Welcome to my blog!

    "Science...accepts that the things that we think we know could be proven wrong as we gain more knowledge. No concept, idea or theory is sacred and beyond challenge" - Yuval Noah Harari

    It's impossible to not be "data-driven" because information is everywhere. It's what you collect and how use it that determines whether or not you will gain deeper insight.

    Learn more about business science and marketing science with Lauren Kress, The Business Scientist.

    Home Blog How do I start a business with no money and no collateral?

    How do I start a business with no money and no collateral?

    By Lauren Kress | 22 Aug 2018 |

    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.

    "To live life your way, there are 3 pillars you must build your business on: Purpose, Freedom and Wealth."

    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.

    "You don't have to do drone work while you live for the weekend."

    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.

    Site Disclaimer: As an Amazon Associate I earn from qualifying purchases.

    In the spirit of reconciliation I would like to acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. I pay my respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples living and working on the land today - the land that always was and always will be, Aboriginal land.

    © Copyright 2021 Lauren Kress | Privacy Policy | LinkedIn | Youtube | Twitter