Starting Your Own Business
Transcribe of “Starting Your Own Business”
Hi guys, Neil Waterhouse. This week’s video is about starting your own business. So let’s launch straight into it. I’ve been in business now for over 30 years and certainly online for over 20 years. A lot’s changed over the years, but the good news is it really is so much easier to start your own business today than it was back then.
Many of the tools and technology that’s available today
Many of the tools and technology that’s available today simply weren’t available just 12 months ago. Never before in the history of mankind has any man or woman been given the opportunity to sit in their home in their favorite chair no matter where they are on the planet and build a business without ever needing to leave the comfort of their own home and never needing to have anyone come to their house.
You can build a full-time business using less than $100
And you can build a full-time business using less than $100. As far as I know, mankind has never had this opportunity before and I’ll show you now not only how you can have a business that meets not only this criteria, but also help you in your journey to see many case studies from people who have done this, average people, who have started their businesses from scratch and then built up six and seven digit businesses and beyond from scratch. And some of them are even single parents and were working full time when they started.
The very first thing you should do is make yourself your favorite beverage
Now, if you’re looking at starting your own business, the very first thing you should do is make yourself your favorite beverage, find a nice quiet spot and write down clearly your criteria for what you want from your business. I will share with you my criteria, but it’s really important for you to document yours. We’re all different. This is my criteria, but again, this is my criteria and yours can be completely different and that’s fine. Number one of my criteria has always been, and always will be, lifestyle.
My businesses are there for one thing and that is to provide me with enough cash and time
My businesses are there for one thing and that is to provide me with enough cash and time to do the things in life that I love the most. A good income is useless without time. And likewise, having a lot of spare time, but having no money to do anything is again for me, useless. Pretty much everything in life requires money. Saving the world or saving the whales also requires money. For me, a business has to be fully automated and it has to run by itself.
How much money do you want to make after all expenses?
So the next part of the criteria is asking yourself how much money do you want to make after all expenses? Do you want a hobby sized business, which makes less than the award wage, or do you want a professional business which makes more than the award wage? Now the next criteria for starting your own business is to follow a proven strategy, which has case studies from people who have achieved the success that you want to achieve.
The fastest way to success is to duplicate what is already working
As Anthony Robbins, Jim Rowan, and every success coach in the world that I’m aware of, they say the fastest way to success is to duplicate what is already working. Now, I’m not waving my own flag, but I’ve been told many times ’cause I’ve been in industry so long, I’m a pioneer in the industry, and maybe that’s true, but being a pioneer is hard work. I’ve had the fastest success when I’ve been able to follow or being able to duplicate what is already working.
Follow a proven strategy
So my advice to you is to follow a proven strategy. Don’t reinvent the wheel and that proven the strategy, it doesn’t have to be my proven strategy as my criteria for a business might not suit you. The point is, once you have documented your criteria if you want fast success, don’t try to reinvent the wheel. Instead, find somebody who’s already achieved the success that you want and model exactly what they do. And this modeling applies to everything in life.
Duplicate what is already proven and working
If you want the fastest success for anything, duplicate what is already proven and working. 30 years ago I got my pilot’s license. I didn’t try to figure out how to fly a plane myself. I used an instructor. Likewise, when I wanted to learn to play tennis, again I could try to figure it all out myself, which would obviously take a lot of time, but again, I found an instructor who could play how I wanted to play and I had them to coach me. The next part of the criteria, excuse the noisy rooster up there.
How much time are you willing to throw at the business
They seemed to like When I get outside and talk, but anyway. Anyway, get back on track. The next part of the criteria is to ask yourself, honestly, how much time are you willing to throw at the business. For me, I like to take standard holidays. So the business must not just run by themselves, but they also must grow all by themselves without me. I’m a huge fan of automation.
With today’s technology, it’s so easy to automate businesses especially if they’re online
With today’s technology, it’s so easy to automate businesses especially if they’re online. Today, we have loads of software that can automate so many parts of businesses, and for those parts which cannot be automated using software, we’re blessed that we can use low cost overseas staff from a dollar an hour which you can easily implement. Now, shut up chicken, stop you’re distracting me.
Ask yourself again how much money are you willing to invest in a new business?
The next criteria is to ask yourself again how much money are you willing to invest in a new business? If any, you don’t have to. Some businesses require a large capital outlay for purchasing inventory. Now others don’t as I’ll show you. First of all, every single business on the planet sells something. It either sells a product or it sells a service. There’s no mystery business out there that sells nothing.
Every business sells a product or a service
Every business sells a product or a service. So first, here’s some hard facts. As a host and founder of the four largest eBay and Amazon groups in Australia. I get to see inside many businesses. I get to see inside, not just my businesses, but also inside many of the other members’ businesses. To see how much money everybody’s investing purchasing products, and how much money they were seeing back in profits.
How much money they were seeing back in profits
And here’s the numbers. If you want to make say $1,000 profit after all expenses per week, on average you need to invest, on average, $35,000 on inventory. If you want to make, on average, $2,000 profit per week after all expenses, it requires, on average, $70,000. Now, if you do not have that kind of cash flow or you’re not willing to invest that kind of money, the good news is you don’t need to. If you don’t want to use your own inventory you can use what is called the industry virtual inventory.
You can use what is called the industry virtual inventory
This is also called drop shipping. Now I’m not going to go into drop shipping in this video as I’ve done that many times before, but I’ll put a link on the screen below. if you want to know more information about dropshipping. This leads on to the next criteria, risk. If you’re risk averse, only follow a proven formula which has many case studies from people who have achieved the success that you wish to achieve. And also don’t spend money on inventory that hasn’t sold if you haven’t done it before.
Business must be able to be run remotely
The next criteria for me is the business must be able to be run remotely. When I started selling online back when we used to live in Sydney, we ended up with a house full of products and full of staff. This used to drive my wife bonkers. Today, we live on a farm and we have no inventory on the property and no staff on the property. Everything is run remotely.
Holidays for days, weeks or months it makes absolutely no difference
So when we go on holidays for days, weeks or months it makes absolutely no difference. With COVID-19, this has been a godsend and it really is something that everybody who is starting a new business these days should take into account as it could easily all happen again. But the good news is if you’re selling online since COVID-19 online sales have boomed. So to cut a long story short, my background was always importing. I’ve been importing for over 30 years and selling those important items through many channels, including eBay, Amazon, Google product ads, et cetera, our own independent websites, but because of the latest development in technology over the last several years, we’ve been moving more and more to drop shipping as it’s much easier to automate, much lower risk.
We’ve been moving more and more to drop shipping as it’s much easier to automate, much lower risk
And with drop shipping, you get paid before you need to purchase any inventory. This is the reason that so many people in businesses have moved to the drop ship model. So bottom line is, take the time to write down your criteria what you want with starting your own business.
Find a proven step-by-step formula that has case studies from people who’ve achieved the success
Then find a proven step-by-step formula that has case studies from people who’ve achieved the success that you want to achieve. If you want to know more about drop shipping and/or see case studies from people who built six, seven digit drop shipping businesses and beyond from scratch, I’ll put a link on the screen and below. I hope this video helped you with starting your own business. If you need any help scaling up your business, make sure you check out the step-by-step videos below and while you’re there, make sure you hit the subscribe button to the no fluff channel that teaches how anyone can make a full-time living from their home using eBay and Amazon. Until next week, stay safe. List more, sell more. This is Neil Waterhouse.
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