Starting a business has the potential to make more revenue and help more people
than nearly any other endeavor. But knowing how to start a business with no money or experience
places you in the driver's seat and it allows you to start a business no matter your circumstance.
In this video, I'm going to walk you through the seven things you need to know if you want to start
a business. You don't have a lot of experience. You don't have a lot of money but you really
understand that this entrepreneurial journey is for you. Because being an entrepreneur is not
for the faint of heart. It's going to take hard work. It's going to take effort. It's going to
take strategy. It's going to take mentorship. It's going to take you being willing to be
molded into somebody you've never been before in order to become somebody who can truly help
people. The very first thing you're going to do is start to brainstorm startup ideas. What
are the startup ideas that fit you and your personality. You see, every business takes on
the personality of its owner and the owner really injects its personality into that business. For me,
my investors tend to be people a lot like me. I'm not saying people don't come into our world that
are a little different than me but they tend to be kind of highly energetic. People that are
really excited about life that are really excited to keep things moving forward because that's my
personality. That's the energy I connect with. so when you're thinking about your startup ideas
you want to pick an industry that kind of fits you. If you're an artistic type of person which by the way
I am so not. If that's you pick an industry that serves artistic people. You want to pick startups
that really fits who you are and fit what you really can do. The next thing you want to do is
focus on growing industries. One of the things I see people do over and over again in business
is they create something that they want to sell to people that people don't want to buy and what that
does is it discourages the entrepreneur. Because in essence they've created something maybe people
need but not something they want. The fast food industry is a perfect example of a booming
industry that creates things that people want probably don't need all the time. The idea is
we spend money on what we want not what we need. So, this is what drives growing industry, desire drives
industry. Make sure you write that down, "Desire drives industry", you want to see industries that
are growing. It's simply a reflection of human desire, that's what grows businesses. So you want
to focus on industries that are growing. Don't focus on industries that are dying. Investing in a
company that manufactures CDs is probably not a great place to invest. It's kind of a little bit archaic
they don't really exist much anymore. The truth is you want to invest in industries that are moving
forward that are growing that are continually gaining attention. Right now moving anything online
is going to be a great choice because so much is there now. Almost everything is online that can
be experienced online. You really can't get your hair cut online at least yet who knows what's coming.
You can't really go out to dinner online if you want to go out to a restaurant. You can't really
go out to for coffee and meet a friend online you can do it virtually it's just a different
experience. But the idea is connect with industries that are continually growing. So after you've
surfaced the industries that you kind of fit with choose of those industries. Choose one that fits
your personality and choose one that's growing. That's on the way up. It's going to be a lot easier
to grow a business in a growing industry. The third thing you want to do is locate and serve
market gaps. See, opportunity in business lives in the underserved parts of the market. The truth is
in every industry, there's parts of that industry that are underserved. There's maybe age groups that
are underserved or there's genders that are underserved or there's things in the industry
that need to grow. In fact, one of the things we have a passion about. My wife and me to continually
grow the investorship of women in real estate. Because in real estate investing there's not a
lot of women out there. Thank God it's starting to grow but there's still a massive difference
between the amount of men in real estate investing in women. So the truth is there might be a gender
piece that's underserved. There might be a socioeconomic part that's underserved in teaching
maybe lower socioeconomic people how to invest in real estate. At least applied to my business.
So you can locate underserved parts of the market and start serving those parts of the market. One
of my friends started a consulting business just after he retired. He retired at about the age of
55 and he wanted to start a consulting business. So what he did was he started surveying the industry
to start a consulting business and see what how could he consult people that would really
add value to them and you know what he found? He started going after people that just retired that
wanted to start a consulting business just like him and guess what? It blew up people from 55 to
65 that were retiring it's like, "You know what, I don't want to just sit on the golf course or
sit on the beach. I want to go do something", and all of a sudden he taught these retirees how to
start consulting businesses and oh my goodness it exploded. Why? Because he served an underserved
part of the market. Nobody was teaching retirees how to start businesses because everybody assumed
they're done with, they don't want to start a business at that age. That's actually not true.
A lot of people do and a lot of people did. So finding gaps in the market you can serve it's a
great way to grow a business. The next thing is you want to focus on innovative way to serve customers
not cheaper way to serve customers. When you become the cheapest you draw a certain clientele and
when you become the cheapest you always have to stay the cheapest in order to stay competitive.
Don't make price your competitive advantage. Making price your competitive advantage is a terrible
mistake. Instead, you want to make innovation your competitive advantage. Meaning, serving customers
in a different way. When we came into the real estate industry we decided to serve investors
in a little unique way and that when they invested their money into our deal in three to five years
we refinanced out all their money because we grew the value of the property. We gave them all their
money back and we let them keep equity in the deal. So now they've got all their capital back but they
own a property in which they have no money in. That was our secret sauce in the industry. That was how
we served a customer a little different than everybody else was and so figuring innovative
way to serve customers rather than cheaper ways to serve customers is going to grow your business a
lot faster. Throw the cheap thing out and think through innovation not lowering your prices.
Before we go on to the next few tips make sure you subscribe to the channel we give a lot of
business tips investing tips and money tips on this channel to help you grow your life. I love
talking about entrepreneurship and making money growing wealth and building teams. Make sure you
subscribe to the channel and become a part of our family. The next thing you want to do is
run your idea by a couple people in the industry especially your potential customers. So you want to
do a little bit of market research. So if you have an idea of an innovative way to serve a customer.
Ask some other business owners that may not be in that industry but that just understand
business. Run it by three to five people and see what surfaces. See if they think it's a good idea
or the idea won't go. I've had a lot of business ideas over the years and I like to run them by
my mentors and trusted advisors. Some of them are great ideas most of them are terrible ideas. That's
just how ideas work, right? You want to run your idea by people that don't care about your feelings
and understand I know they care about you. But you want people that will give you unbiased feedback
no matter how it will make you feel. Because the truth the matter is one of the things that really
hurts new business owners is when they get married to an idea that really isn't a good one and if you
think about this being in a bad marriage is not a good thing. Marrying somebody that isn't a good fit
for you or isn't good to you that's a bad thing. It's the same thing in business, getting married to
an idea that's not a good fit it's never going to last. So when you're starting a business don't get
too emotionally attached to your business idea just keep working through ideas until you hit
one that is great. I love the ray crock story that really was the founder of the method of McDonald's.
He didn't create the system of McDonald's but he made McDonald's what we know it
as today. But he did that at age 54 he started with McDonald's 54. Before that, he sold ice cream
mixers he sold cups he sold all kinds of things. He was basically a sales guy sold everything you
could imagine. He went through ideas until he found a good one and when he found a good one
man did he find a good one and it's the idea of don't be so attached to your ideas that you're
not willing to move on to an even better one if somebody says probably not a great idea for you.
Then you want to create your business plan. You want to lay out a plan of how you're going to
reach your customers? How you're going to serve your customers? What makes you different in the
market? What's your product and service? What's the specific way you think you can acquire customers
and at what price? As you drop this business plan it really helps you articulate in your mind
what the business is going to look like. Doing a business plan is as much for you as it is for any
bank that requires it or any other financial institution. Because when you're launching a
business most people don't start off with a plan saying this is kind of what I'm going to do. This
is where I'm going to go. Here's my competitors. Here's how I'm going to serve people different
etc and I really want you to understand a business plan is a really good practice to go through
because it really pushes you to answer some maybe even uncomfortable questions that you might not
know but it'll push you to go find the answer. So, get a business plan in place because it's really
your blueprint for moving forward after you watch this video if you want more information on how to
start a business plan. Go to part one of how much money do you need to start a business.
I walk through everything you need for a business plan so you can create one with precision.
The next thing you can do is start your business with somebody. Partner with somebody in business
that may have a little bit more capital and may have a little bit more experience. You might take
a little bit less equity in the business and maybe do a little bit more boots on the ground
but you're going to gain so much experience then it's really going to help you grow your business
and then when you start your next business if you have multiple businesses you already have that
experience and you're not wondering how to start a business with no money or experience because
you'll have it. I started a lot of business with partners over the years some worked some didn't
but the truth is picking somebody that you really trust and picking somebody that really
has experience and a proven track record can really fast forward your success. One of the
things very few people talk about when you really launch a business is leverage your skills. You
may not have experience running a business but you do have experience and skills in something
and leveraging those experience and skills in order to start your business is at least gonna
help you have the skills down to deliver to your customers. So if you know how to develop websites
but you don't know how to start a business around it at least make sure you choose a business that
encapsulates some of your skills and some of your abilities. Starting a business in which you have
no ability to deliver to those customers is really a difficult business to start unless you're going
to start with employees that do. So, understand, if you're starting business for the first time
try to center it around the skill and passion you have so you can deliver to those customers.
I also want to give you a free gift today. I have a free business startup checklist I want to give you.
Down in the description click that link you'll be taken to a page and you'll be able to download
your free business startup checklist so you don't forget anything when you're starting your business.