Evan Carmichael shows how to launch a business with almost no money by starting part-time from home, choosing a service-based model, and focusing on one niche. Keep expenses below revenue, deliver exceptional service to generate word-of-mouth referrals, then reinvest early profits to expand.
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Hi, I'm Evan Carmichael. Welcome to another edition of Ask Evan. In today's video, I'm going to answer a question from one of my readers, Judith, who wrote in asking about how to start up a business without a lot of money. So she wrote in saying, "Dear Evan, I have a question for you. Is it possible for someone to start a business with very little money?" is it possible to start a business with very little capital or no capital at all and grow? I'm looking at a cosmetic business. I want to try this business, but the challenging part here is it's so competitive. Regards, Judith. So Judith, it is absolutely possible to start a business with no capital or almost no capital. If you look at any famous entrepreneur, almost, they started with almost nothing. If you look at any of the profiles on my website of famous entrepreneurs, brand name people that you know, They started with just an idea, very little capital, and were able to build up their business. So don't think you have to have big investors, venture capital, angel investors on board, or a huge loan from the bank to start your business. Most people start with nothing, just hard work, sweat equity, grinding it out until they become successful. So to make it happen, a couple of ideas for you: don't start spending money until you're making money. So try to figure out ways to start your business on on a smaller scale, you still may have a big vision for where you want to go, but you start on a smaller scale without spending a lot of money. So you can start part-time if you need to, start a service-based type of business instead of having a product, don't invest in any major equipment that you don't absolutely need, start out of your home. So if you're doing a cosmetic business, start something out of your home, start something that is service-based, uh, and start with something that you don't have to invest a lot of money into and start getting known for excellent service and excellent quality on maybe one specific thing. So you might not be able to compete with everything, and you're up against bigger, more established players, but try to find one thing that you could be known as the best at and really focus in on that. Provide amazing, awesome service that people want to keep coming back for, that tell their friends about, and that's a good way to start. As you start building up a little bit of capital, money's coming in, then you can look at expanding your services potentially getting a retail space or an office space, buying more equipment, and that's how you can grow. But you start by keeping things really low cost, service-based, don't invest a lot of money, invest your time and energy into providing an amazing service, getting that momentum and word of mouth marketing happening for your business, and eventually be able to grow it up. So I hope that helps. If you guys like the video, please give it a thumbs up below, and I'd also love to hear your feedbacks and suggestions if you want to leave a comment under this video. And stay tuned for the next episode.
