Start Small Think Big – Is it better to start small or think big?

is it better to start small or think big
and my answer would be both I got a
great question from one of my youtube
viewers Peter who’s trying to start a
gym and he’s unsure of if he should
start small rent from other locations
and build up from there or think big and
create his own place from scratch
exactly how he wants it and continue to
launch new businesses from there and my
answer really is to combine them so what
I would love for you to do is start
small but then also have that big vision
big picture in mind here’s the reason
okay this is real talk this is important
because a lot of entrepreneurs think
they have to start big and it’s possible
and you can you can have success doing
it the challenge is when you start right
away big your chances of failure go up
dramatically because you don’t know what
you’re doing you have a concept in your
head and that’s great but things are
rarely they rarely work out as you think
they will every time every I successful
entrepreneur has built a business plan
that business plan changes a thousand
times before they end up hitting their
success because the assumptions that you
make are wrong most of the time so if
you’ve never done this before if you’ve
never built a huge business and you
start by going big you’re probably going
to make a lot of mistakes you’re
probably going to have some incorrect
assumptions and as a result your
business will fail and the reason why
it’s so important is because if you’re
investing your life savings you know if
you’re mortgaging your house if you’re
taking on investors you can’t afford for
it to fail at least I wouldn’t if it
were my business if I was taking out a
mortgage or boring money from my friends
and family I would want to make darn
sure that that business had the best
shot of success so I origins courage
entrepreneurs to start small to test to
test your your thoughts to test your
assumption see if what you think will
work actually works because you don’t
know until you actually get out there
and
doing something you test small you show
that it works you keep making
improvements you listen to your
customers and keep building up keep
investing back into your business and
then when you have something that you
know works you can raise the money you
need to blow it up you know if you can
get one gym working really effectively
and that starts from renting from these
other gems and then building yourself up
if you can get it to the point of one
gym being amazing then you can raise
money to expand you have a formula that
works and it’s built on something real
and it dramatically increases the
chances of you being successful here’s a
quick example that that can really
relate to what you’re doing I’m an
investor in a salsa dancing business
here in Toronto the company’s called
Toronto dance salsa and how it started
was just renting from gyms in their
off-hours so did teach people how to
dance salsa and it’d be like six to nine
at night type of thing the rent was
super cheap and the founder didn’t have
any business experience before this she
worked in hotels and had a great
corporate life but had never been an
entrepreneur and so she’d learned the
ropes on a small scale by building up
classes from these gyms and she got to
different locations and she tested her
model and she she not only improved
herself as an entrepreneur learning the
skills that you need to be successful
but also learning what it takes to build
a successful salsa company how do you
teach students what’s your methodology
what’s the 0 sequence you’re going to
teach them in how do you make sure
people come back and stay motivated
although that you can’t tell until you
actually go out and start doing it so
she did it on a small scale then worked
with different gyms open up different
location still renting still only paying
an hourly fee and she got to the point
where she could expand she had
confidence in the model and went out and
got her own location in a mall that cost
over a hundred thousand dollars a year
so instead of paying James 40 bucks an
hour she’s now spending a hundred
thousand dollars plus per year to have
her location but it works the business
takes off she teaches five to six
thousand students a year how to become
salsa dancers but if she went out took
out a huge loan talk to her family tried
to go to investors to get that hundred
thousand dollars plus just for rent it
wouldn’t work there’s too many things
that would have gone wrong in the
business all the trial and error
approaches that she took to get that far
wouldn’t have been there and she would
have had to shut down and maybe be in
debt for the rest of her life so start
small test see if it works and keep your
big picture in mind doesn’t have to take
you that long to get there but keep the
big picture in mind I don’t want to see
you struggling doing this thing
part-time for the rest of your life you
know at some point you need to see
momentum of progress and I know it’s
hard I know as entrepreneurs we want to
see things happen you know we hate being
down in the details and the operations
and we have big visions and it’s hard to
wait for things to happen but it’s so
important and it really comes out of me
wanting you to be successful and not
having to be in debt maybe for the rest
of your life and make one of the biggest
regrets of your entire life by going big
too soon it can happen but your chances
of success go up dramatically if you
start small and build up believe for
those are you watching you like the
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and I’ll see you soon
you