Here’s a follow up to my first video about starting over: specifically, how would I start over if I had some money to invest in my new business? And same situation, but if I had almost no money. Here’s how I’d tackle each scenario…
Money (and the abundance or lack of it) plays an important role in nearly every decision we make in life. When it comes to starting a business from scratch, here’s what you want to keep in mind if you have no money, or if money is not an issue.
First, as a general rule:
1. Start publishing, in any format (blog, podcast, video, etc.)
2. Build an email list.
3. Connect with influencers.
4. Get out to live events.
You can gain a deeper insight into these four tactics in this: http://jeffwalker.com/start-over/.
The No-Money Factor
A lack of money should never deter you from achieving what you want. Yes, it’ll be harder. Yes, it’ll take more time. Most importantly, yes, it’s doable.
1. Use free apps and websites. There are plenty from which to publish and build your email list. If your budget allows for minimal expenses, there are low-cost alternatives, with a few bells and whistles added on.
2. Be a good detective. You’ll find influencers where they can best connect with their tribe. Find their favorite social sites and join in the conversation. Be particularly mindful of newer or less traveled sites. Influencers tend to be early adopters and you may be surprised to find your favorite influencer in these less crowded venues.
3. Be resourceful. Attending live events could be a challenge if you have no money, but challenges are what bring out the resourcefulness of the entrepreneurial spirit. When you make up your mind that you want to be at a particular event, you will find a way to make it happen.
4. Find or keep your day job. Dreamer or idealist, the successful entrepreneur is grounded in reality. Work first to put food on the table. Spend your “off hours” building your business.
Flush With Cash
Having money to invest in a business can be a blessing or a curse. It all depends on how you invest it.
1. Avoid temptation. Don’t get caught up in business bling. Don’t build more than you need. Do only what’s necessary to start making money.
2. Invest in paid advertising. Drive traffic to your site. Get visitors to opt in. Start feeding them great content. Make them an offer using the principles of the Product Launch Formula.
3. Make your first sale. Get to dollar one. Do that and you’ll have your proof of concept. You’ve now graduated from a plan on paper to a (hopefully) sustainable business.
4. Build your team. Sometimes, doing it all yourself is a necessity. If you have extra cash, start building a small support team. A virtual assistant who can handle general tasks and a customer support person would be a good place to start.
Did you ever have to start over? Please share what it was like and how you handled it…