00:00:10video I want to answer a question for
00:00:12one of my readers to shock who asks how
00:00:14can I start a business without a lot of
00:00:16capital it’s a great question and what I
00:00:19want to remind you of is it’s not so
00:00:21much about how many resources you have
00:00:23when you’re starting out it’s more about
00:00:24how resourceful you are that will
00:00:26determine how successful your company
00:00:28will be as you grow so if you don’t have
00:00:30a lot of money to start at the business
00:00:31that’s okay what I applies entrepreneurs
00:00:34to do is try to start a service-based
00:00:36business instead of a product based
00:00:37business that’s number one product based
00:00:39businesses are more expensive you have
00:00:42inventory there might be a manufacturing
00:00:44process you have to store your product
00:00:46somewhere there’s a lot more cost and if
00:00:48you don’t sell your product you’ve stuck
00:00:49with all this extra inventory that you
00:00:51can’t get rid of we’re a service-based
00:00:53business the only cost really is your
00:00:55time you may need some business cards
00:00:56meaning the website to help you get
00:00:58started but there’s not a lot of other
00:01:00costs that are associated with it it
00:01:02also allows you to get really close to
00:01:04your customers learn more about the
00:01:06problems that they’re facing and if you
00:01:08then decide to launch a new product
00:01:10afterwards you know the types of things
00:01:12that they’re really going to need so
00:01:13think about a service-based business and
00:01:15separate product based business to help
00:01:16you get started the second thing I want
00:01:19you to think about is you don’t
00:01:20necessarily have to start full time can
00:01:22you do your business part time to get
00:01:24you started so you have some momentum
00:01:26going and you ensure that you have some
00:01:29money coming in from another job that
00:01:30may be on a part-time basis so it’s
00:01:33great if you can launch fallout into
00:01:35your business but if you can’t afford
00:01:36that you can always turn the part-time
00:01:38basis it’s more important that you make
00:01:40steps every day to build your business
00:01:42even if it’s on a part-time basis then
00:01:44to advise tons of energy for three
00:01:46months and doesn’t take off and then you
00:01:48shut down the business so if you have to
00:01:51start hard time that’s okay one thing i
00:01:54want to remind you of and what I want
00:01:57to think about is can you build your
00:01:59business around the customer around the
00:02:01pain customer so a lot of entrepreneurs
00:02:03will start a business they think they
00:02:05have the greatest idea in the world and
00:02:07everyone is in by the product and then
00:02:08they get out into the market and nobody
00:02:10wants what they’re selling the best way
00:02:13to build a business is to find a
00:02:15customer who has a problem and offer to
00:02:18solve it if you can build your business
00:02:20around paying customers you much more
00:02:22likely to become successful and the last
00:02:25thing I want to talk about is I would
00:02:27strongly encourage you to follow your
00:02:29passion a lot of entrepreneurs start a
00:02:31business because they think you’re going
00:02:33to make a lot of money but they’re not
00:02:35really interested in whatever field
00:02:36they’re getting into it’s almost always
00:02:39a recipe for failure the most successful
00:02:41entrepreneurs are the ones who follow
00:02:43what they’re really really excited about
00:02:45passionate about it you can pour the
00:02:46heart into and people see their
00:02:48enthusiasm and they want to jump on
00:02:50board and they want to hire you or they
00:02:51want to buy your products or service so
00:02:53really try to tap into what really makes
00:02:55you tick what you’re super excited about
00:02:57and try to launch a business around that
00:03:00passion so I hope that helped if you
00:03:02enjoyed the video please leave a comment
00:03:04below if you have any other questions
00:03:05and also going to check out the comments
00:03:07below and I also get the video it comes
00:03:09up and we’ll see you on the next episode
00:03:22you
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