111: How Much Money Do You Need to Start a Business? [Podcast]

[powerpress]

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

“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.

1. Define why you need money
   Equipment and tools
   Pay yourself and your team
   Marketing
2. How to do it on the cheap – Equipment
   Rent or borrow
   Use what you have already and add as needed
3. Team Building
   Hire on a project by project basis
   Do not quit your day job yet
   Manage the cash flow
4. Marketing
   Be OK with growing slow
   Engage current or previous customers for referrals
   Use sweat equity
5. Avoid the two lies of business startups
   You have to invest in things to grow
   Debt is normal
6. 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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