111: How Much Money Do You Need to Start a Business? [Podcast]

It is less than you think

How Much Money Do You Need to Start a Business? The typical thinking is that $100,000 is needed to start a business. But in reality, the typical startup spends significantly less. In this episode we will explore ideas to get your business started with little or no investment.

How Much Money Do You Need to Start Your Own Business

Money Plan to Start a Business

No one ever really asks “How Much Money Do You Need to Start a Business?” – instead they just assume that is it some figure such as $100,000.

  1. Define why you need money
    Equipment and tools
    Pay yourself and your team
  2. How to do it on the cheap – Equipment
    Rent or borrow
    Use what you have already and add as needed
  3. Team Building
    Hire on a project by project basis
    Do not quit your day job yet
    Manage the cash flow
  4. Marketing
    Be OK with growing slow
    Engage current or previous customers for referrals
    Use sweat equity
  5. Avoid the two lies of business startups
    You have to invest in things to grow
    Debt is normal
  6. Listen to the advice of others – but use your brain

Join and listen to find tricks to start your own business for less. 

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