LOTS OF IDEAS BUT NO MONEY

If a person does have a viable idea for a new product or service I think that is great. However, I again emphasize that my focus and recommendation is the surest route for most of us is to having $1,000,000 in the bank, which is to copy an existing business model that others have already done.

I had a lady tell me she had lots of ideas, but lacked capital. That is a little vague to give a good answer too. If you have a really good idea and honestly most are not or already done, then you should get a minimally viable product into the market. Test it and you will be surprised at what you see. You may find a good product. If you have a good developed idea, with some sort of a business plan, the money is there. Most do not develop or test their ideas, often they do not try because they do not feel they can find the money. Without an in depth discussion, I would try crowdfunding and individuals who could help fund a project.

I want to go back to the best idea is to start a business you are familiar with, copy that business. If that is not possible, then do some research and find a business you like. Prepare a business plan and go find the money. I would try the same two sources as I mentioned above first. I know much more needs to be said about getting money from individuals, but there are so many people looking for investments and maybe the excitement of owning part of a business. These people would invest $10,000 to $100,000 each, and you would need a partnership agreement. The expense of the agreement could be recaptured in the money you raise, so could your first year’s salary. There is a lot written about this already, educated yourself as best you can. Ask others who have been there to help you, most people are very generous with advice and like to help others.

Probably most small business owners are not millionaires, but this is probably because they never scale their business. From the very beginning you need to be thinking about how to scale your business, this will most likely be done with additional locations or the internet. The goal I am suggesting is not to own yachts or own a mansion, but to have $1,000,000 in the bank or enough for you to feel you have financial independence.

BANKER HAS NO ORIGINAL IDEA FOR A BUSINESS

 

It is Saturday morning and a beautiful day in Houston. I asked a few more people if they ever thought of owning their own business last week. While in the bank I asked one young banker and he told me, “Sure, but I can never think of an original idea.”

I asked him what he had done to think of that idea. He said, “Not much, it just seems too hard to think of an original idea. Plus I could never afford to quit work, we need my paycheck.”

I told him to first forget about an original or even an innovative idea. It may never come. Instead he should find a tried and true business that he has some interest in and start researching it. There is tons of information on the internet and in books. You can talk to business owners, business brokers, SCORE, and there are many other resources. You must just start doing.  In your research and action, you may decide another business is better for you or run into different opportunities, but action is very powerful.

As far as the banker needing his paycheck, I understand, but part of the money raised will be used to pay the business owner a salary for a year or until the company can carry itself. Plus in the beginning you do not quit your job, you start doing research and planning. There are risks of course once you start your own business, but the more research you do, the less risk you are exposed too. There is a lot of investment money looking for a return and investors are everywhere. The business type is not nearly as important as your own confidence and your plan to a potential investor.

You will need to scale your business to get you into a position to have $1,000,000 in the bank, but it all starts with action. Goals and planning are essential, but always default to action. Do something!

I would love to have you in this community to help others and possibly yourself get financial independence, “One Million in the Bank.”

I would love your comments……………………Thanks.