How to Start a Business with No Money
Hey, thanks for watching this great video on “How to Start a Business with No Money” by Trent Dyrsmid from the Online Income Lab. One of the question that is most asked is “how do I become successful in business? and the answer is quite simply you’ve got to be in business to become successful in business. By this I mean that you have to start doing instead of just thinking about it.
Here are some notes I took regarding the above video.
Hey Guys, it’s Trent here and today I want to give you what was given to me in terms of a business advice a number of years ago and I had a profound influence on my life.
However, at the time that I was given the advice I thought it was the dumbest thing I ever heard. I thought wow thanks Dick Tracy, that’s really profound, because I really didn’t get it and years later it made a lot of sense to me and from this piece of advice I created what I call my green dot theory.
So bear with me as I explain this to you because I think it’s going to make a lot of sense and it hopefully it’s going to fire you up. When you first come up with your idea, maybe it’s for an authority site or any kind of business you’re thinking of, you’re thinking to yourself – hey I’m going to go out there and you write this business plan or whatever. I’m going to sell green dots and I’m going to be the best green dot sales guy or the best green dot business or the best green dot website ever.
You go out, and you being you, promptly suck and so that’s kind of disappointing and one of the things that people do is they give up and that’s really sad when that happens – in a course that’s going to prevent you from going on and having success.
However, some of the people don’t give up and some of the people they go out and so they go out and they discover discover as a byproduct of trying to figure out how to sell more green dots that there’s there’s like a red dot opportunity out there and so they kind of scrap what they were doing here.
Now they adjust their business to go ahead and sell red dots and things get a little bit better now. When they were over here with their business plan they didn’t even know that red dots existed.
But they’re still not doing very well they’re just kind of scraping by and youknow it’s not great. However, what happens is at this point they discover green squares and so they again adjust the business model and now they start selling green squares and business picks up a little bit more but they’re still not achieving the level of success that they want.
Now while they’re out there trying to figure out how to sell more green squares they discover that there are in fact or there is in fact an opportunity to start selling red triangles.
Again back then they had no idea that red triangles even existed and so now business is picking up again and as you can see this kind of continues.
Hopefully you’re getting the message that I’m trying to convey.
The best way to succeed in business is to be in business if you’re reading about being in business or you’re thinking about being in business or you’re procrastinating about being in business or you’re talking about being in business, you’re never going to discover red squares or black boxes or whatever it is that the journey of being in business will help you to uncover.
So the point of my message is that the most important thing for you to do is to simply start.
Basic Steps for Home Business Success
When you make the decision to earn income from the internet you will need to go through a set up process to be ready for your home business.
Following are the basic steps in setting up for home business success.
The key to your home business success is your attitude.
Treat your home business like a business.
This is critical whether you are working part-time or full-time. One of my colleagues is a mother who works from home around her family. She has always put her family first whilst at the same time developing her home business. She says, “I work part-time, but I have a full-time attitude.”
Put another way, “If you have a hobby attitude you will have a hobby income, if you have a home business attitude you will have a home business income.”
You can be successful working part-time and you can be successful working full-time but it is highly unlikely that you will be successful working in your “spare time”.
2. Working Environment
A space that you can call your own, free from distractions for your scheduled time.
A comfortable chair and organized desk.
Stationery supplies as required. For example:
- hole punch
- sticky tape
- note book(s)
- a simple filing system
- ring binders
- manilla folders
Consider the value of a broadband connection. Your time is valuable and a broadband connection can allow you to get more done in a given time frame.
Develop a schedule that works for you, your family (or “significant others”) and your home business. When you allot a block of time for work then use that time for work. Equally important is to schedule time for your other commitments – family time, self education ( reading, listening and viewing), “health time” (exercise, cooking and eating), and leisure time.
During these other times don’t work. After all if one of the reasons to work from home is to spend more time with your family then you don’t want your working at home time to consume your family time.
You are working for yourself and your schedule (by your choice) is your “boss”. When you have people calling you or dropping around unexpectedly or maybe out-of-town visitors may want to catch up with you then you need to make a choice. Are you committed to your own home business success? What will be your choice in these situations? Only you can decide what is important to you.
In a family environment you may need to negotiate with your partner and children to have your home business time agreed upon, during which you will not be interrupted. Put this schedule prominently somewhere so all family members are aware of your work schedule.
4. Describe Your Home Business
Be able to describe your home business concisely; a powerful one or two sentence description that someone can repeat in describing your home business to others. A unique and memorable tag line can also be invaluable for promoting your home business.
5. Know Your Product or Service
Once you have selected your product or service to sell, it may or may not be something that you use yourself but you need to know your product intimately. If you are selling ebooks then know the content and its value. If you are selling software then use it know it “inside out”. You will develop a reputation of providing quality information and because of your product knowledge you can become the preferred supplier.
It is not practical to use certain products (for example a woman may choose to sell man’s shoes or vice versa) in which case the seller won’t be a product user, however the seller can still know the benefits and features of the product intimately.
Use good record keeping practices.
This may involve a consultation with a tax advisor who can let you know about the optimal way to set up your financial records and what records need to be kept. Your advisor will also recommend record keeping systems and you can find out what software may simplify this aspect of your home business.
Additionally your obtain advice on the best arrangement for your bank accounts. You will most likely be advised to have a separate bank account.
You will also need to keep track of your various logins, usernames and passwords. A very handy little software tool for this is Treepad available as either the free Lite version (without password protection) or the commercial Plus or Biz versions. http://www.treepad.com
There are other useful tools for this also from a simple paper notebook to free and commercial password keepers. One popular solution is Roboform that will remember your login details and can automatically fill out your login and other registration forms. http://www.roboform.com
7. Computer Protection
Your computer is the lifeline to your home business dealings and must be protected including the data that is stored.
You need a virus scanner, personal firewall, anti-spyware and anti-adware and preferably an email scanner with the ability to delete suspect of spam email from the server before it is downloaded to your computer.
Some suggestions are:
- AVG Anti-Virus: http://www.grisoft.com
- Spybot S&D: http://www.safer-networking.org
- Microsoft Anti-Spyware: www.microsoft.com/athome/security/spyware/software/default.mspx
- Adaware: http://www.lavasoft.com/
- Mailwasher Email Scanner: http://www.mailwasher.net
8. A Domain Name
You will most likely need a domain name for your home business and one cost effective registrar is GoDaddy, http://www.godaddy.com.
9. Payment Processing
You will need a way to process credit cards; that may be using services such as:
- PayPal https://www.paypal.com
- Storm Pay http://www.stormpay.com
- 2 Checkout http://www.2checkout.com
- Clickbank http://www.clickbank.com or others.
This is the most economical way to get started. Once your home business picks up you may need to look into your own merchant account for credit card transactions.
Consideration may also be given to other forms of online currency such as eGold http://www.egold.com
10. Email accounts
Once you have your own domain you can use an associated email account. This can further assist in the promotion of your home business and promotes a more professional business image.
As a final comment on continuing in your internet home business, conduct your home business ethically, provide extraordinary service and be proud to put your name to the products or services that you are selling and you will be on track to developing a sustainable long term internet home business.