Brief Summary
In this episode, I'll be sharing insights on how to start a business with little to no money. Find something to sell, either your own product or someone else's. Connect buyers and sellers to earn a commission. Test the market before investing in stock or a website. Persevere, hone your sales skills, and prioritize making actual sales. Good luck on your entrepreneurial journey!
Long Summary
In this video, I will be sharing my insights on how to start a business with little to no money. As someone who has successfully started a lettings agency with only £10, I understand the challenges that come with limited funds. However, I want to emphasize that in today's digital age, starting a business has become even more accessible with the power of the internet and social media.
So, where do you begin? The first step is to find something to sell. This can be your own product or service, or even reselling digital marketing services. If you don't have something of your own, consider finding someone else's product to sell. Look for opportunities where you can connect buyers and sellers and earn a commission in the process.
Let me give you an example. If you come across homeowners in need of roof repairs, you can act as the middleman and connect them with reliable roofers. For each successful referral, you earn a commission. This way, you're not investing money in stock or a website upfront, but rather leveraging your ability to bring people together and make sales.
Now, let's talk about finances. I strongly advise against taking out large loans for stock or a website before you have made any sales. It's important to test the market first and ensure that there is demand for your product or service. A business truly exists when it generates revenue, so focus on making actual sales before investing your hard-earned money.
Finally, I want to emphasize the importance of perseverance and not relying on fluke success. Starting a business is a journey, and it requires dedication and hard work. Don't get discouraged if you face hurdles along the way. Instead, focus on honing your sales skills, building relationships, and constantly learning and improving.
Remember, starting a business with little money is possible. Utilize the resources available to you, leverage your skills, and most importantly, prioritize making actual sales. Good luck on your entrepreneurial journey!
The Wealth Creation Podcast is brought to you by Daniel Latto, and is designed to help you learn the steps you need to take to achieve Financial Freedom in the next 5 years.
Discover how to make more money, turn that money into investments, and live from cashflow while never having to work again.
The podcasts covers three main areas
1. Cut Costs
2. Generate Cash (Business)
3. Invest the rest (Property)
Throughout the podcast episodes, I'll be going through the step by step actions you can take, including any Business & Property Strategies along the way that can accelerate your results.
The Podcast is hosted by Daniel Latto.
Daniel Latto is a business coach originally from Leeds, and now lives in the Mediterranean providing advice for business owners and entrepreneurs.
You can contact Daniel Latto at his website at http://www.daniellatto.co.uk
How to start a business with no money - The Daniel Latto Podcast Show - Season 9 Episode 24
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