Starting a blog like WagePirate.com has always been on my radar but I never took action.
And I'll tell you one thing. It's all about starting. Overcoming your limiting beliefs. When I started writing this blog, I was in 12 grand debt. Now, although it might not seem like much, I've been in debt for the better part of 6 years. It's always been hanging over my head and holding me back from making decisions.
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I was listening to a podcast the other day (one of the Self-Made Man podcast episodes), and one of the interviewees said that the best thing you can do is put 10-30% of your money each week aside and save it in the bank. As you proceed through your journey, time sees this accumulate. He said, when you have money in the bank, you make better decisions as you're not just making decisions based on money.
I love this idea. It's similar to a concept in the book The Richest Man In Babylon, where he says that if you put 10% of your salary away, in 10 years you'll have a years salary in the back PLUS compound interest!
Now, as we start our entrepreneurial journeys, some will start either in debt or with no money coming in.
There's no excuse good enough not to start your business today
For many years, you've probably been planning your ultimate business, OR, better still, been planning to plan your business (lol, how true is this - guilty!).
Surely, you've dreamt of becoming a successful entrepreneur. It’s a wonderful scenario, right?
Everything seems perfect.
But now, why are you still thinking about it? If it is that good in your head, why not start working towards it today?
Stop. Did you think of something that is holding you back just then?
“I want to start a business somehow, but I don’t have enough money to do so.”
This is an extremely common thought, and rightly so. Money makes everything go around. BUT it's a limiting belief. Starting your business doesn't require money. Tools cost money, but starting the business does not.
You probably think that you need more time, a better business plan, and, of course, a large amount of money to start a business. But I will tell you this:
“Don't let the lack of money stop you from getting what you want.”
In reality, most successful entrepreneurs end up bootstrapping their business. If you’re really passionate about your business, then there are many ways to get things right with limited resources.
Here are 5 key things you should do to ensure your business has the best chance of thriving while not breaking the bank.
1 - Build a network of trusted advisors and mentors
These people will tell you exactly what is worth spending your money on, and more importantly, they will provide you with information that you'd otherwise have to pay for.
Building connections with advisors allows you to get answers without having to pay for them.
Finding a group of advisors that will teach you more of what you need to know about the industry of your business will help you. Start by picking the right people with the same goals and agenda for the business. Build a better relationship with them and consider their advice. From these people, you can find the resources you need to launch your own start-up company. Your advisors can be a great help in keeping you on track and focusing on the thing that matter.
For me, I am yet to hire someone that I pay to mentor me, both for my web agency and also for my blogging here at WagePirate.com. But, the Beaver Builder WordPress page builder community has seen me connect with some great minds that I constantly run ideas past and seek inspiration from.
While filming my comprehensive online video course Getting Started with Beaver Builder I asked many people to let me know if I had missed out any lessons they thought I should add into the course. I also asked people to let me know if it was too technical or not technical enough in their eyes, to help me find the balance I needed for my target audience. These people I asked were people like me who understood what I was looking to achieve with what I was dubbing the ultimate Beaver Builder course.
I also regularly post in Facebook Groups I am a part of. The people in these groups are other people running web agencies and also blogging online, people who have created and launched products before. It has been incredibly valuable for me. Having not only people you can ask directly, but also knowing where you can go to ask, has proven immensely supportive for me and my online endeavours.
Today, go to facebook and join groups related to what you're trying to do online. Tweet people who are doing what you want to do and ask them a connection. It goes a long way.
Connections and the relationships you have also give you access to free marketing channels. Have your mentors or advisors share your new product you've just released and do likewise for them.
2 - Be resourceful
“The defining factor for success is never resources; its resourcefulness” - Anthony Robbins
Whatever the nature of your business is, it is important that you can think of alternatives to use in your business. Being resourceful saves you money.
For example, there is always going to be that one better solution that does everything you're needing for that one high price tag. For the meantime, while you validate your idea, be a bit more manual and glue some free software together to perform the task.
3 - Find something to sell to get into the game
Turning your hobby into a business without enough money is possible. I'm doing it here with WagePirate.com.
You can sell something you have right now, or sell what you know as an information product. People will find it useful. Everyone knows something that others do not but you take it for granted and assume everyone knows what you know.
You're special and know something and something that others do not. Package it as an information product and sell it. You won't have to spend a dime.
4 - Sell your Product before you create it
The ultimate validation of a business is to have customers who will buy your products. On the other hand, you can sell products before you even produce them. Confusing, right? Learn from these entrepreneurs and business owners who make it possible:
David Cann started out his business by selling a million dollars of his “Double Robots” before he built them. On the other hand, the founders of Power Practical raised $1.5 million for their energy generating products on Kickstarter before they create these products. Crowd funding is an effective way to test products before you spend a lot of time, money and effort on your business.
I also put in a weeks work of filming for my ultimate course Getting Started with Beaver Builder before it was completed. This course shows you everything you need to know to build a website ridiculously fast using the WordPress page builder called Beaver Builder. People will learn heaps from this course and the things they learn about building websites using Beaver Builder in this course will save them heaps of time, both the time spent learning Beaver Builder, and also because the course teaches them how to build websites faster. Even if the customer saves 4 hours from something they learn in the course, they've made their money back.
It's a no-brainer for me. BUT, is it a no-brainer for everyone else? I had to find that out.
I launched the course 50% complete with a discount. I got lots of interest in the course and that has fuelled me to complete the video course. I validated the idea and now I know I am not doing all this filming and planning for nothing.
It's an invaluable thing to learn. Sell something without creating it and see what happens. You can always refund, right?
5 - Advertise your Business Online
“Many a small thing has been made large by the right kind of advertising.” - Mark Twain
A business is nothing without marketing. If your marketing budget is tight, you can always advertise your business online. Publish great content about your business, be it in the form of blog, images or videos. Be a Savvy Social Networker and participate in big social networking sites such as Facebook, Twitter, LinkedIn, Google+, and Pinterest.
Jump in and use Buffer to automate all your social media activity so it doesn't take up too much of your time.
Find a really helpful study that relates to your industry and publish it. This doesn’t always require a master writer for this strategy – the cited data will do a lot for your business.
In summary, there are always ways to get things done with only limited resources. The most important of all these keys is to take action NOW.
Don’t let limited money stop you from building your dream company.
Start connecting with people today online, join communities and know where you can post questions if you get stuck.
But do it. Today!