Which Comes First the Money or the Business Model

Which Comes First the Money or the Business Model

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There are many people who ask me, “How do I get money to start a business?” I’ll say, “Slow down playboy. You’re missing a few important elements here, like the business, the demographics, and marketing.” All of that needs to be in place before that. What’s really interesting is how many people want to get money as if money is going to completely guarantee the business is successful when that’s not always the case.

The internet has driven people to believe that you can just go out and start something that you don’t know about and it will be wildly successful immediately. You can start something that you don’t know anything about. I started this channel like that, but it took me a long time because I didn’t know what the hell I was doing.

The business model should “hands down” be the first thing you think about. It should be the thing that you work out. Your business model should be set before you go out and borrow money. You need to start small unless it’s something where you have to get a lot of money. Most people start small.

Here’s the brutal truth. Unless you are extremely remarkable or you have some type of support system; like a mother, a father, wife or husband who will pay all of your bills while you run your business, you’ve got to have a job. That’s the reality. Since you have to have a job, that will take a significant amount of your time. This means you will need to start a side hustle which may not be your ultimate business. A lot of people don’t want to hear that.

What is a business model? A business model is a system that you can follow. You have to have something to sell and people to buy it with a way to let people know you have something to sell. You’ve got to satisfy those requirements with your business model. If you can’t do it as a side hustle for money, you could throw as much as $10 billion at it and it still won’t work. You want to get dialed in before you start throwing money at a business.

Everyone doesn’t have the same opportunities. A guy hustling in New York is going to have more opportunities than a guy hustling in Iowa. It’s reality. Someone who is hustling in Los Angeles has more opportunities that someone hustling in Peru. So many of you may be in a situation where you have to move. I know you don’t want to leave mom and dad and Becky, but you have to ask yourself, “Do you want this thing to be successful or do you want to remain the same?” With that said, you may have to move to get your business model really hopping.

Let’s talk about investors. People will say, “I want to get an investor,” I hear this all the time. People talk about their investors. It’s a real interesting thing.

If you invest $10K, $25K or $50K, a good return is seven to ten percent. A fantastic return is 10 to 15%, because you’re not doing anything. You just threw the money in the pot. You’re getting investment income.

If you want to get the course 30 Days to $2500, that will teach you how to do your business model. So many people are caught up in getting money or internet business models. There are a lot of internet business models. There’s the Instagram business model. There’s the YouTube business model. There’s the Facebook business model.

There are a lot of options, but the thing to remember is that not everyone has the same resources. When you’re looking at your business model, you should consider what you have to offer. You should also think about where you are and what you can do.

Here’s the sad truth that a lot of people don’t want to hear. Many very boring businesses can make you a ton of money. One example of this is the storage unit business. It is one of the fastest ROI real estate investments in history. This is what the business model entails. You get a piece of land. You throw up 300 to 1000 storage units. You rent them out.

Within two to three years, your rent has paid off all of your bills. It is a cash cow. You can take that money and then buy more units. You would see a lot of these guys with storage facilities and they’re making seven figures. That’s a nice business model.

People ask me what I’m doing. I say, “This is a media company. This is an education company.” My resource for this is the 15 years I spent in the private sector, out there doing that hard work of meeting customers and building companies. It took me awhile to get the information. It took me a long time to get through all of those experiences. When you’re putting together your business model, you should be getting as much experience as possible.

Considering the amount of work you have to do to build a company, it is not glamorous or sexy. I’m not going to sit here and tell you it is going to be a wonderful journey. What I will tell you is that it’s worth it. If you’re successful, you can change not only your life but the lives of your family members. You can pass on your legacy to them.

You should be very mindful about getting loans or running up your credit cards until you have cash flow. I don’t think credit cards are bad. I don’t think debt is bad. If you have a proven business model with cash flow, I think a small loan makes sense for scaling up.

Before you start talking about getting loans, be sure you have cash flow.

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