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You are here: Home / Finance / Fact or Fiction: Does It Take Money to Make Money?
Fact or Fiction: Does It Take Money to Make Money?

Fact or Fiction: Does It Take Money to Make Money?

February 27, 2019 By Cade Hildreth Leave a Comment

Looking to start a business with little to no capital and worried it might take money to make money?

Well, there’s good news and bad news.

The bad: 29% of new businesses fail through lack of capital.

The good: you don’t need masses of money to get started. Simply, it doesn’t always take money to make money. Having cash from the outset is an obvious advantage. However, a lack of it shouldn’t dissuade you from giving it a shot.

After all, some of the biggest companies in the world had the humblest of beginnings. Jeff Bezos started Amazon from his garage; Steve Jobs and Steve Wozniak founded Apple in the same way.

That should give any budding entrepreneur huge amounts of hope. Money isn’t the be-all and end-all of your business ideas.

Does It Really Take Money To Make Money?

Looking for ways to make it happen regardless of financial circumstance? Keep reading for 7 strategies for starting a business with no money.

As someone who has started multiple businesses from scratch with zero funding, I can tell you that these tips are priceless.

1. Launch with Services (Over Products)

It’s pretty simply. Businesses can offer one of two things to their clients:

  • Products, and/or 
  • Services

It’s for you to decide what your business will offer. However, most service-based businesses require low start-up costs and can be launched immediately.

Think about somebody starting a retail business. They have to fund the manufacture, shipping, storage, and fulfillment of their products. Each demand ramps up the capital required to be a success; cash-flow issues can cripple the operation in no time at all.

Services, by contrast, have none of these cost considerations. For example, you could start selling consultancy services, immediately. Or, resume improvement services, immediately.

Of course, there’s still the opportunity cost of setting up the business.

In other words, you’ll invest your time into establishing the service, which could, in theory, have been put towards alternative money-making endeavors.

Nonetheless, for cash-strapped entrepreneurs, service-based operations are nearly always the cheaper option for getting started fast.

2. Launch Lean

Another key to avoiding start-up costs is to launch your business lean. In today’s day and age, you really don’t need much set up before you start selling.

For example, all too many first time entrepreneurs get caught up designing a logo, establishing a business structure, and creating a content strategy for social media. Some folks even get bogged down trying to understand things like taxes or payroll, when taxes won’t be due for months and they don’t have employees.  It’s no wonder they never start!

This is a major mistake.

All you need to launch a business in today’s day and age is a product and a way to start collecting payment. Thankfully, this is super easy with software like ClickFunnels or Shopify.

Once you start collecting revenue, you’ll have plenty of motivation to handle these other details.

You may also find that they’re altogether unnecessary, or better yet, can be outsourced to someone more knowledgeable than you in each of these areas.

3. Network Like Crazy

As the saying goes, it’s not what you know but who you know that matters.

In truth, boot-strapped business owners need both: high levels of insight into their chosen market, and a wide network of people in the industry.

It’s hard to overstate the value of connecting with influencers and key players. The relationships you forge can create opportunities, novel insight, mentorship, and encounters that drive business success.

Online and in-person, aspiring entrepreneurs should start cultivating relationships as soon as possible. Reach out to others to learn from their success and failures; follow them on social media and engage where you can. Do what it takes to expand your network in the field.

4. Get Up to Speed

Knowledge is power.

It always has been and always will be. In the absence of capital, you need a keen grasp of the marketplace you’re entering and the processes that drive success.

Remember, with no money, you have no financial means of overcoming mistakes. Misunderstanding something, missing crucial knowledge, and being behind the times can lead to mistakes. Any error can cripple a business before it’s even off the ground.

You have to turn yourself into an expert. Know the subject area like the back of your hand, realize the competition, and find out who your target customer is.

In short, get obsessed.

5. Seek Outside Investment

Let’s face it, some businesses do require some money to get started.

Even somebody writing their software from scratch needs the time to do it. And, they might have to quit their day job in order to free up the time, which would require a financial cushion.

Just because you don’t have money now doesn’t mean you can’t get it together. There are always ways to assemble sufficient start-up capital.

Friends and family, angel investors, venture capitalists, banks, peer-to-peer lending and crowdfunding campaigns are all potential outlets.

Each option has its own set of pros and cons; some will be easier to solicit than others. Nonetheless, investment opportunities are available if you’re willing to look for them.

6. Do It in Your Spare Time

Starting a business in your spare time has numerous advantages.

A primary benefit is financial in nature. You continue working in your current role, meaning your earnings remain the same. This mitigates the financial risk of quitting everything to start a business.

Instead, you dedicate your spare time to bringing the idea to fruition. Expect late nights and working weekends in the process!

Later, when the business is operational and generating income, you can leave to devote your full attention to its growth.

If you don’t believe me, this is always what the famed Gary Vaynerchuk advises too.

7. Start with the “MVP”

MVP is short for a minimum viable product.

In your bid to save money, it can be an absolute business lifesaver.

Think of the MVP as a prototype of your final product/service. It’s the cheapest, lowest-risk version of your final product or service that you can bring to market.

The MVP should be functional and demonstrate the key features of any final product. This allows you to test it out and see how people respond. The results reveal its potential viability and the possible need for alterations.

As such, MVPs are a way of testing the water without going all in. The fact of the matter is that you don’t know if your idea will be a hit. The MVP means you can verify that without investing excessive amounts of time and/or money.

Here’s some more MVP advice to read up on the topic.

Take Money to Make Money (Final Thoughts)

Money can be a boost when launching a new business, as many businesses fail through a lack of funds.

Nonetheless, there remains a long and reassuring history of businesses succeeding from humble origins.

They prove unequivocally that it doesn’t take money to make money. Rather, it takes creativity and commitment. As the great entrepreneur and investor Grant Cardone sales, “Money follows commitment.”

Looking for more money-making advice when you’re starting from nothing? Click here to learn how to start investing when you’re broke.

Do you have questions about whether it takes money to make money? Ask them in the comments below and I’ll share feedback!

Are we connected yet on social media? If not, let’s make it happen: Instagram | Twitter | Facebook | Pinterest

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

Want to know what I learned making my first few million? Subscribe here.

Or, listen to Cade’s articles on the go as a Podcast.

Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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#lgbtqfamily #nonbinary
How to set a boundary? 🤔 . . . . #lgbtqia #lgb How to set a boundary? 🤔 
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#lgbtqia #lgbtqcommunity #emotionalhealth
What do you do if you’re telling a past story ab What do you do if you’re telling a past story about someone who has transitioned? 🤔 Share a 💯 if you agree ➡️🏳️‍⚧️🏳️‍🌈
7 things I got clarity on in 2022: 1. Good and b 7 things I got clarity on in 2022: 

1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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