Startup Capital – How to Get Started Without a Lot of Money

hi I’m Evan Carmichael and in today’s
video I want to answer a question for
one of my readers to shock who asks how
can I start a business without a lot of
capital it’s a great question and what I
want to remind you of is it’s not so
much about how many resources you have
when you’re starting out it’s more about
how resourceful you are that will
determine how successful your company
will be as you grow so if you don’t have
a lot of money to start at the business
that’s okay what I applies entrepreneurs
to do is try to start a service-based
business instead of a product based
business that’s number one product based
businesses are more expensive you have
inventory there might be a manufacturing
process you have to store your product
somewhere there’s a lot more cost and if
you don’t sell your product you’ve stuck
with all this extra inventory that you
can’t get rid of we’re a service-based
business the only cost really is your
time you may need some business cards
meaning the website to help you get
started but there’s not a lot of other
costs that are associated with it it
also allows you to get really close to
your customers learn more about the
problems that they’re facing and if you
then decide to launch a new product
afterwards you know the types of things
that they’re really going to need so
think about a service-based business and
separate product based business to help
you get started the second thing I want
you to think about is you don’t
necessarily have to start full time can
you do your business part time to get
you started so you have some momentum
going and you ensure that you have some
money coming in from another job that
may be on a part-time basis so it’s
great if you can launch fallout into
your business but if you can’t afford
that you can always turn the part-time
basis it’s more important that you make
steps every day to build your business
even if it’s on a part-time basis then
to advise tons of energy for three
months and doesn’t take off and then you
shut down the business so if you have to
start hard time that’s okay one thing i
want to remind you of and what I want
to think about is can you build your
business around the customer around the
pain customer so a lot of entrepreneurs
will start a business they think they
have the greatest idea in the world and
everyone is in by the product and then
they get out into the market and nobody
wants what they’re selling the best way
to build a business is to find a
customer who has a problem and offer to
solve it if you can build your business
around paying customers you much more
likely to become successful and the last
thing I want to talk about is I would
strongly encourage you to follow your
passion a lot of entrepreneurs start a
business because they think you’re going
to make a lot of money but they’re not
really interested in whatever field
they’re getting into it’s almost always
a recipe for failure the most successful
entrepreneurs are the ones who follow
what they’re really really excited about
passionate about it you can pour the
heart into and people see their
enthusiasm and they want to jump on
board and they want to hire you or they
want to buy your products or service so
really try to tap into what really makes
you tick what you’re super excited about
and try to launch a business around that
passion so I hope that helped if you
enjoyed the video please leave a comment
below if you have any other questions
and also going to check out the comments
below and I also get the video it comes
up and we’ll see you on the next episode
you