MBA1847 How to Get Your Seed Money To Start a Business + Free Ride Friday

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Hey O welcome to the Hunter, the place to go to better your business.

Every single day with our daily 10.

Minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014 and today's episode is Free Ride Friday.

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In today's lesson you'll learn how to.

Get your seed money to start a business.

Many of us have business ideas lying around in our head, hopes and aspirations. Become an entrepreneur to be financially independent, but in the back of your head.

You'Re thinking I need some money to get started.

And I can totally understand because I.

Was in the same place many times over when I started businesses.

In today's lesson I'm going to give you my personal advice. The ways I recommend you should raise your seed money, how you can get.

This money in your bank account, how.

To know how much you actually need, it's probably less than you think and.

How to use your seed money to make more money.

So let's get into it.

Let's get down to business.

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Starting a Business does cost money.

But we need to first figure out.

How much it's going to cost you and your business.

Not every business is going to require much upfront capital. If you're in the services, if you're.

A graphic designer, if you are a musician and you write songs for people, if you're a consultant, if you're a.

Coach, you don't need much to start a business, probably can get started for.

Less than $100 with a website stating.

What your services are. Do the work, you get paid. That simple.

Yes, in the beginning you will be doing the work, you'll be fulfilling the services.

But that's how you get started. That's how you actually start being in business.

And that's going to help you make.

More money so that you can hire other people to do the work. But let's say you are building a different type of business, an E commerce store.

You have products that you need to.

Buy first, to sell to other people or need to first.

Let's say you want to start a.

Software company where you need engineers to build your software. These businesses are going to cost you more than $100 to start. So your first exercise is to first dream big, right?

What does this business look like if.

You started it today?

What does this business look like in 10 years? Okay? I want you to have that grand idea of what this business does and what kind of revenue makes and what.

Kind of products it sells, what kind of customers, how many customers, all that kind of stuff, right? Once you spend, let's say 30 minutes.

Jotting down Some notes and brainstorming this.

Vision, I want you to go the other way around.

What is the minimal viable version of this business?

What is the simplest version, the easiest version? Now, some people have a hard time doing this, and if you do one exercise that helps is to look at.

A different business and do the same exercise and then go back to your business.

So, for example, look at a large.

Business that you know. Now let's look at like McDonald's for example.

Huge, huge business with thousands of thousands.

Of locations in so many countries. Huge, right? This is the huge vision that, you know, the founders had. But what is the minimal viable version of McDonald's? Well, if you watch the movie the.

Founder, you can actually see they had.

One small shop, okay, where they only sold burgers and fries and shakes, those three items, that's it. Okay? Now we can even go even more minimal than that. Okay.

We don't even have to have a small shop.

If I wanted to start a new.

Burger chain, your first step is just to sell burgers to somebody. And one of the easiest ways to do this is just to rent a table at your local flea market or farmer's market.

These often happen, you know, on Sundays and it's just once a week and.

You'Re going to put down a few.

Hundred dollars and basically you're going to make your burgers and sell them one item. This is the minimal viable version of a business like that.

So you do the same for your business. Once you do that, you're going to.

Figure out, okay, how much money do I actually need? How much seed capital do I need.

To start this business?

Because the beautiful thing is that let's go back to the burger example is.

Let'S say we say I'm going to need $300 to reserve myself a place.

At the flea market. I could borrow my uncle's grill. I'm going to buy some really good ingredients from the farmer's market the week before along with some high grade, you know, organic grass fed minced meat. And I'm going to make my bur and sell them. All in all, it's going to cost me, let's say $450. So for me to just pilot my business, it's going to cost you $450 for one day at the farmer's market.

So obviously your goal is going to.

Be to make more than 450. And this is going to give you a chance to see does the economics work. Can I actually make money even in the minimal viable version of my business? You might make $500 and be like, okay, I made $50, but I got.

Some leftover ingredients and I can use.

That for next week. You get the point. You know exactly how much money you need to get started on that first weekend or that first version of your business. Some people call this beta or maybe even call it alpha right before everybody gets started, you don't need a business name. You don't need a logo. You don't need anything.

You can literally just use your name.

Or use any name, because at this point, the name doesn't matter because you're just validating ideas. And it's not like the name's gonna stick. And you know you're gonna become famous overnight and you can't change the name.

So once you figured out how much.

Money you need to get started with your business, regardless of what kind of business it is, if it's a software.

Business, what's the minimal viable version of the software? What one thing does this software have.

To do and do well? How much is it gonna cost me to hire a developer and an engineer.

To do it all together?

You can do all that math and all that work without spending a dime just on the Internet, right? Using, you know, job sites like Upwork and Freelancer to get some quotes. Find out what is the amount? How much seed capital do you need now?

Where are you going to get this capital?

Some people might say, go get a loan from the bank. Some people might say, go get some investors. Some people might say, go talk to your friends and family and, you know, ask them for some cash. This is my advice. My advice is use your own money, okay? This is the best way to validate business ideas with your own cash. So if you lose out, you don't lose on relationships, you don't lose money to a bank or have to pay interest rates and be in debt. This shouldn't cost you so much money where you can't start anytime soon.

So even if your seed capital is.

Like a few thousand dollars, you can save that money over the course of the next few months. Whether that's cutting back on something in your life or earning that money. Okay?

There is so many opportunities to earn extra cash to. One of the ways I earned extra.

Cash when I started out as an entrepreneur is arbitrage. I literally would buy something on one site and sell it on another for a profit. Don't have money to buy something.

You can actually take something for free.

I mean, literally, you can go to Craigslist or any of those types of sites in any country.

And you can go to the free section.

There's people giving away things for free because they just don't want it anymore. They're moving, it's not going to look good in their new place or it's not going to fit. We're talking about couches, dressers, TVs, old cameras, clothing. They literally just want you to pick it up and take it off their hands. And it's really just about timing. It's really just about waking up in the morning looking at what's listed for free every day and go picking it up. Literally go put it in your car. If you don't have a car, ask a friend. They have a truck or something that can. Something large, something big, or just carry it with a buddy. I literally did this before. And you take that free item and you list it on ebay or on Facebook, Marketplace. And even if you list a couch you bought for free for $50, where it's like a steal price, you just made 50 bucks.

Okay, 50 bucks.

I know this sounds like very small gains, but it's a strategy that works.

For those who are willing to do the work. If you have a special skill or.

Talent or can help somebody, whether it's like if you know how to play the piano and you can teach people how to, you know, learn how to play the piano, or you're handy and you can, you know, paint people's walls and there are new apartments, these are odd jobs you could do for as a freelancer.

This can earn you some cash. Even getting a part time job is.

A great way for you to earn some cash.

And I recommend get a part time job in the market, in the industry of the business you want to start. So you're also learning and getting paid. If I want to start a new.

Burger chain and I'm about to sell.

My burgers at a flea market, why not go and work at a burger joint, right?

I know you might think, oh, that's.

You know, for teenagers. But you're going to learn a lot about the industry and how companies have.

Been doing it for decades. You know, built their systems and built the protocols and the rules and how.

They can be efficient and you can just learn. And you're going to see it from a different perspective because hey, you're going to be opening up your own burger store very soon.

I personally recommend opening a separate bank account or you can separate your current bank account with many banks with like a sort of a separate section or even a savings account where you can transfer the money that you make the money that you save for your business in that account, so that way you can see it grow. You could see immediately this is how much money I'm making. Sometimes you'll earn money and they just put it in their own bank account and guess what happens? They spend it. So separate it from your own personal account.

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Most businesses, even a huge burger chain, doesn't cost too much to just validate.

To get started, to learn to earn some cash so you can put on top of the cash you have to grow.

You just got to be willing to.

Do the work and be patient. Unless you're one of the, you know, 0.001% of businesses that are like sending rockets into space, you don't need as much capital as you might think to start that business.

Thanks so much for listening to the.

$100 NBA show, but today's episode's not over. It's Free Ride Friday. Let's see who won this week's Free Ride and the winner is. Abed Rabiah. Abed says Best Podcast Ever. Five stars. Amazing podcast. Really good information.

I really enjoy it.

Thanks Abed for the great review. Your mission is to email me over.

At omar@100mba.net so I can hook you up with the lifetime membership to Easy Course over at easycourse Co. Hey, if you want to win a free ride just like Amit did, just leave us an Apple Podcast rating and review and.

You enter our weekly random draw. Listen in on Friday just like today.

To see if you won. It's that easy.

Thanks so much for listening to the 100 MBA show. Make sure you hit subscribe so you.

Don'T miss an episode. Before I go, I want to leave you with this. A word of caution. I started many, many businesses in my years. I'm going on 20 years now of building businesses and the reason why I recommend starting with a minimal viable version of your business and just starting with a little bit of seed capital, see what's going on to learn about it.

You're going to learn a ton. You might learn that this business idea, it's not going to work or it's not viable, or it doesn't make you.

Enough money or you don't like it.

Or the customers you deal with are people that you maybe don't want to interact with all the time. This is why it's important for you.

To see what is the absolute minimum I need to spend to do this, to start this business and live it.

Because when the idea is just in your head and you're not actually doing.

It, it's not really real. You don't really know what this business is like.

So don't be discouraged if you have.

To do this exercise a few times, three, four, five times before you hit the business. So you're like, you know what? This is the one I want to reinvest in. Beyond the nvp. Thanks so much for listening to the Hunter ombied show.

I'll check you in Monday's episode.

I'll see you then. Take care. Of.

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