138: How to Find the Time and Money to Start a Side Business (when you have no time, no money, and no ideas) [Podcast]

How to Find the Time and Money to Start a Side Business (when you have no time, no money, and no ideas)

Where do you find the time and the money to start a side business? You never have enough of either – right?

But do a reality check. Others have. Other people have been more broke and had less time and found a way.

And … they are not any smarter than you.

But yet, we struggle. Families. Jobs. Friends. And even just fatigue saps us of time.

So today I will unpack several common practices that others have used to find the time and money to start a side business.

We will start by dealing with the money issue (wow do I hear this one a lot – no money to start).

Then we will get into the time issue, how can you do a time audit and carve out minutes to make it happen.

But most important – I will provide you several common mistakes I see others making in the area of time and money. Avoid at all cost.

How to Find the Time and Money to Start a Side Business (Outline of the podcast)

  1. Reality check 
    • Many have started with no money
    • Many started with full-time jobs and made it happen 
  2. Dealing with the money issue
    • Start small
      • Use what you already have
        • Cell phones
        • Computers
        • Tools
        • Your mind and creativity
      • Focus on serving the customers need – not your expectations
        • Example – Homeschool products example
      • Do not overthink it
      • Supplement with renting or bartering
        • Landscaping example without equipment
        • Bartering for services (Angie)
    • Avoid the traps
      • Do not borrow $
      • Do not lease (another form of borrowing)
      • Do not over-promise (Promise what you know you can deliver)
    • The reality – most US companies start with almost nothing. 
      • $2000-$5000
      • Startup $ does not determine growth (ADC vs AmericanIP)
  3. Dealing with the time issue
    • Many do this – with kids, jobs, and life
      • Flipped Lifestyle – Shane & Jocelyn Sams story
    • Audit your time 
      • (like my fitness pal) See where you are wasting time (Daniel Story and link to his page and book)
      • Make decisions about priorities
    • Carve out as much as you can. Think 60-minute windows each day
      • Put on calendar
      • Make an appointment with yourself
    • Focus on what you need to start
      • Day 1 – Define your services (write it down)
      • Day 2 – Where will you find your customers
      • Day 3 – Start advertising
      • Day 4  – Keep advertising
      • Day 5 – Serve, adjust, and advertise
      • Day 6 to 1,000 – repeat day 5
    • Avoid the traps
      • Focusing on the non-essentials
        • Logos
        • Business cards
        • Office supplies
        • Websites
      • Creating too many systems and overthinking at first
        • LLC
        • Bookkeeping
        • Insurance
      • Failure to create systems and think about growth once you have started. 

Upcoming Episode 139 next week –

Should I use an LLC or S-Corp in my startup idea?

Click here to listen now.

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