Page 241 - merged.pdf

CHAPTER 8 MASTERING YOUR MONEY

build a factory/renovate an office, hire workers, place
expensive advertisements and rent a location.

Today, because of technology, you can start a million-dollar
business with very little money! All you need is a laptop, a
mobile phone and name cards to start making money. In the
information age of today, you can sell intellectual/digital
products or services that require zero manufacturing costs.
You can work from home and sell to a worldwide market with
the power of the Internet. You can advertise your business (on
free Internet media like BLOGs, Chat-rooms or networking
sites), create commercials (on Youtube) and send hundreds
of thousands of mails (emails) to reach a huge audience for
free. The possibilities are endless!

How to Start a Business with Minimum Capital

No matter what kind of business you decide to get into, let
me share with you some creative strategies on how to minimize
your startup costs.

1) Start Small and Grow Organically
There are two ways to start a business. The first is the ‘double
or nothing’ approach where you raise lots of money, hire lots
of talented staff, get an impressive office and bang the market
with a snazzy advertising blitz. In this first approach, you
need lots of money to start and there is absolutely no room
for mistakes. If it succeeds, you will be pulling in millions in
revenue and capturing market share very fast. If it fails, you
will go bust twice as fast.

I have always preferred the slow and steady approach (just
like the tortoise that beat the hare) of starting small and
growing organically. While you may not be able to generate
millions in revenue at the beginning, you will be able to test

232 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES