In my new book Cracking the Start Up Code: 5 Myths to Starting or Growing a Small Business which will be released in October, I highlight 5 Myths in Business. The first one is today’s topic of discussion. I surveyed many people and asked them what is the thing you are most afraid of when starting a business or if they owned a business what is your biggest fear in growing your business. The #1 answer was fear of losing money or lack of money!!!! I am here to tell you that I have owned 5 successful small businesses and I never invested lots of money. Here are my suggestions:
1. Don’t quit your job!!!! If you have steady income it will allow you to start or grow your business the right way. We all make different decisions when we have to use our businesses to put food on the table.
2. Start small and frugal as too many people want to go big right away. Instead of opening a 20,000 sq ft. restaurant, try a food truck. If we keep our overhead low at the beginning, we don’t need lots of money.
3. Be creative with resources. When I started a tutoring company, I did not go out and buy tons of teaching materials. I went to the school district for old text books and workbooks. Instead of getting a big tutoring center, I met kids at coffee shops or their houses. Then eventually I was able to rent a nice tutoring center!!!
There are many other strategies that are in the book. The main idea is that “You don’t have to have lots of money to make money.” If you would like to discuss this myth or any of the other 4 myths in the book, then drop me a line at email@example.com
Take care and Blessings,