You’ve heard that saying a thousand times. From your grandpa, your dad, your college professors, and just about anyone with whom you’ve ever discussed one of your “wild business ideas.” So often, that you’ve probably accepted that it’s true, maybe even all the way down to the gut level.
Well, guess what. It’s a big ole fat lie.
Sure, maybe objectively you can find reasons why it’s true. It’s hard to start something out of nothing, and if you’ve ever tried starting a business with $50 in the bank I can almost hear you yelling at me through your computer screen. Okay, you need a little money to make more money. But you don’t need that $50,000 loan. Why?
It’ll make you lazy.
That’s right; I don’t care who you are. When you’re trying to get off the ground with next to no cash, ingenuity’s the name of the game. You scrimp, you scrape, you come up with new, fresh ideas. You have to; you don’t have any other choice. What happens when you get a nice cash infusion?
Well, you don’t have to think anymore. Now you’re fat with cash, and as we all know, fat is never far from lethargic. You’re no longer thinking, “How can I do this better, and for cheaper? How can I make this happen without a lot of money?” When you stop asking those questions, you stop refining your business.
Before you start looking for funding for your business, ask yourself this: what will you do if you can’t get that loan? In the end, the answer to that question will probably be your best idea — not the idea that’s going to cost you tens of thousands to implement. If your whole business plan is based on borrowing a lot of money that you didn’t earn yourself, you may want to think again.
You’re not a corporate big-wig who needs to borrow huge sums of money to manage hundreds of properties and employees and products. Don’t try to emulate one.
Our “found money” business is proof that it doesn’t take (a lot of) money to make money — most of our students don’t come into it rife with cash. Somewhere around 80% enter on a payment plan, and exhaust budget-friendly avenues to collect claims until they get their first check in. The hard work and “want to” factor have to be there, but as long as they are, anyone can get started with very little cash.
If you’re interested in learning about the found money game, you can download the free Hooked On Overages Insider’s Guide to collecting five-figure finder fees here: http://hookedinsidersguide.com.
