138: How to Find the Time and Money to Start a Side Business (when you have no time, no money, and no ideas) [Podcast]

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Where do you find the time and the money to start a side business? You never have enough of either – right?

But do a reality check. Others have. Other people have been more broke and had less time and found a way.

And … they are not any smarter than you.

But yet, we struggle. Families. Jobs. Friends. And even just fatigue saps us of time.

So today I will unpack several common practices that others have used to find the time and money to start a side business.

We will start by dealing with the money issue (wow do I hear this one a lot – no money to start).

Then we will get into the time issue, how can you do a time audit and carve out minutes to make it happen.

But most important – I will provide you several common mistakes I see others making in the area of time and money. Avoid at all cost.

How to Find the Time and Money to Start a Side Business (Outline of the podcast)

1. Reality check 
   • Many have started with no money
   • Many started with full-time jobs and made it happen 
2. Dealing with the money issue
   • Start small
     • Use what you already have
       • Cell phones
       • Computers
       • Tools
       • Your mind and creativity
     • Focus on serving the customers need – not your expectations
       • Example – Homeschool products example
     • Do not overthink it
     • Supplement with renting or bartering
       • Landscaping example without equipment
       • Bartering for services (Angie)
   • Avoid the traps
     • Do not borrow $
     • Do not lease (another form of borrowing)
     • Do not over-promise (Promise what you know you can deliver)
   • The reality – most US companies start with almost nothing. 
     • $2000-$5000
     • Startup $ does not determine growth (ADC vs AmericanIP)
3. Dealing with the time issue
   • Many do this – with kids, jobs, and life
     • Flipped Lifestyle – Shane & Jocelyn Sams story
   • Audit your time 
     • (like my fitness pal) See where you are wasting time (Daniel Story and link to his page and book)
     • Make decisions about priorities
   • Carve out as much as you can. Think 60-minute windows each day
     • Put on calendar
     • Make an appointment with yourself
   • Focus on what you need to start
     • Day 1 – Define your services (write it down)
     • Day 2 – Where will you find your customers
     • Day 3 – Start advertising
     • Day 4  – Keep advertising
     • Day 5 – Serve, adjust, and advertise
     • Day 6 to 1,000 – repeat day 5
   • Avoid the traps
     • Focusing on the non-essentials
       • Logos
       • Business cards
       • Office supplies
       • Websites
     • Creating too many systems and overthinking at first
       • LLC
       • Bookkeeping
       • Insurance
     • Failure to create systems and think about growth once you have started. 

Upcoming Episode 139 next week –

Should I use an LLC or S-Corp in my startup idea?

Click here to listen now.

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Links mentioned in this episode:

• Sea of Trees (My son’s book – examples of managing time from the podcast)
• Episode 137: How to find a business idea for a side hustle
• Episode 119: Developing an Entrepreneurial Mindset
• Episode 115: Do I Need a Business License?
• Master of Engineering Management in Information Engineering and Management