There are tons of businesses out there doing just fine copying successful business models of companies that went before them. You don’t need to build a better mouse trap. In fact, some of the most successful businesses out there came along years after the new mouse trap builders spent the money to build the new business designs and spent the money to create consumer awareness of them. If you jump on an existing band wagon, your costs will be much lower out of the gate. The companies before you have broken the trail for you so that you can take it and have an easier journey. There are millions of people out there – plenty of room for all and you can have more than one company with the same business model and both can be successful. I don’t have enough money saved to start a new business.
You really don’t need much money to start a new business and to start earning revenue from it. In fact, my recommendation is that you get started with a budget of somewhere between $200 and $2,000 depending on how flush you are. There are literally thousands of ways to start making money online and physically if you choose to without having to spend money to do it. You should be able to get up and running within 90 days and earning revenue from your business as quickly as that as well. You don’t have to spend money for two years building your products and online systems before you can actually start. Build as you go and use the revenues you are earning from your business to fund future efficiencies and growth instead of getting loans to do that. Grow it at your own pace, and don’t borrow money to do it!
Start it in your spare time, don’t quit your day job just yet if you have one, and start doing the things you need to do to build awareness, grow your subscriber and follower lists, etc and start building or finding things out there that you can sell. You can start making money quickly in your spare time if that is your desire and you can grow the business over time until it can become your full time revenue source some time in the future. Quit your day job then if you want to – but don’t do it now. Do it when your current income is fully replaceable by your home business venture. To summarize, here are a few recommendations of mine:
- Start small – start on a shoestring budget that is as low as $200 and less than $2,000 – figure out what you can easily afford to spend without borrowing and build your initial business model accordingly.
- To build for retirement, don’t go after a business where you are always trading your time for money. Begin building a business that can generate “passive income” for you over the years – have a business that lets you make money while you sleep. Nothing beats the feeling of waking up in the morning, turning on your computer and seeing that you’ve earned some revenue since the last time you logged in.
- Relating to the above point, don’t chase a physically demanding business unless it can make you a lot of money before you hit retirement. Remember that by the time you hit your retirement years, you don’t know what your health will be like, whether or not you will have to stay home to take care of a loved one even though your health may be OK, etc.
- There are millions and millions of people online that you can now literally reach with just a few key strokes if you know how. Learn how to reach them and offer online purchasable products that you don’t have to work at to distribute yourself. Go after easy. Let your business over time work for you rather than you being forced to work for it.