- How do you start your own online business with the resources you have?
If you read our “How to make money whilst travelling” blog, you know that most of our travel funds come from our online business.
We’ve shared free workshops about models we use in our business like Affiliating or FBA, so you know how they work.
However! you’re probably wondering:
A: “What should my business be?”
B: “How do I even start?”
Simple. Break it down into three steps: Prepare, Launch, Grow
PREPARE an intention
WHY Are you building a business? What do you really want?
WHO else want’s that outcome?
WHAT problems do you both need to solve to get your outcome?
HOW will you solve those problems?
Build a business around helping people like you achieve an outcome believe in.
LAUNCH a Minimum Viable Product.
Pursue your WHY. Show HOW you solved WHATever problem you encountered to people WHO share your goals and values.
Find the simplest possible way to put this offer online with the business models we shared.
What resources do you need and have to get that launched?
GROW your business and yourself
If it’s online you can scale it by paying to put it in front of people who need it.
Then, as you pursue your goals, find and share more solutions to more problems you overcome.
Assess the resources you have and need.
If you had all the resources you needed to start a business, you would have done it already.
So what do you need and how will you get them?
The internet makes it incredibly achievable to start something simple with very few resources.
However, all businesses still require resources like:
A good business means you put those resources in and you get more of those resources out.
Here’s how to access your resources and change your thinking about increasing them.
Time is your most valuable resource, It’s the only resource that’s finite.
Don’t waste it!
Realistically you probably have to keep working till your business replaces your income.
You are trading your most precious finite resource for money.
Don’t start a business that requires more of your time to scale. I.e. providing a service.
It’s also common to feel productive by doing lots of learning but never get anywhere.
Create a minimum viable product that you can put money (rather than time) into and get more money back.
I.e. start with £100 in £200 back, £200 in £400 back till you replace your income.
This could be buying £100 of products and selling for £200. Or spend £100 on marketing an affiliate product and make sure you sell £200 worth.
If you and your ideal customers can find each other online and take action without you being there, you can increase marketing spend or a number of products and keep scaling until you have the financial and time resources to live to your true values.
Questions to ask yourself:
- How many hours a week can you sustainably invest in your business?
- How long can you maintain that commitment before you see a return/give up?
- Do you have the skill to make it profitable?
- What’s the most efficient and effective investment of your time to get your MVP profitable?
Money is the easiest resource to source… in the short term.
Not many people have loads of spare cash to start a business.
You’re either going to have to borrow or save.
Saving takes time.
Every month you are not making a profit is costing you time and money.
Borrowing is scary but most people are sliding further into debt, trying to keep afloat.
As a rule, You should only borrow money for something that is going to make you money.
Anything else is financial suicide, or just putting off the inevitable.
Questions to ask yourself:
- Do you have the money to live each day the way you would choose?
- How much could you save each month?
- How much do you need to launch your minimum viable product?
- How long would it take you to save for the business you want to launch?
- Are you doing a job that just about pays the living expenses required to keep doing that job?
- If you had to find money to save your loved one’s life how much capital could you raise through borrowing and selling this week? Use free tools like Experian to explore options.
You can either learn skills or pay for someone else’s.
Have a skilled person show you how to build your MVP.
Remember, developing any skill takes an investment of time, money and confidence, use those resources wisely. Focus on what you need to create freedom.
Paying for someone else’s skill in the short term will help you get your business running before you run out of time money and confidence.
Time, money and confidence will come and you can invest them in developing skills you enjoy and outsource skills you don’t.
Don’t waste the limited time and money you have now developing skills you don’t enjoy and won’t need later.
Questions to ask yourself
- What Skills do you NEED to launch your business?
- How will you get them?
- What skills do you WANT to grow when you have time, money and confidence?
Your real question is “Are you good enough to make it work?”
The simple answer is: “Not yet”.
But that’s ok.
The biggest reason people don’t start businesses isn’t time, money or skill.
Most lack confidence and want external validation.
“Will my business models/idea work?”
Probably not straight away.
Life knocks us back and costs us a lot of confidence.
You have been taught to seek external validation, to become qualified or good enough to work in someone else’s business rather than risk building your own.
A business isn’t a job. No one external can or will tell you you’re good enough to start. They certainly won’t pay you just for turning up.
You will never be sure things are going to work.
Only you can give yourself permission.
Any business is an instrument, an input-output machine. you have to learn to use it and fine-tune it.
Any business can work, but you have to be willing to overcome the challenges as they arrive.
You don’t have the time, money, skill or confidence to run your business the way you want yet.
Does that mean you should never start?
You are going to make mistakes and you are going to screw up.
You will waste time, money, and energy and lose confidence.
However, the only way you can fail is if you quit.
You will need to learn, you will need to adapt and you will need to grow and you will make a return on all those resources eventually.
You can pay people to make sure things are done well in your business.
But ultimately you are responsible for making sure your business provides value to someone.
The only way to face those challenges and doubts is to have something you are willing to fight for.
You need an outcome you will step out of your comfort zone and take risks for. Something you believe is worth helping others achieve.
So what should my business be about?
Start with what you want NOW. Something you are willing to step out of your comfort zone and fight for.
Fitness? Well-being? Better relationships? Wealth? A better world?
How are you going to help yourself and other people achieve it NOW?
For Keri and me, our goal was to explore the world as a family. To share experiences so we all had the best chance to figure out our own path and enjoy our time together.
We are not experts in this but figuring out solutions that work for us has meant we’ve learnt useful information we can share with you and others who are on the same path.
That outcome has changed and continues to change over time: From having a little more time, money, skill and confidence to have adventures on the weekend as a family, to travelling the world full time.
Even now it’s already changing to having a piece of land and seeing if we can make a real impact on the world. Watch this space.
So we face new challenges and create more value.
Your business will evolve and change with you too. What you think is possible or important now will change as all your resources increase.
Our business did not succeed because we had an original idea, or because we had the time, money skill or confidence.
It succeeded because we really wanted our goals, We reversed-engineered how we could realistically work towards them with the resources we had and shared everything we learnt along the way with people who wanted the same thing.
It works because it’s valuable to somebody.
What’s our message:
WHO: Well, You’re probably here because you resonate with something in our goals and values. Something in being a bit of a misfit in normal life and wanting to make more of it all.
WHAT: You might share some if not all challenges and doubts we’ve faced. From debt, confidence, parenting and wanting to make a difference, right down to where to go and what to take with you when you travel.
HOW?: We solve those problems for you by being honest about what we had to do to overcome our challenges, what we found useful and using different business models to provide them to you.
WHY?: Because the alternative is living half a life, worrying any day it could end and realising you wasted your chance to squeeze the most out of every day with the people that matter most and leave the world slightly better.
What’s your message?
What’s exciting, is that despite our similarities, your outcome will look and feel different.
As such whatever business you build will look and feel different. You’ll find your own unique value and your own path to follow.
You’ll go on to make the world a little better in your own way.
You and your business will continue to evolve and grow as long as you keep finding a way to move forward.
It doesn’t matter how you build it, just build it.
Make your business about something worth pursuing now, you’ll figure out the rest:
Where do you go from here?
You have two choices.
(Well three, if you include doing the same as you’re doing now and expecting a different result)
If you want to understand more about how online business works watch this video:
It’s about 30 minutes and does a great job of laying out the practical steps in getting a business set up. You can also learn more about the “Modern Wealthy Course”. A more in-depth look at how online businesses succeed if you really like to know your onions before taking a Step that’s going to start increasing your resources.
Choice B: Launch
If you know enough and just want the tools and training to get started. Get LaunchPad.
Rather than just an overview course, Launch Pad has all the tools and resources you need to PREPARE LAUNCH and GROW your MVP and wider business.
It has a core curriculum to help you plan and implement your business in a step-by-step way.
As well as all the tools and resources you need like website hosting and building stuff and on-demand technical training on everything from marketing to writing to proper nerdy code stuff.
There’s a 30-day money-back guarantee so you can.
It’s a great way of leaning on other people’s skills and knowledge
Go to a webinar tonight to learn more about what’s included.
Getting more help if you need it.
Launchpad is on-demand training and the tools you need to start doing this by yourself.
But if your issue is confidence, skill, lack of time or even the need to star t making profit ASAP, With both Modern Wealthy and LaunchPad, you get the opportunity to have a “Vision Call” and get advice and insight on the right strategy for you and if and discuss additional support like:
- Weekly live masterclasses
- Group Coaching
- 1-1 Coaching
- Done for you
No matter how you choose to take on this challenge, remember the old saying.
Q: How do you eat an elephant?
A: One bite at a time?
So tuck in