Many people tell me that they don’t have enough money to start a business, but guess what? If you’re starting a business on a budget there are so many ways you can attract clients with no money down. We live in the information age, where there are so many resources at our fingertips, all we need to do is use them!
Do you have a phone?
Great, then you have everything you need to launch a business!
Starting a Business From Scratch
You will need a few basic things set up in order to launch your business, but here’s the thing. Put a time limit on it! So often I see people getting bogged down in the admin as a way of avoiding what they need to be focussing on; sales.
So, set aside one day at the most to get all your admin done.
The three most important things you’re going to need are an ABN, an invoice template, and a way to accept payments.
You can apply for an ABN on the abr.gov.au website, it doesn’t take long, but you will need your Tax File Number or this process.
Once you have applied for an ABN, create an invoice template in Word so you can start invoicing people as soon as you receive your ABN. Make sure you have your business name, ABN, and postal address on the invoice.
Finally, set up a method for accepting payments. You may like to set up a PayPal account or a bank account that you can direct people to for receiving payments via credit card or EFT. If you’re selling physical products or your sales are done face to face, consider investing about $40 in a point of sale system called Square, which gives you a device you can plug into your mobile phone to swipe credit card payments.
Doing these three things should take you no more than one day, then it’s time to launch!
Launching Your Business Online
When people say to me ‘but Matt, you need money to make money’ I ask them if they have heard of Facebook, Instagram, and YouTube. So far, everybody has.
Do you know what’s great about these platforms?
They’re all free databases!
Time after time I’ll meet entrepreneurs who have incredible business ideas, who then list off all the reasons why they haven’t launched their business. The thing is, you don’t need a $5000 website, or the perfect business card, or a huge budget to spend on Google AdWords and Facebook ads to launch a business!
All you need to do is start. That’s it.
Create social media accounts (you should actually be able to fit this in on your one admin day) then start providing value to people. Give, give, give, share your content with everyone, and build a community.
With Instagram you can use up to 30 hashtags for people to find you, so use them! Interact with other accounts, be social! On Facebook, jump into groups where your target market is, and help people solve their problems. Make videos that solve problems people are experiencing, then upload them to Facebook as well as YouTube, using relevant keywords that people can use to find you.
Launching Your Business Offline
When I was first starting out as a coach in Sydney, we didn’t have social media at all. I’ve grown all my businesses via word of mouth referrals, and I have been able to do this by providing people with incredible value.
It wasn’t always easy though, especially starting out. You see, I had a massive fear of rejection, so I was one of those people who focussed on the admin, focussed on the admin, focussed on the admin…
I was busy being busy, but I wasn’t bringing in any income!
In fact, I was so bogged down in the admin, that I asked the ATO to come to my house and check through all my filing systems to make sure I had everything set up perfectly. Who does that??
Then, I understood that I would need to face my fear of rejection and embrace it. All change is a change in meaning, so I started to get excited about rejection!
To attract customers I would go door to door to businesses and talk to them about how my business coaching would improve their business, and make them more money. If someone said ‘no’, I would get excited and thank them!
The thing is, this approach worked for me, and it can work for you too. Does it take time going door to door? Absolutely! But when you find that one perfect customer, and you deliver more than you promised you would, you have a blueprint for success. You can then use this blueprint at networking events, or anytime you meet someone you know you can help. From there, by over delivering, the power of word of mouth referrals takes over!
Do You Need Money To Make Money?
Do you need money to make money? Well, you need some, but not a huge amount. If you’re just starting out, you need a way to still pay your day to day living expenses like food and rent. This is why I advise my clients to find a sales job with a low retainer and high commissions.
This will give them an education they could never get at a University! The low retainer gives them that security to still be able to eat, but it’s not enough to live off for long. So, they will need to get sales to earn those commissions. To get the sales, they will need to overcome any fear of rejection!
Then, by learning how to close sales, they will develop the mindset they need to be able to do this in their own business. Rejection becomes a badge of honour, and sales becomes fun.
I always tell clients that they need to invest in themselves too. If they’re not investing in themselves, why should anyone else!?
To do this, working on mindset is key, and having someone outside of their bubble is essential. This is where bringing in a business coach becomes so effective, as they will hold onto your vision, and work with you to establish milestones to get there. They will then work with you to overcome any obstacles that come up along the way.
Strategies For Business Growth
I fundamentally believe that by using these strategies, someone can grow a successful business without spending hundreds or thousands of dollars in the beginning.
If you would like to learn more about developing a bulletproof business mindset, launching a business with no money down, and disruptive marketing techniques for free, then join us for The Disruption Tour, one full on day of education and action.