Raising Money for Your First Business?

Summary

• For most first-time business owners, I highly recommend not raising money. You don't know enough yet.
• Starting with a service business is a good idea because it costs no capital. You can learn all the essential business skills without spending money.
• Focus on doing something simple and getting really good at it. For example, if you mow lawns every day, you'd be better at it than someone like Mrs. Jackson who doesn’t do it regularly.

Video

How To Take Action

I would suggest implementing a few key strategies to boost your small business or personal growth without spending much money or time.

First, if you’re starting your first business, avoid raising money right off the bat. You don't need outside funding to get going, and not having that pressure allows you to learn without the stress of repaying loans or satisfying investors. This lets you make mistakes and grow organically.

A great way to begin is by offering a service. Service businesses are fantastic because they require little to no capital. For example, if you're good at mowing lawns, start a lawn care business. You already have the skills, and you just need to focus on doing it better than local competition. This way, you gather essential business skills like client management, scheduling, and pricing, all without a huge financial outlay.

Next, focus on doing one thing really well. Pick a simple service or product and aim to become the best at it. The simplicity allows you to refine your processes and deliver top-notch quality. If you mow lawns every day, you’ll inevitably do it better than someone who only does it occasionally, like Mrs. Jackson from the neighborhood.

These strategies are high-value and low-cost, making them perfect starting points. They allow you to build essential business skills and grow without needing large amounts of cash or time. Following these steps will set a foundation you can always build upon.

Full Transcript

for most of you guys if you have a first business I would highly recommend not raising money because you don't know anything I like service businesses to start because they cost no Capital this way you can get all the skills associated with business but you don't have to outlay any cash you just have to know stuff and then you do it better than somebody who's never done it before that's an easy easy game to play like I mow Lawns every day all day long I'm better at mowing lawns than Mrs Jackson Fair assessment I could probably do that