When I hit on this topic briefly in a recent IG poll, I was pretty astounded when 100% of people who responded found what I'm about to unfold for you to be shocking.
Let me preface with...since I am still learning all things entrepreneurship, I do not consider myself an expert.
On the flip-side, at which milestone does a small business owner/entrepreneur dub themselves an,"expert" and give actual helpful business advice?
Once they retire?
If they don't go bankrupt?
If they sell a multi-million dollar biz that they've successfully built from the ground up?
I have no idea!
But here I am, and you can decide for yourself if what I share with you is sound and valuable to you. Certainly, please do seek multiple advisors!
All I know is this radical and unique approach has worked for my husband and I, and we have owned/currently own several businesses. We are in our 30's and have been self employed for a decade.
A successful entrepreneur is always learning, and when they have overcome enough hurdles people begin to take notice.
It isn't long before budding entrepreneurs with ideas and dreams start asking them for their input, advice, and wisdom.
When someone shares their dream with me and asks for my advice or knowledge, I am beyond honored. I know there are a million people they could ask, yet they came to me. I know the courage it takes to put a dream into words and share it with another human being hoping they won't crush you.
I sometimes feel a bit unqualified. Afterall, I'm still learning myself. But as the questions fire at me, and my passion pours out, I realize the deep well of experience I have to draw from.
It can be easy to forget about the value of our own experience in the process of learning, failing, improving, and growing.
Throughout the past 5 years of owning my own business, I have learned there are some things you do not need in order to succeed (no matter who tries to tell you otherwise).
There is much I can say about each of these, and in order to not completely overwhelm you, I am going to break them down into a five part series!
Let's get down to the nitty gritty, which is why you are reading this in the first place.
Here it is, the top thing you DO NOT NEED in order to start a business.
1. A business loan!
WHAT? I know you are thinking I must be insane. What about start up capital?
Ok, maybe there are a few instances where opening a business without a loan might be next to impossible, but I propose to you those instances are the exception rather than the rule.
Hear me out.
Starting a business is tough enough without having to pay back debt while you are burning the midnight oil building a brand and establishing a customer base.
The last thing you want is to take all your would-have-been profit for the month and have to dump it into a payment hanging over your head.
So what can you do instead?
Save like crazy and be patient.
Sell anything that is not nailed down.
Start when you can afford to and start small.
It is my experience that slow growth is stable growth. Roll your earnings back into the business instead of paying yourself for as long as humanly possible.
When I first started this company, I did not pay myself for the first year. Everything I made went right back into the business. After that, I only paid myself if certain weekly benchmarks were made so I knew I always had enough to keep it going.
Eat beans and rice if you have to. Staycation instead of going on expensive vacations and consider not drinking $5 coffees every day. There are ways to do it if you get creative, and God ALWAYS provides.
Sacrifice now for a bigger reward later.
When all the bills are paid and your profit is something you can actually keep, it will be worth it.
It takes patience and tenacity to grow a business without debt, but it CAN be done!
We would love to hear from you. Leave us a comment with your thoughts on this topic, and I can't wait to share with you the other 4 things you do NOT need to start a business!