Over the last few weeks, we’ve talked a lot about mindset, secrets to success, and high income skills etc…
But if you’re interested in starting a business, reading this newsletter could be the most intelligent decision you make this year.
Because, I believe not everyone has what it takes to make it in business…
So, I’m going to help you make that decision today.
And if by the end of this newsletter you decide business isn’t for you, that’s OK.
You can still become financially successful as I’ve mentioned in previous newsletters.
So let’s begin.
How To Know When You’re Ready To Start A Business
As you may know, I failed at 13 businesses before my first success.
When I think back on why I failed so many times, it was because I clearly wasn’t ready, but more importantly…
I didn’t have these 5 things in place before starting:
- A clear profit path
- Proper and focused business model
- An edge over my competition
- Enough capital
- Being okay with not making money for a certain period of time
A lot of people get into business without knowing what they’re getting themselves into.
Just because they see people on Instagram with abundant lives and successful businesses, they think they can do it too.
But that’s not the case.
I shot a follow-up video to the one above with another 5 things you must consider before you start a business, and I advise you watch it if you’re serious about entrepreneurship.
How Much Money Do You Need To Start A Business
A lot of new entrepreneurs believe they need millions of dollars to start a business.
In some cases, that may be true, but oftentimes they haven’t done their due diligence or enough research to figure out exactly how much they need.
In fact, usually they need far less than $1 million to get things started.
How to Start a Business With No Money
I always say, if you don’t have any money, you shouldn’t start a business.
Now are there entrepreneurs out there who start with no money?
Sure, but you don’t hear much of them once they fail, and the ones that do succeed have specific business skills which make their business work.
“But Dan, what about a business loan?”
Why Start A Business When You Can Buy One?
If you caught one of my past newsletters you may have seen the 3 ways my close friend Brian Scudamore (CEO of 1800-GOTJUNK?) said you could get started in business.
2 of those are starting from scratch or buying into an already successful business or franchise model.
So with a failure rate of 95%, doesn’t it make more sense to buy an already successful business and skip the launch phase etc?
It really depends on your goals.
If your goal is to own a successful business in a niche that interests you, then you could absolutely do that if you find the right investment.
But if you want to build something that isn’t already out there, then you have no choice but to build from the ground up.
How To Buy A Business With No Money Down
Although I don’t advise you to start a business with no money, buying a business with no money is different.
Because there’s an old saying in the business world…
“You don’t need money, you need a better strategy.”
If you can strategize a way to buy a business with none of your own money, then you’re already streets ahead of most business owners.
And I’m not just talking about getting a loan, because as you’ve seen, I think that’s a bad idea.
Why Great Ideas Fail
How many great ideas have you had in your life?
They don’t have to be business ideas, just great ideas in general.
Now, did those great ideas work out how you wanted them or did they hit roadblocks along the way?
My guess is if you didn’t execute it properly, it wouldn’t have worked out.
The same applies to business.
Almost every entrepreneur thinks they have a “great” idea, and they may have.
But if they don’t execute their idea, then their business is destined to fail.
I hope this newsletter has helped you decide whether business is the right path for you.
Feel free to watch any of the videos in this business building playlist to gain clarity where needed.
Don’t forget, skills are the key to a successful business…
And if you have the right skills, you can be wildly successful even without starting a business.
I’m certain you’ll find something there that will help you get to the next level.
Until next time,
P.S. – It’s important you stick with your high income skill and make at least $10K per month for one year before you start a business.
Because if your skills aren’t good enough to make you $10K per month, there’s no way you’ll make business work.
I tried skipping steps and it caused me to fail at 13 businesses and get $150K of debt. That was until I developed my first high income skill.
So, if you’re committed, I believe you can do it.