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Don’t start a business by spending money


don’t start a business by spending money
anybody can spend money and the people
who spend a lot of money to start a
business are usually the ones who end up
losing a lot of money the key is the
bootstrap it up start making money show
me and show yourself that you can make
this into a business and put it back
into your company continue the growth hi
I’m Evan Carmichael I believe that
hungry entrepreneurs deserve help and
today mates in a question from Michael
who’s one of my readers who wrote insane
let me ask a specific question what is
your best advice putting on the spot
here your best advice if you have no
personal seed money no credit available
and you’re not sure which idea would be
the one to get you going Michael welcome
to the club you know what a lot of
entrepreneurs when they start up they
don’t have a rich uncle they don’t have
a lot of seed money they don’t have tons
of credit they don’t have people backing
them this is on you and if you can
bootstrap your business up it gives you
a huge chance of being able to be
successful versus all the other guys you
don’t need that stuff to be successful
the entrepreneurs who believe they need
to have the outside capital make
themselves go if you have that limiting
belief then it’s always going to hold
you back so congrats writing in wanna
start this business that having the
courage to get it going and knowing you
don’t need to have a lot of money to
launch it the best way to do it is start
talking to your clients start talking to
potential customers if you have multiple
ideas go talk to different potential
customers and see what they think get to
know their problems get to know what
makes them tick ask them what do you
think about this idea see if they like
it see if they’ll order from you right
that’s going to be the big test will
they actually spend money with you
you’re not going and asking for the sale
though you’re asking to go in just to
talk to them get to know their problems
present potential solutions and see if
they’re interested in it or not the best
feedback you’ll get is going to come
from potential customers I made this
mistake early on in my software company
I spent tons of time working on this
feature that I thought my customers
wanted it’s the most complicated feature
in our software and it turns out they
didn’t really care and luckily I had
enough other great stuff in my software
they’ll make it work
but a lot of entres make that mistake
you know learn from my mistake build
your business around your customer and
find out you know you want to know if
it’s a good idea find out someone’s
willing to pay you for it and the best
way to get started if you’re going to
bootstrap is around the service you may
have a great product idea you may not
want to trade your time for money but at
the start you got to get close to your
customers and you got to keep your costs
down and that comes from starting the
service find a potential customer with a
problem and offer to help solve it for
them see what they think am I starting a
service it does a couple things it gets
you close to your customers it gets you
to really understand that their problems
if it’s their business or their personal
life what their challenges are and how
you can help it also brings in
consistent revenue for you you’re
keeping your cost down you’re bringing
wrapping you in you’re getting to the
point of survival where you have to go
back and get a job again working for
some way that you hate doing something
that’s beneath you and and watching
other people make big dollars off of
your idea you need to get money coming
in and that starts from having a service
if you have consistent cash flow coming
in then that gives you the platform for
growth if that’s launching product if
that’s launching new services as I bring
it on a team that that’s growing beyond
your local market whatever it is growth
so you’re asking all the right questions
this is great i’m excited for you i hope
you’ll take those steps start by talking
to your customers see what they think
see which there was they like best and
start again with that service instead of
the product to help you bootstrap it up
for everybody who’s watching if you’re
in the same situation you do not need a
lot of money to start a business the
guys who spend a lot of money often lose
a lot of money it doesn’t guarantee your
success by any means successful
entrepreneurs by the most part if you
research their stories look at any
famous entrepreneur look up to for the
most part they started with nothing it
was them in a dream and a lot of hard
work and you can do the same good luck
for those of you watching if you liked
the video you know the drill thumbs up
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comment below or you have a question
about your own company please leave in
the comment section below i really love
seemed to come in and i check those
every day so thank you and I’ll see you
on next
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