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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 June 26, 2020

How to Stay Motivated and Reach Your Big Goals in Life

How to Stay Motivated and Reach Your Big Goals in Life

It is hardly a secret that the key to successfully accomplishing one goal after another is staying motivated. There are, of course, tasks which successful people may not like at all, yet they find motivation to complete them because they recognize how each particular task serves a greater goal.

So how to stay motivated most of the time? Here are 5 simple yet effective ways on how to be motivated and get what you want:

1. Find Your Good Reasons

Anything you do, no matter how simple, has a number of good reasons behind it.

You may not be able to find good reasons to do some tasks at first but, if you take just a few moments to analyze them, you will easily spot something good. We also have many tasks which don’t need any reasoning at all – we’ve been doing them for so long that they feel natural.

If you’re ever stuck with some tasks you hate and there seems to be no motivation to complete it whatsoever, here’s what you need to do: find your good reasons.

Even when you set goals, there needs to be reasons behind these goals. They may not be obvious, but stay at it until you see some, as this will bring your motivation back and will help you finish the task.

Some ideas for what a good reason can be:

  • A material reward – quite often, you will get paid for doing something you normally don’t like doing at all.
  • Personal gain – you will learn something new or will perhaps improve yourself in a certain way.
  • A feeling of accomplishment – at least you’ll be able to walk away feeling great about finding the motivation and courage to complete such a tedious task.
  • A step closer to your bigger goal – even the biggest accomplishments in history have started small and relied on simple and far less pleasant tasks than you might be working on. Every task you complete brings you closer to the ultimate goal, and acknowledging this always feels good.

Here’re 9 Types of Motivation That Make It Possible to Reach Your Dreams.

2. Make It Fun

When it comes to motivation, attitude is everything. Different people may have completely opposite feelings towards the same task: some will hate it, others will love it.

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Why do you think this happens? It’s simple: some of us find ways to make any task interesting and fun to do!

Take sports for example. Visiting your local gym daily for a half-an-hour workout session sounds rather boring to some. Yet many others love the idea!

They like exercising not only because they recognize the good reasons behind it, but simply because it’s fun! At certain time of their daily schedule, they find going to gym to be the best thing to do, simply because nothing else will fit their time and lifestyle so perfectly.

Depending on how you look at it, you can have fun doing just about anything! Just look for ways of having fun, and you’ll find them!

A simple approach is to start working on any task by asking yourself a few questions:

  • How can I enjoy this task?
  • What can I do to make this task fun for myself and possibly for others?
  • How can I make this work the best part of my day?

As long as you learn to have the definite expectation of any task being potentially enjoyable, you will start to feel motivated.

Some of you will probably think of a thing or two which are valid exceptions from this statement, like something you always hate doing no matter how hard you try making it fun. You’re probably right, and that’s why I don’t claim everything to be fun.

However, most tasks have a great potential of being enjoyable, and so looking for ways to have fun while working is definitely a good habit to acquire.

3. Change Your Approach And Don’t Give Up

When something doesn’t feel right, it’s always a good time to take a moment and look for a different approach for the task.

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You may be doing everything correctly and most efficiently, but such approach isn’t necessarily the most motivating one. Quite often, you can find a number of obvious tweaks to your current approach which will both change your experience and open up new possibilities.

That’s why saying “one way or another” is so common — if you really want to accomplish your goal, there is always a way; and most likely, there’s more than one way.

If a certain approach doesn’t work for you, find another one, and keep trying until you find the one which will both keep you motivated and get you the desired results.

Some people think that trying a different approach means giving up. They take pride in being really stubborn and refusing to try any other options on their way towards the goal.

My opinion on this is that the power of focus is great, but you should be focusing on your goal, and not limiting your options by focusing on just one way to accomplish it it.

4. Recognize Your Progress

Everything you may be working on can be easily split into smaller parts and stages. For most goals, it is quite natural to split the process of accomplishing them into smaller tasks and milestones. There are a few reasons behind doing this, and one of them is tracking your progress.

We track our progress automatically with most activities. But to stay motivated, you need to recognize your progress, not merely track it.

Here’s how tracking and recognizing your progress is different:

Tracking is merely taking a note of having reached a certain stage in your process. Recognizing is taking time to look at a bigger picture and realize where exactly you are, and how much more you have left to do.

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For example, if you’re going to read a book, always start by going through the contents table. Getting familiar with chapter titles and memorizing their total number will make it easier for you to recognize your progress as you read. Confirming how many pages your book has before starting it is also a good idea.

You see, reading any book you will be automatically looking at page numbers and chapter titles, but without knowing the total number of pages, this information will have little meaning.

Somehow, it is human nature to always want things to happen in short term or even at once. Even though we split complex tasks into simpler actions, we don’t quite feel the satisfaction until all is done and the task is fully complete.

For many scenarios though, the task is so vast that such approach will drain all the motivation out of you long before you have a chance to reach your goal. That’s why it is important to always take small steps and recognize the positive different and progress made. This is how your motivation can sustain in long term.

5. Reward Yourself

This is a trick everyone likes: rewarding yourself is always pleasant. This is also one of the easiest and at the same time most powerful ways to stay motivated!

Feeling down about doing something? Dread the idea of working on some task? Hate the whole idea of working? You’re not alone.

Right from the beginning, agree on some deliverables which will justify yourself getting rewarded. As soon as you get one of the agreed results, take time to reward yourself in some way.

For some tasks, just taking a break and relaxing for a few minutes will do.

For others, you may want to get a fresh cup of coffee and even treat yourself a dessert.

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For even bigger and more demanding tasks, reward yourself by doing something even more enjoyable, like going to a cinema or taking a trip to some place nice, or even buying yourself something.

Your progress may not seem to others like anything worth celebrating but, take time and do it anyway! It is your task and your reward, so any ways to stay motivated are good.

The more you reward yourself for the honestly made progress, the more motivated you will feel about reaching new milestones, thus finally accomplishing your goal.

Mix and Match for the Best Effect!

Now that you have these five ways of staying motivated, it is a good moment to give you the key to them all: mix and match!

Pick one of the techniques and apply it to your situation. If it doesn’t work, or if you simply want to get more motivated, try another technique right away. Mix different approaches and match them to your task for the best results.

Just think about it: Finding good reasons to work on your task is bound to helping you feel better; and identifying ways to make it fun will help you enjoy the task even more.

Or, if you plan a few points for easier tracking of your progress and on top of that, agree on rewarding yourself as you go; this will make you feel most motivated about anything you have to work through.

More Tips to Boost Your Motivation

Featured photo credit: Lucas Lenzi via unsplash.com

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