I quit my job when I was 26 and started my business with no money and no collateral but had 6-figures of business booked within 3 months of venturing out on my own.
I spent money on registering the business and…that was about it…
Here’s how I think of it:
If you wanted to go traveling overseas for the first time - you wouldn’t just rock up to the airport to jump on a flight.
You’d have a flight booked, your bags packed, your passport, travel insurance and maybe a bit of an itinerary…right?
It’s the same with business.
If you want to start your own business, think of it like you’re going on an adventure overseas - you need a bit of planning - even though your plans might change.
First, work out what your passionate about and then build a blueprint for your offer so that your business doesn’t become a rod for your own back.
Most people who start a business are “struggling survivors” - but it doesn’t have to be that way.
To live life your way, there are 3 pillars must build your business on: Purpose, Freedom and Wealth.
Here’s my top 3 tips for getting started with little or no collateral:
1. Don’t take a leap - build a bridge
Most importantly - if you want to start a business with low-to-know risk and cash in the bank, provide a service that solves a specific problem and get your first foundation client before you quit your job.
Just like you would have money aside for a trip - have a bit of money aside to give you some breathing room when you launch into your business full time and start servicing your first few clients.
2. Start small
Have a proof of concept that you know you can generate money from. A few clients that are willing to invest bigger $ are better than lots of FB followers and a pretty website.
I’ve seen people invest tens of thousands of dollars in a website before they have a customer.
I’ve seen people build full programs before they know if there is a market for what they want to sell (and in case it needs to be said - herein lies the problem)
I only had 5 clients, a crappy website and hardly any brand assets in my first year but I had more money and time than I ever had being employed.
3. Swim in the blue ocean
Don’t do what everyone else is doing - if you solve the same problem that thousands of other businesses already solve (and already solve better) - you’ve got a lot of catching up to do and you’re going to be hunting for scraps in a bloody, red ocean.
Swim in the blue ocean where you can find a few nice big fish - this means solving a specific problem for people (whether consumer or business) that not many others are solving to begin with.
You learn a lot in the first two years of running a consulting agency. Most importantly, you realise that you don't have to spend 90,000 hours of your life doing drone work while you live for the weekend - instead it can be spent doing something that truly inspires you.
Today my mission is simple: To help 10,000 people escape the 9-5 grind to gain financial freedom by pursuing their passion and starting their own purpose-driven business.
Thinking about making the change? Hit the button below to jump on a call with me and I can give you some more pointers on how to get started.