Hey guys! This is Justin Goodbread with FinanciallySimple here in Knoxville, Tennessee.
How do you start a business without money? Most peoplethink you have to have lots of money to start a business.
See, I've started, already,(this is my fourth business that I'm in) I've already started three businesses and soldthem for a profit.
I didn't have a lot of money when I did that – broke as a joke.
WellJustin, how'd you do it? Okay, I'm going to give you a couple of tips here.
FIRST, discovera need or find your passion.
My first business had to do with landscaping.
I love to growthings.
It's a passion.
I took a passion, followed the American dream and turned itinto a business and sold it.
This current business that I'm in is a need business.
Isee a need to educated, very simply, financial matters to business owners.
So it's a needI see.
What's your passion.
What do you like? If we're going to try to go out and createa business to make money and money alone, it's going to fizzle.
So discover a need,and find your passion – one of those two things.
NUMBER TWO – be prepared to lose it all.
If you're going to start a business, just be prepared to fail.
If you know there'sa possibility of failing, then you're going to do everything within your power to preventthat from happening.
And if you fail, get up, and let's get at it again.
NUMBER THREE – find a successful business which is akin to the one that you're thinkingabout starting.
Find somebody that you can pick their brain on.
NUMBER FOUR is developa business plan.
Ah, Justin, come on man.
A business plan done properlywill take you through the entire thought process while identifying any weaknesses or strengthsyou may have in your business.
So a business plan is key.
I'm going to put a link downin the description below for a blog post I wrote about how to develop a comprehensivebusiness plan, and it gives you a step by step approach on how to fully vet out yourbusiness.
NUMBER FIVE – build a board of advisors.
These could be buddies.
These could be friends.
These could be people you idolize or look up to that you can glean information from,that you can bounce ideas off of, just some people that can listen to you and challengeyour thoughts a little bit.
That's number five.
NUMBER SIX – crowd test or crowd fundthe product.
Beta test it.
What do I mean by that? All right, so if I were to sell coffeecups, then I may take this particular coffee cup that I want to sell and look at my targetmarket.
I'm going to say, "Hey, look, what do you think about my coffee cups? How canI improve this? If I had this on the market, would you be interested in buying some?" NUMBERSEVEN – burn the boats.
What? You've got to burn the boats.
Seriously, burn the boats.
Light it with gas, throw a match in there, burn them.
What are you talkingabout Justin? Don't look back.
Put yourself in a position where you cannot retreat.
Startthis, and don't stop.
If you have no way to go backwards, sideways, left, or right, andthe only way you can go is forward, you will succeed.
Burn the boats.
NUMBER EIGHT – you'vegot to be nimble and adjust.
There are things that I'm doing today in my business that Ididn't think about six, seven months ago, even yesterday.
You have to be nimble as themarket dictates.
I promise you, about a year, two, three, four, five from now, the market,the world, the economy, something is going to change, and you're going to have to changewith it.
So you've got to be nimble.
I was in a business meeting this last week withan individual.
I'm on his board of advisors.
All five of us in his group said, "Man, haveyou considered this?" And every time we approached it from a different angle, he shot it down,said, "No, I'm not changing that way.
" Our prediction, my prediction, is that gentlemanwill not be in business within a year.
You've got to be nimble.
So those are some thingsyou can do to start a business with very little money.
This is Justin Goodbread.
Let's continueto make this financial world financially simple.