Money is one of the top reasons my readers tell me they can’t start a business. There are so many myths about money and businesses - but with a Freedom Business, you can chuck them all out of the window.
Here’s why these myths are n-o-n-s-e-n-s-e...
“It costs loads of money to start a business"
Here’s what it cost me to pay for the essentials needed to run my business in the first 6 months:
Month 1: £10
Month 2: £35
Month 3: £15
Month 4: £218 - (I bought some office furniture)
Month 5: £37
Month 6: £476 - (I invested in top-of-the-range webinar software)
In hindsight, I didn’t need the webinar software right then. You don’t need to invest in anything to get a business going. You might like to subscribe to a scheduling system ($49 for the year) or get a professional email address ($5 a month with Google Apps). Those are my go-to first investments. Even your website will likely cost under $100.
But that is pretty much it. Are you telling me you can’t afford that?
“People don't buy expensive stuff"
Creating a premium brand is key to creating an abundant business. There is zero point in creating a commoditised product where you race to the lowest price.
Instead, create real value for your clients and target your brand to a small market - two strategies which effectively cancel any concept of competition so you can charge based on value. I explain exactly how to do this in my signature coaching programme Become Your Own Boss.
“You need to bet the farm to start a business"
Businesses can be risky. My advice is to choose a business that requires little to no upfront capital to get started. That way, the most you might lose is your time.
Any business with fixed premises will require a huge real estate commitment; manufacturing a product will require you to pre-order and then store the merchandise in bulk - another huge outlay.
Freedom Businesses don’t need much upfront capital (see point 1!) A Freedom Lifestyle requires location independence, i.e. no fixed premises. A Freedom Business is based on a service or information product, so you can run it online from anywhere. Problem solved!
“Build a team quickly"
Too often you hear of start ups that get to 100 employees in a couple of months. What are all these people doing?! My own business has a full time staff of 1 (me), and 3-4 part time freelance consultants as I require them.
I firmly believe in delegation - but earn your employees’ incomes first. It takes time for an employee to become productive, and if this is your first hire, you may make a mistake or two along the way. Make sure your business can take a few pay cheque hits before seeing a return on your investment.
That being said, I firmly believe in delegation. Your business should be earning you far more per hour than it costs you to outsource any job - getting specialists to help you will boost your business and save you time too.
“It will take 2-3 years to break even"
This is probably the biggest load of nonsense I’ve heard! Freedom Businesses can grow quicker than you imagine. My own business’ monthly income has grown 663x in 9 months this year alone. I’m now earning substantially more than I did in my previous finance job.
You can make a great income with just yourself, your laptop and an internet connection. £10,000 could mean as few as 4 clients per month. You can network for free online - it’s quite enough to find 4 people a month who want to work for you.
Become Your Own Boss teaches you in detail exactly how to set up your business to earn a consistent five figure income using a mix of both free and paid marketing strategies.
"Grow as fast as you can"
I’ve grown quickly and I’ve been building my business to allow for huge leverage, because I want to reach as many women as possible with my message that a Freedom Lifestyle is available to anyone.
However, the biggest lesson I learned this year is to create a consistent income before you make a big leap. Over the summer I was earning more than ever before in my business, but some personal dramas took my eye off the ball and forced me to delay my launch date, just as I made a few big investments for a bigger business project. The project ended up tripling my business’ monthly income, but for about a week during the delay it was touch and go!
It taught me to prioritise consistent income AND always have some spare cash leftover. By all means up level as quickly as you desire, but remember the investment banker saying - cash is king! Keep some handy at all times.
“Figure it out on your own"
As you’ve seen, you really don’t need much money at all to run a Freedom Business - less than $100 a month will cover it, especially at the beginning. The one expense I cannot recommend enough, however, is investing in proper support.
Entrepreneurship coaching is an investment. A good coach will likely cost thousands. I can tell you from experience, however, that the investment you make in a coach will be recouped many times over in the enhanced profits you’ll see in your business - even just a few months in.
I would not be where I am now without the support of my coaches. Anyone at the top of their game has a coach - from top sports stars to Eric Schmidt, the CEO of Google. Here’s what he has to say about coaching:
Money myths too often holdpeople back from even contemplating starting a business. I want to blast these myths into oblivion because the world has changed, and entrepreneurship really is available to everyone. I’d love for you to share this post with anyone you know who would love to start a business.
I’m running a FREE 5 day challenge to help YOU get the confidence to escape your 9-5 and start your dream business!
Drumming up the confidence to become an entrepreneur is THE #1 thing that stops aspiring corporate escapees from starting their dream life. I’ll be breaking down the steps I took to get out of the finance job I HATED to start Living Rosy.
If I can do a 180 from a sad and exhausted junior investment banker to having total control over my own lifestyle and income as a business owner - you can too!
I’ll show you how on my FREE 5 day challenge starting 7 December!