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I get a lot of people who asked me where they can borrow the money to start their business. I’ll say, “Wait a minute playboy. You’re missing a few important elements here like the business, demographics, and the marketing.” All “that” needs to come into place before the marketing money. What’s interesting is most people are focused on getting money as if it will guarantee that the business will be successful, and that is not always the case.
The internet has promoted the idea that you can start something you know nothing about and become wildly successful in a short period of time. It is true that you can start something that you know little about, like I did on this channel; but it is unlikely that it will become successful immediately. That’s why it took me so long to grow it, because I didn’t know what the hell I was doing.
The business models should definitely be the first thing you think about, before the money. It should be the thing you work out. You need to start small with a solid business plan in place.
Here’s the brutal truth about having a job while you start your business. Unless you have a wonderful support system like a spouse or parents that will pay all the bills, you are going to need to work a job while you start your business. That’s the reality. Unfortunately, that job will take up a lot of your time.
You have to start a side hustle, which may not be your ultimate business. That’s not what people want to hear. People say, “I want to do what I want to do.” I’ve been on this channel for eight years and I’ve seen people who have been following their passion and they have not progressed. So, that does not always work.
You’ve got to have a business model. Now, what is a business model? It is a system. You’ve got something to sell and buyers to buy it and something in the middle that lets them know you are selling it. You’ve got to satisfy that in your business model. If you can’t get that started as a side business that makes money, I don’t care of you throw $10 billion at it; it’s still not going to work. You’ve got to make sure the business model works and you have it up and running before you start throwing more money at it.
Let’s talk about business models. Everyone doesn’t have the same opportunities. For instance, a guy hustling in New York is going to have more opportunities than a guy hustling in Iowa. It’s just reality. So, many of you may have to move.
I know you don’t want to leave Mom and Dad and Becky, but you have to ask yourself if you want to make this thing work or do you want to remain the same. So, with that said, because of your environment and your resources and where you live, you might have to move to get your business model really hopping. Hands down, the business model will come before the money, because it has to.
Let’s talk about investors. If you invest $10,000 or $20,000, a good rate of return is 7%. A fantastic return is 10 to 15%. That’s the best you can hope for because you just threw the money in the pot. You didn’t do anything. That’s if the business is successful.
There are a lot of business models. There’s the influencer business model. There’s the Instagram business model. There’s the YouTube business model. There’s the Facebook business model. There are a lot of different business models, but everyone doesn’t have the same resources.
So, when you are looking at your business model, you have to consider what you have to offer. 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 storage facilities. They are considered to be one of the best real estate investments. This is the business model. You buy a piece of land. You build 300 to 200 units and you rent them out. Within two to three years, your rent has paid off all of your startup bills. It is a cash cow. You can take that money and buy another on and another one. A lot of these guys ae making seven figures. There’s a great business model there.
Now this is a media company. This is an educational company. My resources for this included 15 years of experience in the private sector. I did that hard work of meeting customers and building companies. It took a while to get this information and have all of these experiences.
When you’re putting together your business model, you should be trying to get as many experiences as possible. The future of the economy is you can get involved in innovation and be an entrepreneur or you can work in the service sector. We’re not a manufacturing country anymore. A lot of people are in for a rude awakening.
Stop looking for money before you hammer out your business model. It’s hard work. It’s not sexy. It’s not glamorous. I’m not going to sit here and tell you that it’s going to be a wonderful journey. What I will tell you is it is worth it. If you’re successful, you can not only improve your life, but the lives of people in your family. Then you can pass it on.
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