There’s a question a lot of people ask. “If you were starting from scratch and you knew nothing and had nothing like no money, no knowledge of anything, no ideas for a business like you are literally starting from zero, all the way back in the beginning, what would you do?”
I’m going to tell you exactly what I would do if I was starting from scratch today.
So, the first thing I would do is I would just ruthlessly cut all my unimportant costs.
Nothing is more prohibitive to starting out as an entrepreneur then having flabbiness in your lifestyle and essential expenses. So, the first thing I would do is just cut every expense that I didn’t need and learn to live a very simplistic and meaningful life.
You don’t need no fancy things when you’re starting out as an entrepreneur and you want to have a very simple and inexpensive lifestyle. So, that’s the first thing I would do.
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Here’s the transcript…
How I’d Start Over and Rebuild My Business from Scratch
There’s a question a lot of people ask. “If you were starting from scratch and you knew nothing and had nothing like no money, no knowledge of anything, no ideas for a business like you are literally starting from zero, all the way back in the beginning, what would you do?” I’m going to tell you exactly what I would do if I was starting from scratch today.
So, the first thing I would do is I would just ruthlessly cut all my unimportant costs. Nothing is more prohibitive to starting out as an entrepreneur then having flabbiness in your lifestyle and essential expenses. So, the first thing I would do is just cut every expense that I didn’t need and learn to live a very simplistic and meaningful life. You don’t need no fancy things when you’re starting out as an entrepreneur and you want to have a very simple and inexpensive lifestyle. So, that’s the first thing I would do.
The second thing I would do, and this is probably going to sound quite weird to a lot of people is, the second thing I do if I wanted to be a successful entrepreneur is, I’d get a job. Now, you’re probably thinking, “Why would you get a job?” and I’ve thought about it a lot and even back when I started out as an entrepreneur, it’s very hard to make money immediately in entrepreneurship and more than that you don’t want to be in really tight situations. You want to be able to pay for your rent, you want to be able to pay for food and things like that and you also want to have some money that you can inject into your startup business as you get going. So, the second thing I would do is get a job and I wouldn’t get a normal job I would get a tele sales job in the evenings. Now, there’s two reasons why I do that. The first one is that it’s in the evenings which gives you the day time to work on your business. You can still work nine to five on your own business and then work the evenings at the tele sales job. Now, the second benefit of working at tele sales job is that it’s going to improve your sales skills. There’s no skill in business that is more important than salesmanship and knowing how to sell. So, doing a tele sales job when you’re starting out, it’s not only going to leave you with the daytime free to work on your business but it’s going to teach you good sales skills that are going to pay dividends for the rest of your entire life. It’s also going to improve your confidence. When you’re calling companies just one call after another all evening, it’s going to really boost your confidence and that’s another thing that’s really important in entrepreneurship. I’ve seen so many really smart entrepreneurs building awesome products and then get to the point where they have to sell it and pick up a telephone and they just absolutely freak out and the business fails because of that. Now, if these guys have done some tele sales training earlier on, they would not only be good at sales but they’re also have the confidence. So, that would be step two. Step one was ruthlessly cut all my costs and live a very simplistic and an expensive lifestyle. The second step would be to get a job at a Tele sales company.
Now, the third thing I would do is, I would start reading a ton of books. There’s nothing I believe in this world that is more valuable than your knowledge. Warren Buffett said it himself. Warren Buffett is one of the wealthiest men in the world and an extremely, extremely smart businessmen. Warren Buffett said if you could take everything away from him, all of his money, all of his companies and everything the only thing that he would want to be left with is knowledge and he said that knowledge is man’s greatest asset. So, what I would do is in a step 3 after getting the job as I would start reading and I would read one book per week, 52 books per year. I can tell you that the one place that I’ve learned the most from is books and what’s cool about that is that out of all the different places I’ve learned from, books are the most accessible and they are the cheapest. You can buy a book on amazon for around $14 and you can learn in it amazing things. So, after getting a job I would make it my duty to read one book per week. It’s very simple to do. Just grab a book, divide the total number of pages by 7 and that’s how many pages you need to read per night. It’s not much, it’s less than an hour per night even if you’re a slow reader. Now, you’re probably thinking what sort of books should I read? That’s a very good question. I would read books on four main categories. One is mindset which is self-help type books to improve your confidence in yourself. The second category would be sales, I’d read books on how to become a better salesman. Third category would be marketing, I’d read up on direct response marketing and copywriting, and the fourth category would be business strategy. So, things like how to have a good business plan, how does accounting work things, like that how to differentiate yourself from the competition. I’d read books and those four categories.
Now what I’d do after doing a ton of reading, cutting my experiences in living very simplistically and working at Tele sales job, which would improve my confidence and my sales skills all while leaving me with the day time to work on a business, the next thing I would do would be start a consulting business. There is no other business in the world that you can start as quickly and as cheaply as a consulting business. With a consulting business, you can be in business within weeks and with less than a thousand dollars. All you need is a cell phone and a laptop and boom you’re in business. Now, you’re probably thinking, what would I consult on? It’s a very good question. I would personally consult on digital marketing. Digital marketing is something that is very new. I mean the internet’s only been around for about 18 years and there are so many companies that are doing millions that just have no idea about digital marketing and they are dying for somebody to help them out and show them how it all works. It’s going to be like that for a very long time. So, it’s a sunrise industry and it’s only going to get better. So, I would consult businesses on digital marketing and how I’d get the knowledge on digital marketing is I’d read books. It’s very simple.
Now, you’re probably thinking, “How would I get my first client?” Well, if was starting out and I was not too sure about myself or my skills or anything and I was literally just starting out, what I would do is I would approach a business and say, “Hey, look! I would like to help you with your digit with your company’s digital marketing. Here’s how I think I can add value and show them things that I think they’re doing wrong and ways I think they could do it better” and I’d say “In exchange, all I would like is, a testimonial into referrals to some other businessmen that you know” So, it’s essentially saying it’s free. All I want is a testimonial and two referrals. That’s how I’d go out and get my very first client and I think that that could work for anybody now after you get those referrals and that testimonial go to new business owners and start increasing your fees and very quickly, you’ll be making a significant amount of money.
Now, what would you do after you’ve already learned sales and marketing, read a ton of books, started a consulting business and build up a portfolio of clients, well, as soon as your income from a consulting business exceeds your income from the telemarketing job, I’d quit the telemarketing job and go full time into the consulting business and then when the consulting businesses profits not very big I would look to invest in other companies and at that point, I’d focus on making cash flow with my consulting business and then using that cash flow to do heavy lifting for me with other investments. Some of the smartest and wealthiest businessmen in the world first focus on getting cash and then they use that cash to do the heavy lifting for them by investing it in smart investments and making a killing. So, it is exactly what I would do if I was starting from scratch with nothing. I would cut my expenses out, get a tele sales job, read a ton of books, start a consulting business, grow my portfolio of clients up, start making a lot of money and then start investing in other things. That’s exactly what I would do and you can do that starting today. There’s nothing fancy in what I just told you.