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Good day subscribers thank you so much for joining me today i am jeremy this is the financial education channel and today we’re talking about 10 things that i would tell anyone who’s trying to start a business thinking about starting a business basically thinking about being an entrepreneur so these are the 10 things i would tell them and and they’re really i have
Just feel like that like this 10 most important things you could tell someone thinking about starting a business which honestly it comes across almost every single person’s mind sometime their life they think and maybe i should start a business if they haven’t yet or you know man i want to be an entrepreneur i want to do this you know it comes across every single
Person’s mind in my opinion at some point in time so now not everybody ends up becoming an oscar or trying to actually start a business but it always comes across people’s mind so these are 10 things i was telling someone who’s thinking about doing it let’s go ahead and get into this leave a thumbs up if you enjoy it guys number one you need before you even or
Going to start a business you need to have at least six to 12 months worth of money basically savings that you can pay pills in the future in case this business brings in no money early on this is the number one key because the number one thing that could push you as a business fast the fastest is if you don’t have enough money laying around and then you find out
Your product or service is a little harder to sell than you thought it was you’re bringing in the money you have bills to pay things like that and then you run into a situation where you just have to go back out and get a job and then the whole business gets forgotten about so you’ve got to have enough money left you know laying around that you can pay bills for
At least at least six to twelve months that way like i said if the business doesn’t bring in any money you’re okay you can pay your bills you’re not going to have to go be homeless or something you know or go running back to get your old job or get a new job and then you forget about the whole plan so that’s the number one key by far my opinion have enough money
Laying around and you can pay your bills for at least six to twelve months number 2 i’m going to ask yourself are you self motivator or you a self-starter can you get up in the morning and get going and do not need anyone pushing you if you’re the type of person that needs someone pushing you all the time and trying to motivate you you’re not going to you’re not
Going to make as an entrepreneur you gotta be self-motivated you’re going to be a self-starter because there’s going to be no one pushing you there’s gonna be no one its yourself it’s you yourself and that’s ink trying to get yourself going trying to get yourself motivated get yourself up every single day ready to go ready to conquer the day ready to do whatever
It is you got to do that particular day and keep yourself motivated so if you’re not self-motivated if you’re not a self-starter entrepreneurship is not the place for you i’m afraid so that’s something every person’s got to ask themselves thinking about starting a business number three you’ve got to have a vision right there’s got to be some type of vision you
Have you know what type of business so you’re going to start sold me with my business and remember i try to storm any business than a failed and failed we failed and then i finally started a business that finally worked because i did all these things i’m telling you guys about the day so the business that finally worked with a photography videography business for
The real estate industry basically real estate marketing my particular vision at first was imma it’s going to be a drum company i’m going to mainly do drone videos of homes in drone pictures and those kinds of things and also luxury home videos so it was all video focused and whatnot now is my vision so whatever you got to have a vision that maybe a little outside
The box or something that’s a little different than when everybody else is doing which is what my my vision was because no one was really doing drone stuff at that time you know drones were kind of coming up and even now still not everybody’s doing drones not everybody’s a drone pilot and those kinds of things guys so i had a vision in that that’s where we would
Division so you’ve got to have a vision that’s a little outside the box or something that you’re going to have a competitive edge against everybody else that are going to be your competitors unless it’s a new industry then you know you don’t have many competitors you’re basically starting the industry but have a vision that’s number three number four be ready to
Adapt that vision adapt it change it and do all kinds of things personally was my business i realized that i was not going to get enough customers in the luxury home space you know million-dollar homes i was not going to get it enough for them to really cut the mustard and also a lot of customers when i spoke to them and whatnot they were also looking for someone
That could be the photographer and the videographer so do the whole package deal so i had you then adapt my vision and if you realize you know what i need to get good at photography because if i get good at photography one that’s a bigger market because almost every realtor they need any photos done for their listing so it’s a big huge market i’m going after if i
Can do that also i’ll get more luxury home listings for my luxury video business because then people that want the whole deal will hold the whole package i will be the whole package i will offer every single product you can possibly imagine whether it’s drone photos where there’s drone video where luxury home video whether it’s photos virtual tour is everything i
Offer at all so i adept at my digis and that is really what started to push my business where i got to a point where i was like okay now we’re doing good definitely actually getting somewhere so i adapted my vision if i would just stuck with my original vision that’s it i would be out of business already i would probably be working for somebody else or would have
Starved another business already that’s the complete honest truth but because i adapted it i changes up a little bit i’m here now and our facebook through this video and all those kinds of things guys number five you’re going to have a plan on how you’re going to get to potential customers so whatever product or service you’re selling you got to have a plan when
You before you even start the business on how you’re going to actually get to those potential customers for me once again i was in the real estate industry it’s very easy to get email addresses it’s very easy to get phone numbers of realtors which are the people i need to talk to so that was a very easy one because i know i could get to in contact with people very
Easily but whatever industry you’re thinking about starting a business you want to think how do i get in front of potential customers how do i do it how do i tell somebody about my service you know how can i do i go home to home is it something like you go home to home is it something where you’re doing internet marketing or you’re placing ads online how are you
Gonna do it how are you going to do it in by the way if you’re doing ads online and things like that that’s a whole different ballgame because that’s an expense a huge expense but then you need to have a lot a lot a lot of money behind you but you got to ask yourself how am i going to get any potential customers faces how am i going to speak to them on the phone
How am i give you their email addresses how am i going to do it you don’t have a plan for that when you’re going in there it’s going to be very hard to succeed in your business you’ve got to be helpless you know have a way of contacting these potential customers number six year be prepared for massive amounts of rejection there’s gonna be tons of rejection coming
Your way guys let’s be honest most people are not going to want your product most people are not going to watch your service that’s the bottom line so you have to be prepared for that going going into it doesn’t mean you get down and those kinds of things but you’ve got to be prepared for that rejection because if you’re not prepared for the rejection what’s going
To happen when you start getting rejected you know so you’re going door to door five houses slam the door in your face of in a row you’re just going to start soaking and be like oh you know pity me no one wants my prize no one wants my service if you’re prepared for that rejection you can overcome at them and you can understand that’s just part of the process and
Then the law numbers is true if it’s one out of 100 people will sign up for your product or service realize 9999 of the people out of every hundred are going to slam that door in your face so we’re not going to answer the door whatever you’re doing i’m not going to answer the phone so understand that going in be prepared for rejection you know be prepared it’s like
You asking the chip chip the problem you know if you are the best looking guy in the world or whatever the most popular person you were asking girls for the to the prom is probably going to be pretty hard if you’re but you gotta keep back because you’re going to end up with no date and in this case if you don’t keep asking you’re not going to end up with a business
You’re not going to end up with any money in your hand up working a job again so keep that in mind guys be prepared for rejection he is happy on door number 100 as you are were numbered or door number one you’ve got to be prepared for guys it’s so important number seven take feedback seriously and do not get offended this is another thing a lot of people do you
Know if they get some negative feedback on their way they get offended by airline i think that i’m a take feedback seriously just just a if something you can probably do better especially if it’s something that two three four people have said then they’ve definitely something you need a fix is definitely an issue if it’s maybe just one person you know so some
Negative feedback about something then maybe it’s not as big as deal you should still take it seriously so think about do i need to change this process up or the product up or whatever but if it’s two three four people saying the same thing and you definitely gotta fix something there because you’re missing out a lot of potential customers then maybe those people
Could have been potential customers but they were not because you had this type of issue with your product or service so take feedback seriously do not get offended guys feedback is the most powerful thing you can possibly get from somebody so take it seriously don’t get offended by it number eight go above and beyond for every potential customer that comes your
Way so somebody actually you know choosers have your product chooses to have your service done google’s bulb and beyond for all those early day people because they’re so important because those are the people that are going to kind of a kind of pay your way to kind of getting more customers and more customers at that point those the people that can stick with
You and become loyal long long you know longtime customers so you got to go above and beyond for them so you got to do whatever it takes for me you know with my business it was doing jobs for cheaper rates then i wanted to do them and it was also you know going above and beyond as far as the editing and those kinds of things in spending as much time as possible so
Those customers could be as happy with their parks as possible and tell more people and those types of things so go above and beyond if you say you got a company where you sell let’s say it’s like tire cleaning tire cleaning products and you have a little brush that goes on the product you know they spray it on and they scrub on the tires that’s that’s your business
That’s what you go you go door-to-door selling that ok that’s fine let’s say you know you check up on one of your potential customers see if they wanted to buy any more like now i don’t want to buy any more that my brush broke after the second day oh sure what if i gave you two brushes for free today you know i’m so sorry about that i’m not sure what happened i’ll
Give you two brushes for free today yeah it’s two brushes you got to give away for free but it’s at the same time then you had that person person who was not happy at all with your business who would probably think bad things about it to somebody else now they’re probably going to be thrilled and happy that you actually you know did something for them they got two
Brushes for free and now they might even buying more products from you in the future so that whatever you’re doing guys gold buzz and beyond for day customers for those are the most important ones out of all them by far guys those early those early you know first six months first 12 months customers go above and beyond number nine here guys only spend new products
When it’s apps only spend money on new products for your business when it’s absolutely necessary or 40 eyes there the return on investments there then go ahead and spend that money if it’s absolutely necessary to get a new product or service for your business and absolutely do it but if it’s not if it’s like is that going to bring me an roi maybe do i really need
That probably not but i would like it would be kind of cool if it’s something like that don’t spend the money on it guys that’s how you stay profitable stay profitable by not spending money unless there’s a bell or alive there the return on investment you’re spending money to spend money because you got money to spend you’re not going to remain profitable or nearly
As profitable as you could be show me i only buy new equipment when i actually need it when a customer absolutely requested or when there’s a competitive surat now i need it up my game in the roi there guys so i only do that when the oral eyes they’re going to return on investments there don’t just spend money for fake could spend money because you want to spend
Money guys spend money when it’s needed spend money when it’s necessary last one here number ten i would not spend money on marketing for at least your first year or two your first year or two it needs to be all organic you know you’re getting customers all those kinds of things and let’s take a business where you can’t do it organically for whatever reason it
Needs to really be organic also you’re not going to understand really have the best way to market your product or service if it’s within the first year because you’re still trying to figure out your product and service i was still trying to figure out you know how’s my whole game going and what where am i going four months it took months and months to figure that
Out so you to spend a bunch of money marketing in my opinion it’s a waste of money unless you’re an expert marketer if you’re an expert marketer and you know you’re and get the return on investment on it no question about it then go ahead and spend the money and ninety-five percent of people are not expert marketers or mean i would say ninety eight percent of
People are not expert marketers guys so if you’re in that two percent that’s an expert marketer and you know you’re going to get the return of that’s gonna go ahead and advertise the first year to that this perfectly fine if you’re not then don’t do it because you’re going to waste your money you’re going to not going to know how to get the ads out there properly or
Whatever you’re trying to do there you’re just getting up wasting money which will then lead to less profitability so and we want to stay profitable the bottom line is what matters and end guys i hope these ten tips help you fabulously today guys leave a thumbs up if you enjoyed this video i really enjoy sharing it with you guys at 10 things i would tell anybody
Thinking about starting a business or becoming an entrepreneur if you came across this video i’m not subscribed yet you may want and we talk personal finest in the channel we talk entrepreneurship i’m a bit actually soner and i give away a lot of my business tips just like we did today we also talked to stock market the most and how to make your money into money
Thank you for watching guys and have a great day
Transcribed from video
10 things I tell people Starting a Business or thinking about Entrepreneurship! By Financial Education
