Q. I don’t have a lot of money. How can I start a full or part time business?
A. Many people have the misconception that they need a lot of money to get started. The reality is that starting with a lot of money is a bad idea… and so is mortgaging your home or getting a loan.
The reason why is simple: having large sums of money can give a false sense of security that allows us to get comfortable, become complacent or to be wasteful with our spending.
If this is your first business or income stream (to supplement the income you make at your job) and you don’t have much experience, my best suggestion is to start small and to fund your growth by reinvesting your profits.
In doing so, you’ll take smaller, calculated steps instead of trying to make big leaps that can jeopardize your financial well being. This is THE best way to build momentum without risk.
When (or if) you get to the point that you need capital to expand, you can explore your options then. By that time, you’ll have a better idea of what resources you need as well as enough business to carry you to the next level.
If you absolutely need a lot of capital to make your idea work and you don’t have access to it, then you may need to start another smaller business to make the money to fund your big business idea.
This is actually a very good approach because you’ll learn a lot in the first, smaller business that will make your big business more profitable and successful.
Q. I need a steady income. Can I start a business without quiting my job?
A. What you really want is security in an uncertain world… which is very smart!
Truth is, you probably shouldn’t quit your job if it is your sole source of income anyways. Instead, you should start by creating a stream of income to supplement the money you make at your job.
Then, once your supplemental income from your “side business” matches or exceeds your working income, you can consider quitting because you will have replaced it.
Otherwise, I completely agree that there’s no benefit to risking everything, enduring unnecessary stress, or creating worries for yourself or your family.
I’ve known many people who started small and had their little “side project” turn into a multi-million dollar business.
The simplest way to get started is to think of your little side business as a project, experiment or hobby. If you think of it this way, you’ll have fun and it will be exciting.
This is important because life is meant to be an enjoyable journey. So success isn’t success if you aren’t enjoying it.
Q. I don’t have experience and I’m not a “business” person. How can I be successful?
First, for acknowledging the fact that you don’t know enough about something to dive in head first! That’s just good common sense.
And second, for exploring the Academy’s online training programs because they have been specifically designed to help you to be one of the 5% of people who enjoy business and financial success instead of the 95% who spend their lives wishing and dreaming about it.
We’ve structured our online training programs so you don’t need:
- A lot of money to get started
- To quit your job or to take big risks
- A degree or a college education
- Business experience
- A product or a service
- Sales experience
- A 20 page business plan
After being an Entrepreneur for 20 years and helping thousands of people to start their own businesses, I’ve discovered that “business experience” is often one of people’s biggest problems.
That may sound counter-intuitive, but it’s true because many people who have small businesses have learned things over the years that KEEP them stuck or even prevent their success.
So, if you don’t have any business or sales experience, you’re actually lucky because you don’t have to UN-learn anything.
You may not know it yet, but you’re light years ahead of the people who think they can figure it all out on their own.
Wanting to figure things out is admirable. But those who try are often the ones who are destined to endure hard times, struggle, and may even fail because they don’t know what they’re doing.
This may sound silly, but I would never go skydiving by myself because I don’t know how to skydive. That would be a death sentence for me.
Interestingly enough, this is exactly what people who start a business without getting some guidance or support are doing.
When I first started out in my trucking business, I didn’t have any experience. I struggled for a while. But I was smart enough to find people who could help me and I learned from them. They mentored me.
Because of the guidance and support that I received from people who were already successful in business, I ultimately had great success and financial prosperity that I would not have enjoyed otherwise.
Q. I’m not a good manager. Do I have to hire employees?
A. First and foremost, it’s your business so you should run it in a way that makes sense for you and provides you with free time and financial success so you can live your life the way you want.
Stated simply, your business is your game so YOU get to make the rules!
The least expensive way to start your business is to offer a product or service that you can provide yourself. Once you figure out the most effective way to attract and serve customers, you can find others who are proficient and capable of helping you out if you want to grow and / or expand.
In traditional business, those without experience hire employees because that is what other businesses do. The smarter way to operate is to form a joint venture partnership with those who will help you.
This means you contract them to do the work for you and you pay them for each job they complete. This is also called “paying on performance” and is the simplest way to grow without having employees.
Q. I’ve heard that being in business is difficult and it sucks up your life.
This myth makes me laugh harder than almost any other because it is the easiest to debunk.
First things first…
You can work hard or you can work smart. Although they don’t know it, most business owners and Entrepreneurs struggle and work 24 x 7 to keep their businesses going because they’re doing everything the hard way.
Either because they’re trying to do everything themselves instead of getting competent help. (This is almost always the root of the problem.) Or, because they just don’t know how to do things the smarter, faster way… they’ve always been winging it.
Imagine going into your back yard, getting a shovel and digging a hole. And, once you have a hole that is 10 feet deep, taking your shovel and filling it back up again.
Sounds silly, right?
Well, this is EXACTLY what those who are trying to figure everything out on their own are doing every day. Then, they go around telling everyone that being in business is a risky struggle that sucks up your time, life and money.
Here’s a critical fact…
There’s a reason why small businesses STAY small and big businesses continue to grow:
Big businesses accept the fact that they don’t know everything and that it is a waste of time to struggle to figure everything out. Instead of irrationally burning up precious time and money, they bring in consultants and experts to help them to solve problems.
Small businesses almost never do this because they think they can’t afford it or they don’t need it. In reality, trying to do everything on their own (or “In-house”) costs them more money than getting help because of:
a) Lost Revenue: They’re losing sales and profits while they waste time trying “figure it out”
b) Wastage: They’re throwing lots of money at the problem hoping that something will fix it
c) Labor Cost: They’re not accounting for their employees costs while they work through the problem
(I explain this in greater detail and how to avoid the stress, worries and headaches in my free guide How To Start A Profitable Business That Works FOR You 24 Hours A Day, 7 Days A Week, Even While You Sleep. You can download it by clicking or tapping here now.)
I understand the though process of “I’ll figure it out on my own” very well because I did it for many years in the early days of my trucking company. That was a $500,000.00 mistake I’ll never make again.
Mark Cuban has a saying that I totally agree with (now):
“I hire the best people because they make me the most money.”
Second, “hard” or “difficult” is a matter of ones beliefs and perceptions.
What one person thinks is hard, another believes is easy peasy.
Example: A person who is struggling to lose a measly ten pounds believes it is hard. Someone who has already lost 100 pounds would say it’s a piece of cake.
What’s the difference?
Their mindset and beliefs.
The takeaway here is that you can’t always believe what you hear because you don’t know the other person’s situation, experience or beliefs. What they think is hard, you may actually know is easy.
There’s an old proverb that I once heard that supposedly originated in Asia. It went something like this…
Man who says thing cannot be done should not interrupt man doing it.
Point well made!
Some people just get into businesses that really are overly complicated or not really for them, but they continue to grind away at them anyways. Knowing what I know about business, there are many businesses I would not get into for three reasons:
1) The payoff is not worth the efforts.
Businesses with small transaction values are a prime example. If I need 100,000 users that are paying me $7.00 a month just to break even, that isn’t my kind of business. These businesses can become hugely successful like Netflix. But the odds are seriously against you and you need to have TONS of money to keep them going with no guarantee of anything but a never-ending money pit.
2) The business requires too much risk, is too complicated, or has too many moving parts.
This is a matter of ones personal preferences more than anything. Businesses that deal with any kind of chemicals come to mind when I think of this one. The insurance and government regulations alone could bury a small business owner for the rest of their lives. Definitely NOT my kind of business.
3) I’m just not passionate about them.
This should go without saying, but it’s difficult to push yourself to do anything that you do not at least “like”. And if you don’t like what you’re doing, your chances of success are greatly diminished. Life’s short. You’re better off finding something you enjoy, like, or can become passionate about.
Q. I don’t have a college education or a degree. Can I be successful?
A. You’re probably going to think this is a joke, but more than half of the business owners and Entrepreneurs I know didn’t go to college or started and didn’t finish. (I personally did not go myself.)
Everyone knows that Steve Jobs didn’t finish. Where would technology be if he had?
Bill Gates dropped out of Harvard. But went back and finished in 2007, almost 30 years later.
Oprah Winfrey (Billionaire) started college. But dropped out for a job that didn’t work out.
Mark Zuckerberg dropped out. If he’d stayed in school, we wouldn’t have Facebook.
Jessica Alba didn’t go to college. But now heads up the Honest company.
And there’s also: Richard Branson (Billionaire), Larry Ellison (Billionaire), Michael Dell (Billionaire), John Paul DeJoria (Billionaire),
Shall I go on?
Q. Do I need to have a big, complicated business to make money?
“The bigger the monster is, the more you gotta feed it!” is a statement I read by Vince McMahon in an issue of Fortune magazine a few years back. As luck would have it, this is a lesson I figured out in my trucking business the hard way.
In traditional business, the higher your overhead, the more of your profits you need to spend to ensure your business can survive.
And when you spend more of your profits on expenses, there is less money to put into your personal bank account until your enterprise reaches critical mass.
This begs an important question:
How big does your business really need to be?
The answer: Just big enough to provide you with the income you need to enjoy the financial security and lifestyle that you want!
Seriously, unless you’re a hard core Entrepreneur and you live to be in business, which some really do, you don’t need any more than that.
The real question is: How much do you need to support that lifestyle?
I used to think I wanted a massive company with 10,000 employees that spanned the globe. Once I realized what was most important to me, I decided that I’d rather have a business that was just big enough to provide me with the free time and finances to enjoy my life.
My philosophy these days is that simplicity is beautiful.
Q. Are all Academy training programs online, or do you offer classroom style trainings as well?
A. Because of the way technology and the Internet have evolved and transformed the way we live, we presently only offer online training programs with a few live workshops periodically. (We may offer them in the future.)
This not only allows those who are not in The the Silicon Valley to participate in our training programs, but it also provides our Academy members with the convenience of accessing their training programs when their schedule permits.
Q. Do I have to finish my training program within the 3-6 month time period?
A. No. We understand that life can sometimes be challenging and unpredictable so you may take as much time as you need with the online part of the training.
Group calls and webinars, if they are part of your training program, will only be accessible during the 3-6 month period.
If you have a situation that prevents you from moving forward with your training temporarily, you may contact us at our support desk here.
Q. How does your scholarship program work?
A. We do not go by an applicant’s income. We have a set number of scholarships for each training program on an annual basis. We have a panel that selects and awards individuals with a scholarship based upon (3) primary factors:
1) Their desire to participate in an online training program. We must be convinced that an applicant is sincere and wants to be successful in business.
This is critical because awarding someone who is not takes the opportunity away from another person who could greatly benefit from it.
2) The obstacles, challenges and difficulties they have overcome. We all have a life story with struggles. We strive to provide assistance to those who need it most.
3) Their “sales pitch” that tells us why they believe they should be granted a scholarship. Because we only have so many, we must believe that they will use it, enjoy it, and use it to have a successful business.
Q. How do I access my training program?
A. You can access your training program on the SuperstarUniversity.com website by clicking or tapping here now.