Company of One with Dale Callahan
111: How Much Money Do You Need to Start a Business? [Podcast]
How Much Money Do You Need to Start a Business? The typical thinking is that $100,000 is needed to start a business. But in reality, the typical startup spends significantly less. In this episode we will explore ideas to get your business started with little or no investment.
Money Plan to Start a Business
[Tweet "It costs less than $10k to start a business. #entrepreneur #startupcost"]
No one ever really asks "How Much Money Do You Need to Start a Business?" - instead they just assume that is it some figure such as $100,000.
* Define why you need money
Equipment and tools
Pay yourself and your team
Marketing
* How to do it on the cheap - Equipment
Rent or borrow
Use what you have already and add as needed
* Team Building
Hire on a project by project basis
Do not quit your day job yet
Manage the cash flow
* Marketing
Be OK with growing slow
Engage current or previous customers for referrals
Use sweat equity
* Avoid the two lies of business startups
You have to invest in things to grow
Debt is normal
* Listen to the advice of others - but use your brain
Join and listen to find tricks to start your own business for less.
Links mentioned in this episode:
* Being Lean in Your Business
* Upwork - Freelancers
* EntreLeadership
* Building Your Own Business
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