How to launch a company without any capital and no concept

How to launch a company without any capital and no concept

That's precisely what I would do if I had to launch a company right now with no funding, no experience, no contacts, and no ideas.

Be cautious—launching a firm requires a lot of labor. It takes time to learn how to transform your ideas into a successful business. Creating a company that can endure and grow is not the same as making fast cash.

This essay and starting a genuine company are not for you if your goal is to get wealthy quickly. Are you prepared to put in the work, produce something incredible, and get recognition for your achievements? Continue reading!

Step 1 of Starting a Non-Profit Business: Identify Your Idea

Everyone, in my opinion, has something on which to base their business. From whence did you acquire this concept? It resides in an interesting space between what you want to aim for, what you know a little about, and what you are enthusiastic about.

You'll see that I avoided saying "find your passion."

It won't work to start a company only out of enthusiasm. You won't be generating something for anybody other than yourself until you've assembled a tribe of like-minded individuals. That being said, since this post is about beginning a company from scratch, this is definitely not a negative thing.

How to Use a Process I Call "Thrusness" to Generate Profitable Business Ideas

Make a three-column list on a sheet of paper. Make no spreadsheets in Google Drive or Excel. Handwrite this list. There seems to be something about putting thoughts down on paper that fosters more creative thinking. Try to put all other distractions aside and give this work your whole attention for at least 15 to 20 minutes. This practice, which we'll refer to as "Thursiness," is enjoyable and encourages the use of creativity.

The following three columns need to be filled up for Thruness:

1. ten of your favorite activities to do, all of which require labor (e.g., writing, singing, coding websites, making furniture, painting, assisting elderly people across the street, etc.).

2. Ten methods (e.g., online courses, live classes, e-commerce websites, physical stores, book series, films, etc.) to share your work with the world.

3. Examine the first two columns, then attempt to fill up the third column with ten business ideas. One may be instructing a painting lesson. One option would be to launch an online shop selling one-of-a-kind furniture. Just jot down ten ideas.

Regarding the following topic, I want to be quite clear.

During this initial exercise, your big idea may not occur to you. He's doing well!

This phase has similarities to the first draft of any written work, whether it a book or an essay. This is going to be bad. The idea is to just go through the motions while allowing your brain to focus on its primary function.

If you're feeling very ambitious, you may undertake the No Bad Ideas Brainstorming Exercise with one or two other people.

Step 2: Read books to start a business without any money!

The Lean Startup by Eric Ries is the book I heartily suggest to anybody launching a company in the current era of digitalization. You'll be surprised and excited by Eric's book. But it will teach you how to develop a company in the fast-paced environment of today (not the industrial period, I promise).

Pam Slim's Body of Work is another book I heartily recommend. When I was unsure with what to do with my life after closing Eyewearyourshirt, this book was a huge assistance. Sorry Kindlers, but Pam offers several fantastic activities right inside the book's pages. For this reason, I'd suggest getting the print version of the book.

Seth Godin's books are all worth reading, to wrap up. Anyone at all. Thus far, I believe he has written 452. Seth is very intelligent, and his books are full of both useful information and inspiration. Choose one for yourself, please.

When I was working a 9–5 job in 2005, Seth Godin's book Purple Cow changed my life.)

A few books to read while attempting to start a company on a shoestring...

Take it easy and don't allow the reading take too long. A lot of people will miss seeing other people's material. Because it is simpler to consume than to truly create anything or initiate something of their own, they will fall into the never-ending cycle of doing so. Put a time and volume limit on the number of books you can read.

You need should be able to read three novels in a two-week period, regardless of whether you work a 9 to 5 job, have thirteen children, or are just too busy to read.

Step 3 of Launching a Business: Disregard Your Own Doubt

If you have an idea or two, or sixteen, and you don't struggle with self-doubt, go on to step five. Proceed, proceed, proceed.

One thing I want you to know if you're having self-doubt is that you're not alone! Everybody struggles with ideas that are demoralizing, particularly when they are associated with creating sai.

Is this a good idea for anyone?

Will anybody purchase what I have to offer?

Will others consider my company to be absurd?

Can I ever get a M?oni?

Will others criticize my concept negatively?

Will I end up destitute, homeless, nude, and in a scorpion pit if I start this business?

You're not the only one who has self-doubt when it comes to launching a company.

One strategy I've used to get over self-doubt and try to assist others do the same is to assess myself only after I've released something into the public. Before you share anything, self-doubt comes and goes, but after you do, it typically goes away. Furthermore, it is simpler for you to overcome self-doubt the more exposed you are to the outside world.

It's similar to taking on any difficult task in life. It will become easier the more you practice.

You would fully understand that you would need to attend acting classes, get acting experience, and perfect your skill repeatedly (maybe for years) if you decided tomorrow that you wanted to be an Oscar-winning actor or actress. is going to be. It requires time. It requires work. You must fiddle with it. This is true for all kinds of creations and enterprises. All that is required is that you take little steps toward being flawless.

Hi there, I'm Jason Zook, and I wrote this piece. In relation to completeness, I produced two articles that go into great detail on this subject. One is the strength of the hindrances to completing the task. Perfectionism in the workplace is the subject of the second article. Have fun!

Limit the number of crutches you rely on when you're scared or uncertain. Whether it's binge-watching too much stuff, using video games as a diversion, or engaging in any other vice. You compel yourself to behave by placing restrictions on how far you can get away with it. Because you are aware that you are restricting yourself so that you may share your talents with the world, it also makes you enjoy each article, book, or other object you consume more.

Step 4: Have you yet to generate any ideas?

If so, congratulations! Proceed to step five.

If not, go back to step one. Go for a lengthy walk or trek without using your phone or any other technology if you're still at a loss for ideas. Avert all technological distractions and allow your thoughts to roam. Creation is possible in space.

At this stage, let's presume you have a company concept of some form. Whether the notion is "good" or "bad" at the moment is irrelevant. These are pretty meaningless terms while launching a company. Snapchat is real and has a $3 billion (B) valuation. Thoughts are plenty, what matters are the actions that follow.

Step 5: Recognize and Locate Possible Clients

It might be a difficult endeavor to locate new clients at first, particularly if they are not on your email list or linked to you on social media. Now is not the time to let self-doubt raise its head. Please acknowledge that it may need some time and effort to locate and cultivate an audience. You should definitely stop reading this post right now and watch some YouTube videos if you're scared to put in the time and effort.

To be clear, subscribers are not customers, admirers, followers, or anything else. Typically, clients are total strangers who will pay you for services rendered online.

When launching a company on a shoestring, the following four stages can assist you in identifying your prospective clientele:

1. Speak with your loved ones; they have faith in you. I'm not trying to sell anything at this point; I'm just looking to talk to a potential customer and get some feedback. Send individualized emails to your friends and family with the subject line, "I'm thinking about starting a business selling XYZ everything to ABC person. Do you know anyone who would be comfortable talking to me about this?"

**Note: Avoid sending this kind of request in bulk by email. Actually, no, simply don't send out bulk emails to anybody.

2. Look for forums, blogs, and anything else associated with your concept on Google. There will be people talking about your company already, unless you're doing something really unique (which I don't advise for your first venture).

3. Tell 90% of the details you know about your proposed company. To draw in new clients, freely distribute information about your company on various platforms (such as subreddits, Medium, blogs, forums, LinkedIn Groups, Facebook Groups, local meetings, events, etc.).

4. It's healthy to have competition. Why? as it indicates that there is a market for your goods already. I can assure you that the product you are attempting to sell is excellent since others have previously purchased it. Learn more about taking advantage of competition.

This is not the time to take unsolicited criticism from anyone or evaluate yourself against other company owners. The response poses a risk. It is only appropriate to take it seriously if it originates from individuals who are either your future clients or have prior experience doing what you do. You may wait to see how someone else responds.

Step 6: Engage in genuine dialogue with others

Once you've located your prospective client, engage in genuine dialogue with them. Sit at a coffee shop with others, if you can. It's possible to use Skype or other video chat services, but be sure you're in person.

You should have a discussion like this with prospective clients:

Both listen intently and ask a lot of questions.

Instead of attempting to close this individual just yet, find out what price range and how eager they are to purchase from. (if you're willing to do so).

Determine their areas of discomfort

Make a ton of notes.

Look for trends

You can hear the tone of individuals you speak with via Skype or in person. You can see how severely offended they are by something. You are able to discern what matters most to them. There is no tone identification, thus you cannot get this via email or survey.

When conversing with others, be careful not to take over the discussion. To get the data you want to expand your company, you have to lead the discussion.

Step 7: Make your product's tiniest, greatest version

These days, there are a lot of venture capitalists, greatly inflated firm valuations, and statistics showing that nine out of ten business owners fail within the first year of operation.

Money shouldn't be a need for your initial venture. Heck, before you attempt to acquire finance, you should definitely work on a reduced or prototype form of your firm, even if this is your fourteenth venture.

I used a $100 plastic hanger and a $150 flip video camera to launch my EyewearYourShirt company. I negotiated the construction of a website. I paid thirty dollars to take a photographer to lunch so we could capture some good shots. The word "bootstrap" describes this. You need to put up your best effort in this task.

Having an email list is one thing I wish I had done when I first began my company.

Email algorithms are constant, while social media platforms are not. You will establish trust and solid connections if you can be of use to others and can reliably deliver emails to their inbox. I would advise everyone who reads this essay to use this marketing tactic.

Assumptions and treating them like valuable gems are two of the worst blunders one can make in the business world. Let go of your ego, pay attention to your clients, get input from your detractors (if they have any expertise with what you're attempting to do), and be open to making adjustments.

Having said that, begin with the most basic and tiny form of your company. For an iPhone app, the feature list may consist of twenty items. chilly. Start with two or three things and store them someplace secure. Draw users to your application. Make them pay for it. Check out what real consumers are saying and doing.

Start small and release a version of whatever it is you're attempting to develop into the world.

Step 8: Try not to expand too quickly at first

A lot of individuals want to develop a winning marketing and advertising plan. They want extensive media coverage, technical publications, and all of that. This is not what your company is ready for. Once you have your first paying clients, you should concentrate on honing, sculpting, and shaping your company. Concentrate on creating something so excellent that your first clientele refers you to further clients. You are doing something incorrectly if it doesn't.

Word-of-mouth advertising, public relations, and marketing combined have no effect over it. Make something that others can discuss and exchange ideas on. Why are you spending your time working on your company if it isn't worth discussing or sharing?

People that realize their product or service isn't operating properly, but nevertheless conduct marketing and promotion, are something I see all the time. I've also questioned them about why, in the midst of not being fully operational, they're attempting to attract new clients. His response? "We simply need the money coming in the door; we'll take care of that stuff later."

Payment in advance of launch is something I wholeheartedly support. Before Webinar Ninja was ever a program, my buddies Omar and Nicole used to sell memberships! However, if your company grows internationally, you won't need to advertise it if your clients are satisfied, you get no support complaints, and you're satisfied with the way things are going for the company

 Step 9: Screw it!

Although, in all honesty, this ought to be Step 1, I felt that it would be a fitting conclusion.

You should cease what you are doing right now if you have no regard for the company you are starting or the clients it will service. Some individuals could find success with that kind of company, but not me or the people I wish to reach out to with these articles.

It's not a ruse to care about your clients and your company

This isn't a recommendation. This isn't a trick. Since you're a decent person and you want your company to improve people's lives or the state of the planet, this is something that should come naturally to you.

I'm not suggesting you have to start the next UNICEF or Red Cross, but it is your responsibility to help others and make a positive difference in their life.

Go ahead if you don't care about it. whether you've launched a company and are considering quitting, but are unsure whether now is the proper moment, ask yourself, "Do I give a fuck about this?" If the honest response is "no," it's time to shut down. If the response is "yes," take a moment to reflect, take a step back, and figure out what's wrong.

You're capable of doing this. It's a very great concept that you have. You are adequate. All you have to do is commit to the time, effort, and consistency.

Every company owner has difficulties from time to time. Something from the start. Some are almost through. Some folks are still having difficulties. You should be able to overcome difficult circumstances if your work is meaningful to you and your clients.

3 Myths About Passive Income You Should Dispel

Have you ever felt overworked and wished you could somehow produce passive income?

Yes, buddy, you are not alone yourself. We've been working on making money while you sleep for the greater part of a decade, and we're here to warn you that it's not as simple as some people may have you think (#spoileralert #realtalk).

We want to let you know that, despite our disclaimer, it is totally feasible to make some more money to feel a bit more secure about your finances.

In particular, there are three common misconceptions about using digital goods to generate passive income that we will address. All set to make a splash? Come on, let's do this!

Myth #1 about Passive Income

It's Possible to Establish a Passive Income Business Without Gaining Customers

It's simple for other folks, right? After creating a digital product and setting up a sales website, you may go to bed and wake up each morning with an increased bank account balance. The main point is that, for the most part, none of us have had success with this.

The effectiveness of passive income is contingent upon a consistent stream of quality leads who are interested in your offerings.

Potential clients need to hear from you many times and gradually come to trust your knowledge in today's cluttered digital environment. This implies that if you want to market to them, you must capture their interest and be in continual communication with them, which requires developing an audience.

By the way, we're not limited to social media when we talk about building an audience. The majority of users use social media in a passive manner, reading or scrolling for a brief period of time before moving on to the next item. Though not always for sales, this is an excellent spot for awareness-raising or reminders.

Rather, what you need is an active email list that delivers relevant information on a regular basis to your intended audience.

Bring them in with value, and keep bringing it in to establish credibility; otherwise, your "passive" product will be the Internet's best-kept secret, and money cannot be made from secrets.

Myth #2 about Passive Income:

You can'set it and forget it' with passive income, and it won't change.

Most individuals think that sales will increase dramatically and never stop if they discover the correct funnel, pricing point, and approach.

In actuality, the landscape of internet commerce is always shifting. Competition, media preferences, and advertising expenses are ever-evolving.

You thus need a well-defined strategy for monitoring the effectiveness of your product and regularly assessing the results of your marketing initiatives.

For a time, you can set it and forget it, but eventually something will change and you'll need to make adjustments and conduct tests to make sure everything works.

The most important thing to realize is that passive income is not a one-time setup that will save your firm, and you won't be spending the rest of your life calculating your profits. If you want to continue earning those sales, you must always experiment, adapt, and develop.

Myth #3 about Passive Income:

Anything may be the subject of your passive income product creation, even if it's something you've never done before.

People in the "passive income" industry often comment that you're attempting to cash in on a popular trend or subject. For instance, they will attempt to instruct you on how to use Instagram more effectively even if you have no prior experience with it.

This kind of instruction, which our buddy Paul Jarvis refers to as "second-hand knowledge," may be effective, but consumers are not as readily duped as advertisers would have us think.

We think the most innovative ideas for digital products come from your real-world experiences.

Make sure your product is based on a subject you are knowledgeable about, incorporates techniques and knowledge you have acquired and honed over time, and is uniquely you.

How to Generate Passive Income Effectively:

Let's review the essential requirements for developing a passive income stream.

#1 To generate passive revenue, make sure you have a strong email list

You must regularly and helpfully update your email list with information regarding the subject of your product. Avoid sending out a lot of pointless emails. List no more than a few links that have nothing to do with your product or service. Adopt a straightforward approach. assist. Maintain consistency.

#2 Every three months, review your funnel for passive revenue.

To boost passive revenue, adopt an experimenter's mentality and discover what works and what doesn't. Recall that there is no "set it and forget it" approach. It is your responsibility to put everything up, inspect it, make adjustments, and remember it.

#3 Develop a digital product for passive revenue that you have firsthand familiarity with

Make a product that is relevant to a topic you are confident and have practical understanding about. Make sure you impart knowledge in a style that is distinct from others. Never attempt to market secondhand information.

Lastly, but just as importantly, in terms of passive income

You can't expect to make real money with a product that you merely make and put up a sales page. Passive income is not everyone's dream, and like everything else in your company, it requires time and work.

The sooner you stop up trying to figure out how to make all of your money problems go, the sooner you can start working and making actual money from products that can improve your life.