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How to Launch a Business Without Spending a Dime

How to Launch a Business Without Spending a Dime
Money

The biggest mistake I see first time entrepreneurs make is that they spend too much money.

They rent an office or retail location, pay big incorporation fees, hire employees, and build an expensive website (just to name a few). And all before they’ve earned their first dollar!

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Each month their cash reserves get lower and lower while they struggle to make sales to cover their expenses. Eventually the fledgling business dies with no cash flow, leaving the owner hurt emotionally and financially.

Luckily, it is possible (and actually quite simple) to start up a business without spending a dime. The beauty of using this method is that you can test out a new business idea quickly and with zero risk. And instead of spending time negotiating leases or dealing with employees, you can spend 100% of your time on the most important thing: making that first sale!

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The first thing you’ve got to do is get past the idea of spending. Work out of your home or Starbucks on nights and weekends. Instead of hiring employees just get started with what you can do yourself, or ask friends for help. Don’t incorporate just yet, be a sole proprietorship. Don’t hire an expensive graphic artist to make your logo, stick with something simple…you get the idea.

You can spend money on all that stuff once you are bringing in revenue!

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Now to actually get started, here are 10 steps you can use to launch a new business, without spending a dime. The first five are logistical. The last five are all free ways to market your business (after all, the most important step is bringing in that first sale!)

  1. Get an EIN at the IRS website
    This one is specific to the USA, but all companies need an Employer Identification Number (EIN). You can apply for one online at the irs.gov in about 5 minutes by clicking here. List yourself as a sole proprietor for now.
  2. Setup Your Business Financials
    Get a free business checking account. This will allow you to keep your business’s money separate and track it (vitally important!). I like Washington Mutual’s free business checking. They will also give you a debit card to track your expenses (never use a credit card) which are currently zero! Then get a Paypal account and link it to your business account so you can accept payments.
  3. Choose a domain name
    The fastest ways to get eyeballs on your new business is the internet these days. Choose a domain name that is a keyword phrase your potential customers might type into a search engine. So if you are offering salsa lessons in Boston, you might choose “SalsaLessonsBoston.com”. The benefit of doing this is that you will most likely end up on the first page of Google results for that keyword phrase within a month or two. This will bring your customesr, and is much better than showing up on the first page for “John Smith’s Salsa Company” or something that no one ever searches for.
  4. Make a simple website
    The fastest way I know of to launch a website is using WordPress (wordpress.com or wordpress.org). If you don’t mind using a subdomain like “mydomain.wordpress.com” it’s free. But even if you want your own domain you can get one with WordPress pre-installed for about $70/year. WordPress comes with over 2500 “themes” to change the look and a great back end interface to edit the pages just like you’re in Microsoft word. LifeHack.org uses WordpPress as do many other popular sites.
  5. Set Your Prices
    Most first time entrepreneurs set their prices too low. People assume low prices mean low quality, and you are worth more. Give away your product or service to the first five customers free if you’d like (it will help built buzz and you can ask them for testimonials), but after that set your price in the top 1/3 of your industry. It’s always easier to lower them than to raise them.
  6. Start Marketing on CraigsList.com
    The next five steps are all free marketing. Start by making regular posts on Craigslist.com. This is a free classified website that attracts millions of viewers. You can get some traffic to your website instantly by making some posts here, and you should continue to repost them every few days.
  7. Start a Meetup.com Group
    Meetup.com helps people with similar interests get together. If a group exists in your area with potential customers, join it. Try to be invited as a guest speaker and offer value to members of the group (don’t pitch them). Just by making friends and helping out you will start to bring in business. If a MeetUp group for your topic doesn’t exist yet, that’s even better. Start one up! You’ll be viewed as the authority in the area.
  8. Post a Video to YouTube.com
    YouTube is a video sharing website, and it gets ridiculous amounts of traffic. It’s actually easier to make a video than you think, and it doesn’t have to be professional at all. You can record one with your digital camera, make a screen recording of your computer (even a powerpoint presentation) with software like Camtasia, or purchase a $20 webcam. Teach or show something useful, and include a link to your site at the end of the video. You will get traffic!
  9. Network
    Send an email to all your friends and family (and really everyone on your contact list) telling them about the business you just started. Put a note at the end asking them to forward the note to anyone they know who might be interested (and tell them about the free offer for the first five customers). You’ll not only reach your network, but you’ll reach your network’s network (an exponential difference). You should also get people’s business cards that you meet (far more effective than giving them since few people will write you back) and offer to help them.
  10. Write an Article and Give it Away!
    Even if you aren’t a writer, you can put together a great article. Think of something your potential customers might want to know. Then write a “top ten” list (e.g. the top ten beginner salsa moves) or a “ten step” format (e.g. the then steps to learning salsa basics). Contact the owners of a dozen different websites that your potential customers might visit, and see if they’d like to use your article for free. Include a link to your website at the bottom in the “About the Author” section.

Using this simple format you can launch a new business in about a month, and hopefully make your first sale. But the best part is, even if it doesn’t work, you’ve learned a priceless lesson and risked little or no money.

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Don’t spend a single red cent that isn’t absolutely required when launching a new business! See if your idea works first, and then spend AFTER you’ve made your first sale!

Brian Armstrong is the author of Breaking Free, which shows how to quit your job and start your first business! You can download three FREE chapters of the book and sign up for his FREE online course

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Last Updated on February 13, 2020

What Is Speed Reading and How to Successfully Learn It

What Is Speed Reading and How to Successfully Learn It

Too much to read, too little time! Don’t you wish you could read faster without compromising your knowledge intake? This is where a valuable learning technique comes to the rescue: speed reading.

Speed reading is the top skill to learn in 2020. Read on to find out all about this amazing technique!

What Is Speed Reading?

On average, an adult can read somewhere between 200 to 300 words per minute. With speed reading, you can read around 1500 words per minute.[1] Yes, that sounds impossible, but it is true.

In order to understand how this skill works, you first need to know how the reading process works inside a human’s brain.

The Reading Process

The first step is for the eyes to look at a word. This “fixation” on every word takes around 0.25 seconds.

Next, the eye moves on to the following word. It takes 0.1 seconds for the brain to move from one word to the next. This is called “saccade.”

Usually, a person reads 4 to 5 words or a sentence at once. After all the fixations and saccades, the brain goes over the entire phrase again in order to process the meaning. This takes around half a second.

All in all, this allows the average person to read 200 to 300 words in a minute.

Speeding up the Process

The concept of speed reading is to speed up this process at least 5 times. Since the saccade period cannot be shortened any further, speed reading emphasizes quicker fixations.

To accomplish this, scientists recommend that the reader skips the subvocalization: when the readers actually say the word in their mind, even when reading silently.

Basically, speed reading is the technique of only seeing the words instead of speaking them silently.

Do not confuse this with skimming. When a reader skims through a text, they skip the parts that their brain considers to be unnecessary.

You may skip important information in this process. Moreover, skimming does not allow the brain to retain what has been read.

Why Speed Read?

Speed reading is not just quick, but also effective. This skill saves a lot of of time without sacrificing information.

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Also, it has been proven to improve memory. The brain’s performance improves during speed reading, which allows the reader to remember more information than before.

Since speed reading stabilizes the brain, the information is processed faster and more efficiently.

Believe it or not, this technique leads to improved focus, too. As the brain receives a lot of information during speed reading, there is far less chance of distraction. The brain focuses solely on the job at hand.

Since the brain is, after all, a muscle, the process of speed reading acts as an exercise. Just like the rest of your muscles, your brain needs exercise to grow stronger, too.

A focused brain means improved logical thinking. As your brain gets used to receiving and organizing so much information so quickly, your thinking process will become faster.

As soon as a problem is thrown at you, your brain will quickly put two and two together. You will be able to retrieve stored information, figure out correlations, and come up with new solutions, all within seconds!

Still not convinced? Read 10 Reasons Why You Should Learn Speed Reading

Greater Benefits

With a healthier brain, you can expect better things in other parts of your life, too. A boost in self-esteem is just one of them.

As you begin to understand information at a faster pace, you will also begin to figure out more opportunities all around you.

With the ability to deeply understand information in a shorter period of time, your confidence levels will quickly grow higher.

Moreover, all the aforementioned benefits will relieve you of stress. You will manage your readings in lesser time, your brain will be healthier, and you will feel so much better about yourself.

With all these advantages, your emotional well-being will be healthier than ever. You’ll feel less stress since your brain will learn to tackle problems efficiently. Speed reading will lead to a relaxed, tension-free lifestyle!

How to Learn to Speed Read

Speed reading is a superpower. Fortunately, unlike other superpowers, this one can be learned!

There are different techniques that can be used to master this skill. Opt for the one that best suits your learning style.

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1. The Pointer Method

The person who is credited for popularizing speed reading, Evelyn Wood, came up with the pointer method. It is a simple technique in which the reader uses their index finger to slide across the text that they’re reading.

As the finger moves, the brain coherently moves along with it. It is an effective technique to keep the eyes focused where the finger goes without causing any distraction.

Readers have a tendency to back-skip. The pointer method prevents this from happening, thereby saving at least half the reading time.

2. The Scanning Method

In this technique, the reader’s eyes move along one part of the page only. This can be the left or right side of the text but is usually the center since that is the most convenient.

Instead of pacing through the entire text from left to right, the vision shifts from top to bottom.

This method involves fixation on keywords such as names, figures, or other specific terms. By doing so, the saccade time is minimized.

3. Perceptual Expansion

Generally, a reader focuses on one word at a time. This technique, on the other hand, encourages the brain to read a chunk of words together. In doing so, this method increases the reader’s peripheral vision.

Here’s the thing: even though the fixation time remains the same with perceptual expansion, the number of words that the eyes fixate on increases.

So basically, the brain receives 5 times more information within the same amount of time.

This technique is the hardest to master and takes the most time to learn. You’ll need help from speed reading tools in order to practice the perceptual expansion method.

However, once you master it, this technique will offer you the fastest reading pace with the maximum knowledge intake.

The Best Speed Reading Apps

The easiest tool to aid any process in any part of life these days is your smartphone.

You can use mobile applications to learn speed reading on the go. It has been proven that regularly practicing speed reading is the fastest way to learn this skill. [2]

Here are a few great options to look into:

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1. Reedy

If you own an Android smartphone, you can download Reedy to your mobile. Otherwise, get the chrome extension on your laptop to enjoy speed reading with Reedy.

This app trains readers to read faster by displaying words one by one on the screen. Instead of having to go through lines or long texts, Reedy prepares the user to focus on one word at a time.

Although this isn’t an effective method to learn speed reading long texts, it is a great way to start.

Once your brain gets used to the idea, you can shift to another app to train speed reading sentences or longer texts.

2. ReadMe!

Whether you’re an android or iOS user, you can take advantage of the ReadMe! application. This app even comes with some e-book options to practice speed reading on.

Start by choosing your desired font size, color, layout, etc. Other than that, there are different reading modes for the user to choose from.

If you want to practice reading sentence by sentence or in short paragraphs, you can choose the focused reading mode.

The beeline reader mode changes the color of the text to guide the eye to read from the beginning to the end at a certain pace.

Lastly, there is the spritz mode in which the app focuses on chunks of words at once. This controls the reader’s peripheral vision. However, this mode is not fully available in the free version of the app.

3. Spreeder

Spreeder is available on both iOS and Android. However, users may also gain benefits from Spreeder’s website. This application lets the reader paste in any text that they would like to speed read.

Starting off at a rather low speed, the app flashes words one by one. Gradually, as the user becomes more comfortable, the speed increases.

Slowly, the user is trained to speed read without having to skip any words.

This app is different from the rest because it tracks the user’s reading improvements, recording the overall reading time and speed.

The progress and improvement are tracked in order to motivate the user to perform even better.

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Adjustable settings, such as the speed of the text, background color, etc. are in the control of the user.

The Controversy Surrounding Speed Reading

Truthfully, speed reading does sound too good to be true. It’s hard to believe that it is humanly possible to attain such a fast pace in reading without compromising the quality of information you receive.

Perhaps as a result, there are people who do not trust the process of speed reading. They believe that when you read through a text at such a high speed, you cannot comprehend the information successfully.

According to these people, your brain is unable to process information at the speed that you’re reading, and so, they regard speed reading as problematic.

It is true that speed reading will be of no use if you do not understand the text you’re reading, no matter how quickly you did it.

Similarly, if you were to read slowly and still not retain or understand the information you read, that would be useless, too.

However, there a few factors to consider here. When reading at a normal pace, there is enough time in between every step of the process for the brain to get distracted.

Conversely, speed reading leaves behind no time for the brain to focus on something else. It is unlike skimming. No part of the text is skipped, which means that the brain receives every single bit of information.

Conclusion

Keeping all of this in mind, speed reading cannot be labeled a hoax or a failure. Science has backed up this technique, and numerous readers have been using this skill to improve their learning ability.

At the end of the day, it is your decision whether or not you want to trust this process.

However, if you decide to take advantage of the opportunities speed reading provides, you will find a world of possibilities opening up to you.

We live in a fast-paced world. Consuming information faster will help you keep up with that pace and find further success.

Speed Read Like a Pro!

Featured photo credit: Blaz Photo via unsplash.com

Reference

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