don’t spend money until you’re making
money it’s one of the hardest things to
do as an entrepreneur but one of the
most important lessons that you can take
because anybody can spend money if I
gave you a million dollars I’m sure you
can find a million different ways to
spend it but making money is the
challenge and I want to make sure that
you’re still around
I love bootstrapping up businesses but I
want to make sure that if you are not
still around in a couple of years
because you’ve blown through all your
money then you’re not gonna be there to
realize the opportunity that’s ahead of
you now question came in from Shelly was
one of my readers who’s selling
meatballs she’s had got gourmet chicken
meatballs and she said if I’m gonna
launch with no money can and should I
get purchase orders from companies who
be interested in purchasing the
meatballs for their stores and
restaurants absolutely try to line up
the sales before we even make the
product as much as possible if you’re
making your own little gourmet meatballs
then maybe you can make some in your
kitchen just as samples but you don’t
want to go out and spend tons of money
on something and then not have it work
out the worst thing you can do is spend
all this money get lots of inventory and
then find out that the market doesn’t
want it and that’s a common mistake a
lot of entrepreneurs make they have a
great idea for a t-shirt line or food
product or whatever it is and so you go
out and if you’re gonna get somebody to
manufacture it for you there’s these
minimum orders so suddenly you’re now
stuck with 10,000 t-shirts or frozen
chicken dinners or whatever it is
sitting in your garage and nobody wants
it that’s what I want you to avoid so go
out and start making sales see people
want this get the purchase orders if
people are saying yeah this is great
then you can go out and spend the money
too I’ll actually make them if all the
feedback you’re getting is saying now
we’re not interested then you’ve just
saved yourself tons of time effort and
dollars I’m not going down the wrong
path
with my first software business we made
that mistake where we invested tons of
time and energy into building this one
feature that turns out nobody cared
about we thought it was cool we thought
it’d be really helpful
my partners were in the field so they
should know what we’re doing but nobody
really cared about this feature now
luckily we had enough that was still in
the software that people would buy it
but we wasted so much time going down
the wrong path and from that moment on
we started building only around our
customers and we’ve talked to our
customers and we said what would you
like in the next version and our
prospects what can we do to make this
better for you and we charge them to
make the product for them and then
rolled it out to everybody else and so
we only built new features in around
what we knew our customers were
interested in and that’s the right way
to build a business and so I hope you
learn from that you know that lesson my
mistake of going down the wrong path you
don’t want to invest tons of dollars
into something because you think it’s a
great idea
get some justification from the market
get them to say yes go out and get those
purchase orders if you can get purchase
orders you can get financing you can get
the money you need to launch this thing
if you can’t get purchase orders then
maybe you shouldn’t do this business
maybe you should find another way to
stand another way to market another
product to sell if nobody wants it then
that’s a good indicator for you as to
what you probably shouldn’t do so a
great question good luck with it Shelly
so those of you watching if you agree
please give it a thumbs up below
everybody who’s trying to bootstrap
their business give it a thumbs up I
love seeing those come in and you have a
question for your business please leave
in the comment section below I always
read those and look forward to seeing
what you have to ask I’ll see you soon
you
money it’s one of the hardest things to
do as an entrepreneur but one of the
most important lessons that you can take
because anybody can spend money if I
gave you a million dollars I’m sure you
can find a million different ways to
spend it but making money is the
challenge and I want to make sure that
you’re still around
I love bootstrapping up businesses but I
want to make sure that if you are not
still around in a couple of years
because you’ve blown through all your
money then you’re not gonna be there to
realize the opportunity that’s ahead of
you now question came in from Shelly was
one of my readers who’s selling
meatballs she’s had got gourmet chicken
meatballs and she said if I’m gonna
launch with no money can and should I
get purchase orders from companies who
be interested in purchasing the
meatballs for their stores and
restaurants absolutely try to line up
the sales before we even make the
product as much as possible if you’re
making your own little gourmet meatballs
then maybe you can make some in your
kitchen just as samples but you don’t
want to go out and spend tons of money
on something and then not have it work
out the worst thing you can do is spend
all this money get lots of inventory and
then find out that the market doesn’t
want it and that’s a common mistake a
lot of entrepreneurs make they have a
great idea for a t-shirt line or food
product or whatever it is and so you go
out and if you’re gonna get somebody to
manufacture it for you there’s these
minimum orders so suddenly you’re now
stuck with 10,000 t-shirts or frozen
chicken dinners or whatever it is
sitting in your garage and nobody wants
it that’s what I want you to avoid so go
out and start making sales see people
want this get the purchase orders if
people are saying yeah this is great
then you can go out and spend the money
too I’ll actually make them if all the
feedback you’re getting is saying now
we’re not interested then you’ve just
saved yourself tons of time effort and
dollars I’m not going down the wrong
path
with my first software business we made
that mistake where we invested tons of
time and energy into building this one
feature that turns out nobody cared
about we thought it was cool we thought
it’d be really helpful
my partners were in the field so they
should know what we’re doing but nobody
really cared about this feature now
luckily we had enough that was still in
the software that people would buy it
but we wasted so much time going down
the wrong path and from that moment on
we started building only around our
customers and we’ve talked to our
customers and we said what would you
like in the next version and our
prospects what can we do to make this
better for you and we charge them to
make the product for them and then
rolled it out to everybody else and so
we only built new features in around
what we knew our customers were
interested in and that’s the right way
to build a business and so I hope you
learn from that you know that lesson my
mistake of going down the wrong path you
don’t want to invest tons of dollars
into something because you think it’s a
great idea
get some justification from the market
get them to say yes go out and get those
purchase orders if you can get purchase
orders you can get financing you can get
the money you need to launch this thing
if you can’t get purchase orders then
maybe you shouldn’t do this business
maybe you should find another way to
stand another way to market another
product to sell if nobody wants it then
that’s a good indicator for you as to
what you probably shouldn’t do so a
great question good luck with it Shelly
so those of you watching if you agree
please give it a thumbs up below
everybody who’s trying to bootstrap
their business give it a thumbs up I
love seeing those come in and you have a
question for your business please leave
in the comment section below I always
read those and look forward to seeing
what you have to ask I’ll see you soon
you
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