I work with a lot of budding entrepreneurs. I coach some, I interact with thousands here at the blog, and I connect with many of you on our GDB insiders Facebook page (join us, it’s a great community).
And I hear lots of reasons why you have decided now is not the right time to start a business.
So, over the course of the next six weeks, I will publish a series of posts featuring popular reasons you haven’t started your business yet. If you resonate with these kinds of series, please let me know by commenting as we go and sharing your experience in overcoming these hurdles.
At the end of the series, I’ll also be packaging it as an ebook with tons of added bonuses and other info. Readers who are engaged and contribute during the series will get a free copy, of course!
Let’s jump in!
Reason #1 for not starting a business: money.
Perhaps the most common reason for not starting a business is that you don’t have any money.
Call it capital, call it funding, call it a safety net, but at the end of the day, it’s all the same excuse: you don’t have any money.
Why you don’t actually need money to start a business
Here’s the deal: starting a business isn’t at all what it used to be.
I’ve spoken with friends and family older than me who I know are entrepreneurs deep down inside themselves but have chosen to follow a corporate path. (Remember, don’t hate freelancers with full-time jobs.)
When I asked them why they never started their business, do you know what they said?
Most of them said something like, “I was never able to figure out how to get funding.”
And maybe thirty years ago that’s how business worked. You came up with an idea, you pitched it to a venture capitalist, you got rejected, and then you pitch it to fifty more people before someone (a bank, a VC, your grandma) would loan you the money to make your dream come true.
But that’s not how it works today.
You can start a business today for less than $100. Don’t believe me? Read one of my favorite books on the subject, The $100 Startup by Chris Guillebeau.
In his book, Chris shares real-life stories from real-life entrepreneurs who began with very little startup capital and have turned their business into high-five-and-six figure businesses.
These people are real.
And you’re just as real and as smart as they are.
You, too, can start a business without any huge funding.
The real reason you’re not starting a business isn’t about money
See, if you start a business with less than $100 as The $100 Startup suggests you can, with a little ingenuity, innovation, and whole lot of butt-kicking hard work, you can eventually fund yourself.
The real reason you haven’t started yet is maybe that you’re starting too big. You’ve set your sites on a fully staffed, top-of-the-line technology-stuffed, penthouse-style web design agency that only works with fortune 500 companies.
I’m not saying you won’t make it there one day, but take a step back and figure out what the rungs are on your ladder to success.
What’s the smallest, easiest rung you can step on to move you toward your dream, but that isn’t made impossible by startup costs?
Take that step now.
Chances are, it costs less than $100. At most, it’s $1,000.
That’s all the startup funding you need.
And you can do that today.
Becoming your own VC
Once you’ve turned your $100 into $1,000 and your $1,000 into $10,000, you can ultimately fund any dream you want.
Start that top-of-the-line agency.
Live on the beach.
Do all the other cliché business-owner things you read about on “unrealistic” blogs (like this one).
But stop waiting around for someone to hand you $100,000 to start your dream. Work for it, plan for it, and make it happen.
I know you can do it.
What did I leave out?
What did I leave out of this conversation? Add your thoughts in the comments on this post.