And you know it. You can’t start a business on a shoestring, unless perhaps you’re selling shoestrings.
If you want to have an actual, sustainable, thriving, business, you must invest money in it.
The average small business start-up invests anywhere from $35,000 to $100,000 plus another few hundred thousand in assets for operating costs.
And that’s before having any customers or making any sales. Most businesses expect to operate at a loss for at least the first year or more.
There’s nothing wrong with bootstrapping when you are starting out.
But too many novice entrepreneurs think that hard work and lots of passion is enough to get by.
But what usually happens is that the businesses with no capital to run on grow so slowly, that the owner gets discouraged (not to mention broke) and quits within 18 months.
NOW FOR THE GOOD NEWS!
If you are a consultant, coach, trainer or expert, it takes far less start-up money and requires much less overhead than almost any other business.
You don’t need hundreds of thousands of dollars to get going. For example:
The single largest investment you will make initially is getting the business training, coaching, and mentoring you need to move forward as quickly and easily as you can.
Now that many sound self-serving, since what I do is business coaching.
But let me tell you the truth.
When I started Lesli Bitel Coaching, we were in a financial bind (along with most of the rest of the country). But we knew that we needed to get help with our business if we were going to succeed (and not be like the 80% of businesses that go belly up each year).
So I hired a coach, enrolled in programs and classes, bought training products… and worked my tail off. I made a decision that I would get a return on my investment no matter what.
It was more than a little bit scary — but also very exciting.
And it has paid off in ways that I could not have dreamed.
I’ve had my own personal coach ever since and it has made ALL the difference. I tell you this so you know that I take my own advice. I do walk the walk. That’s exactly why I can pass things on to you – because I’ve been there and I’m still applying the same tools I teach, day in and day out.
So I urge you to not try to “go it alone.” Get into a community of other like-minded business owners and get mentorship.