How Much Does It Cost To Be An Entrepreneur

In this video we're going to talk about how much does it cost to be an entrepreneur and the five things necessary for you to know. My favorite topic is being an entrepreneur. So I'm going to share with you things to consider in becoming an entrepreneur and why you please share with your children early on so they don't think just being an employee is an option. Number two, why I think bootstrapping is the way to go. I have bootstrapped companies that have made hundreds of millions of dollars and then the big one and final, how to get funding. And in today's economy, it's everywhere. Money is everywhere. You just have to bend over, pick it up, go like, hi money, pick it up. Isn't that fun? So let's begin. First of all, it takes zero dollars to be an entrepreneur. Being an entrepreneur is providing value. You provide a product or service of value that someone else wants and they pay for it. Let's break this down and make it simple. If you need to make money, guess where it is? I'm talking relative, very, very practical terms. You need to make money. Who has it? It's not the internet, right? It's not eBay. It's not Craigslist, not anything like that. Another person has it. So if you need to make more money, you need to serve somebody else's life. Now those are vehicles and channels that it can come through, but you have to provide a product and service and some other human pays you. It's in their bank account. It needs to get in your bank account. So I always say that kind of in a fun and simplistic way because people overthink being an entrepreneur. All of you have skills and talents. And in fact, why I love teaching teenagers and college age students is they're in that midst of deciding, am I going to be an employee? Like schools, right? I remember my son having career day and he comes home. He said, well, I just want to be like you, mom. I just want to tell other people what to do, which is leading by the way, and not have to do it all. I said, well, then just go to school as an entrepreneur. He said, well, what do I wear? He said, there's kids coming to school with doctor's outfits and firemen outfits, and everybody's being geared to have a job, which that's fine. And if that's your thing, that's fine. I'm telling you that anyone without any other thing could be an entrepreneur, but let's talk about the five things you got to have. So first of all, you have to manage your time, like impactably. We all have 24 seven. So don't make time an excuse that, oh, I can't do it because I don't have time. We all have the same clock. That's how you're using it. So you're going to have to reorganize your time to be an entrepreneur. The three big skill sets never taught, even as like an employee and going to school, my son is in a great school, getting a finance, accounting, and management degree, never been taught these things that I teach the way that I do, which is entrepreneurial marketing, entrepreneurial sales, and entrepreneurial cashflow. So you have time, and then you got to have those three, and you're going to have to have a team. So as you look at that and you have a job, you want to first say, well, I can be an entrepreneur because I have a thing that you're going to do. Let's use being a handyman as an example, right? So you know how to fix things, right? And right now I can tell you that is a high, high need. The trades are high needs, right? If you are really looking for a six, seven figure lucrative business, go back into the trades. They're in dire need of a lot of help. So, but let's use handyman as a business that you want to get started. So what does it cost to start as a handyman entrepreneurial business? Nothing. So how do you bootstrap it? Well, first of all, I'd kind of pick a neighborhood. The one that I always advise people to pick is either like a college rentals. Like if you look at most of the, the housing around a university or some college campus, typically it tends to be a lot of rentals. So how can you help do some repairs, right? Do you, does it need some paint? Does the doors need fixed? Do the light bulbs need changed? The tenants moving in and out, especially in a college campus, you're usually having at least two, if not three turns per year. I actually have someone in Georgia Southern right now, who's a player with my son and he is actually cool. A college move in special for 20 bucks. He's actually installing and doing TVs on the wall. So he's actually going to make sure that the landlord understands that he's going to be bolting TVs and doing installations into the walls. So they don't do them by their self, which could screw up the walls even more. So 55 and older, I'll go another huge opportunity, right? The 55 and older active living homes where there are, you know, 50 to a hundred homes, be that person, be the person they call on. And by the way, women, you can do this too. I have a lot of women that are doing Airbnb management, where they, they bring on a handyman or they are the handyman and they accumulate a ton of properties. I just gave you three massive ideas. You're going to help manage Airbnbs, college campuses, rentals around there. And you can also do assisted living. Those are just three gold mines, gold mines. Those are at least six, if not seven figure businesses. You say, well, there's only one of me. Well, that goes to the team side. You're going to have to get a team sooner than later. Your job as the owner of a company is to lead more than do more. Now in the beginning, you're going to be doing a lot, but at some point and sooner than most of you think to hit that six figure mark, you're going to have to start hiring people. And I know some of you, it's the scariest thing you're ever going to do is say, well, there's not enough for me, much less paying other people that I have a whole formula for that. So if you're interested, go to the comments right now, put in comments and say, my name is, my phone number, my email. Could somebody please teach me how to get over that hump of hiring people? Cause I know it's scary. Cause you're like, I've just made 4,000 a month. And now you want me to hire somebody for 2,000 a month. Believe me, there's a tipping point where it gets better, right? I'm going to teach you some strategies coming in just a moment. So let's just jump over there. Marketing, sales, and cashflow. It's going to be pivotal. Hiring isn't an emotional decision. It's a cashflow decision. And as long as your marketing and sales trajectory show that you're going to be making the money, you with confidence are going to be able to hire that team, manage your time in a very different way. And those of you listening to say, but Laurel, I have a job. I mean, you're asking me to build a full-time company. Not really. I have a whole nother example of, um, some firefighter couples actually, um, they're in the Chicago area. The men and women are firefighters and on off times, the women will go get the gigs and the men do the jobs and it's called hubby for hire. And it's exactly that. It's getting to that honey do list that never gets done. And they collectively, I think there's three couples, six of them are making hundreds of thousands of dollars in this venture. So this is about getting creative, making more money, using your time, your team, your marketing, your sales, and your cashflow in a very different way. As an entrepreneur, it doesn't cost you anything. And you say, well, what about the materials? What about the things that I need? If you really have absolutely no money, you could ask the property manager. I mean, you could ask the landlord to actually front you the money and out of your first job. So there's a lot of creative ways to absolutely start being an entrepreneur with no money. I started this company, my education company, no money, right? Spare bedroom of an apartment. Didn't even have a house at the time. I own rentals, but I didn't have one because I was living in Northern California. So I went out and I got a lot of gigs, right? I started financial literacy coaching, and I was also the master distributor of the cashflow game. So it gave me a little bit of credibility that I was actually part of the team, but I started selling my coaching. So I would ask people what they want. Do they need financial literacy? And I would sell them a package. So that started with nothing. And they said, if that couldn't afford it, I would take a deposit. So get a pen and paper. I'm going to give you three massive strategies for how to just bootstrap right now. So number one, you take some deposits. Even if it's a little bit of money, you want to take deposits because if you don't, they're not going to stop looking. They're still going to be looking for someone. I see this in a technical space all the time, right? You need to hire a web designer. Somebody needs to build you a landing page. They need to hook up your CRM and your merchant service, all that needs to get done. And you talk a lot about it, but you don't, don't do it. And if you're on the other side of that, instead of asking for a, you know, three, four, five, $10,000 retainer, just take 50 bucks. Say, you know what? Let's just do our initial consult for 50. 50 locks them to being with you. I call it stop shopping with you. It's pivotal. So get deposits, take some pre-orders, right? Every book that I do, I'm doing a book right now on make your kids millionaires. It's on a pre-order site. Go to make your kids millionaires. It's pretty simple, but pre-orders, think about your phone. When does an Apple take all your money before they send you your phone, right? You go into a store, they're going to either finance with a deposit against future billing, and they're going to have you pay off your phone. But I believe me, they get paid before you get most of what you actually, you know, receive. So pre-orders, deposits. And the last one is a little more sophisticated. It's, I call it contract your cash. So let me tell you a story about a hair salon. So I took over a hair salon and there was a really low cashflow. And I'm like, how could there be low cashflow? There's at least a hundred women, some men, but mostly women who come here and they get color and cut. So don't tell me that each person is not spending upward of a hundred dollars or should be for that service. So when you really look at it, you say, well, you know, how is this not making money? Well, she was a great stylist, horrible business entrepreneur. So I came in to help fix some financial structures and I called it contracting cash. So we talked to the a hundred, you know, clients and said, you know, to make this easy, instead of every six weeks or every eight weeks that you come in to do your treatments, why don't we put a credit card on file? And for that, we will give you VIP treatment. We'll call you a VIP. So now we have their credit card on file. We could charge it monthly. So instead of them having a big chunk of money, say a hundred, $200 on a treatment every two months, why don't we just charge a hundred? So let's just say an average treatment was 200 bucks, right? So they're going to spend six times a year, probably $1,200 anyway. Well, it's easier for the client and better cashflow for the business. If we could just charge a hundred per month on a known date. So I reorganized the VIP list. We had, I think, 80 something of those clients apply. So you say, well, what do I have to give them for VIP? Well, they got some special, they got some discounts on the products. They get a kid's cut, you know, every once in a while for free, whatever you want to make up. I have another hair salon that took on the idea of, I mean, they'll give them something else to drink. They get coffee, tea, champagne, whatever they want. So making them just feel special, but what you have is their credit card on file. So instead of $200 payments for the client, you present it and I'll help you manage your cashflow, which is really managing yours. So you have the card and say on the 15th of the month, right? You get to charge their card a hundred, a hundred, a hundred. Now you've stabilized your cashflow. So I have all these fun strategies to teach you. So contracting cash was that one, deposits and pre-orders, right? Always to bootstrap and get that business up and running without any capital. Too many gurus say you have to have money to make money. I'll prove them wrong all day long. I'd love to have a little match off with them. So before the last and final and funding, so don't go anywhere. I want you to subscribe. I want you here on a regular basis. I want you to hit that little bell for the notifications. So every time we pop up a new video, you're notified. And we stay in this conversation to strengthen your money muscles. And at the end, I'm going to give you an opportunity to work with me directly. So don't go anywhere. All right. Funding. A lot of people have, and let's just be honest. There are some things where you are going to need some supplies. You're going to need something to help you. Well, you're going to get a company and with the company, you're going to apply for some funding. And there are funding sources all over the SBA is giving them. There's a lot of other financial resources. A lot of banks right now have huge incentives to get your business. And on that deposit, they're actually giving you a 10 or $15,000 line of credit right there from the bank. So money is not a problem. I have another source that has 28 banks behind them. It costs about three or 4% to get the money, but it's free credit cards. It's 0% financing for 21 months. Like there's money everywhere right now, right? This economy has made it very, very volatile. It's made it very lucrative for those of you that know how to use that money properly. I will only help you get that money if you're a client, because the last thing I'm going to do is help you get a hundred thousand. You blow it on cars and big screen TVs, and now you're in debt. So you're going to spend it as you learn to make it appropriately. And you'll be shocked how fast your life's going to change. Be an entrepreneur with no money. I started many, many, many of my ventures with absolutely no money in the strategies I just taught you. So if you'd like them, I want you to go to the link below, click in the description, and it's a link to apply to be an entrepreneur my way. So I'd love to work with you, fill out an application, click the box at the bottom of the form that actually gives your name and phone number. So we can call you. This isn't a, we're going to text and email about, we're going to talk to you. We want to understand you, understand your needs, your financial situation, your family situation, all these variables I want to talk about. So apply to be an amazing entrepreneur. We'll help you figure out something with no money down. Talk soon.