot more profit on them 4050 or 60% after you pay for everything now here's why that's so important is because if you're starting a business and you've never been in business before profit gives you the opportunity to do one thing over and over and over again fail more profit means you can feel more often and still make profit okay when your margins are 8 to 10% when you're really killing it profit margins that if you make a mistake and you're out of business business is going out of business all the time because the profit margin is so thin there's just not room for error in profit gives us room for error so selling a knowledge mean that you level up maybe you go into freelancing and your freelancing somebody being a bit virtual assistant and then after awhile you realize hey I really know how to do this for actual assistant thing I think I can create a course on this the people that want to have virtual assistants would buy and then you create that product can you start selling it and that product almost all of that money goes straight to your bottom line information marketing business or must have business if you're going to do business online okay end in the 4 thing in the last thing is sell yourself as an experience now I used to do Consulting for a living and I woke up every down today and I hit the ground running it was at the line or they could sell thing right whether you're align orgasm everyday when you hit the ground you got to hit the ground running and that's just a terrible way to live I was away from my family too much and so when I left the Consulting world I decided no more consulting firm in fact I swore it off for a couple of years and then when people started coming to me with these ridiculous offers to consult I made an even more Ridiculous by saying here's what I charge to consult and it's a six-month engagement and there's no backing out of it and you got to give me somebody on your team that I can catch up on these systems and ideas and so as a result of that I don't do a lot of Consulting but the bottom line is when I do do it I get paid a lot to do it and the reason is the reason I make a lot and I'm worth a lot it's because I charge align okay in a lot of people When your work more people will pay you more when you charge more people pay you more and it's actually worth more to them there is that there is an elasticity 2 price that comes along with selling digital products or selling yourself as a in a Consulting role and elasticity mean when you decide that you're worth more you will actually be worth more to other people and when they decide to engage you and pay the higher price they are more committed to getting a return on their investment by doing that and I think that is a huge thing to learn but the bottom line is this I told you a lot of money for Consulting but I make a lot more money selling digital products 9999 bucks at a time okay so this is my parting shot across the bow when I got started in this I froze up a lot in fact I freeze up before I shoot these videos a lot of times they're just I think you know does anybody want to hear this or do that and there's just this moment where all those voices in your head start talking if you watch this video a couple of times and they overwhelm you inside when I talk about these three stages you may not even be able to put your mind around up selling a digital product for charging a lot of money for Consulting and here's what I want to ask you to do don't do that here's what I'm going to ask you to take action just sell some stuff in your basement and get started because this is what I know when you turn the car on the map of here the navigation of here but until you take action you are not going to be able to see where you need to go so when you get the first step done and you start selling stuff online I promise you the ideal business for you will begin to take shape and every time you take a step forward you're going to get a little bit better idea about that you got to be willing to Pivot you got to be willing to persevere at and you gotta be willing to fail okay so go get them if you have questions or comments put them in under the video and I'll be glad to jump on an answer those for you otherwise I'll see you in the next video