Discover how to start a business without money and how to make money online in a few simple steps. Aaron Henriques a UK entrepreneur with decades of online business experience shares business ideas and how to start a business online without any investment so you can make money online too.
30 May 2022
How to Start a Business With NO MONEY
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Opportunity Awaits podcast Episode Transcript
Aaron Henriques: So you want to know how to start a business with no money. Right? Well, that's exactly what I'm going to be talking about today. Now, my name is Aaron Henriques and excuse the backgrounds. I'm currently in a hotel room in Mexico. I've been in Playa Del Carmen for one week. I've got a few more weeks here and then I'll be heading off to LA in America where I'll be spending a bit more time for about month before I go back to London in the year. [00:00:27] So before I get started into how to start a business with no money. Because I know that a lot of people interested in this and there's a lot of information out there. Some of it is not so great. Some of it's a bit spammy and fake, to be honest with you I'm going to go through that with you. [00:01:10] but before I carry on, I just want to say, I've had a blinding date, a great day. You probably don't care, but I do, I've had a great day and one of the great things about. Apart from the amount of work I've got done. And I'm closing a few contracts that I've done this morning from my hotel. [00:01:31] One of the things that has been really great is the fact that I have secured an interview with an amazing entrepreneur in Mexico. So if you want to hear that episode, it's going to be coming out in a few weeks. I've not even done the interview yet is next week, whereas in a few. By the time you listen to this, I would have done it, but it's in a few days time. [00:01:51] And that will be released in a few weeks. Most likely when I returned to the UK. Cause it's going to be going across my British pilot podcast and also the opportunity awaits podcasts that you're currently listening. Right. So let me get into this. So you want to know how to start a business with no money, nothing. [00:02:13] Zero. All right. So if that's what you want to do, first of all, you need to get out of your head, that starting a business. If you have a huge pot of money is easy, it is not. In fact, it may even be to your detriment, having a huge of. Now you might think, oh, but no, that's crazy. No, it's not crazy because having a pot of money, if people think they can just fro money at the wall and keep spending, keep spending to keep spending and then suddenly everything will work and it doesn't. [00:02:46] So people mistakenly think that particularly with online businesses that is easy. I've you ever, have you ever had that sort of fall in your head where you felt like, it's only a web. It must be easy. You wouldn't wake up one day just thinking that suddenly you can do brain surgery, would you? [00:03:07] So every single day, every day. Thousands of people wake up the they're now going to be experts in web development and web design. UI and UX, so this, that's the, the user experience, social media, marketing, branding, experts, content experts, graphic designers, Google ads, managers, dynamic display ads, managers, retargeting campaigns, they think they can set those up effectively. [00:03:39] SEO experts copyright to CRM systems, tele sales, they think they're going to be great at creating automated funnels and system building and team management, HR accounting. And that they're also lawyers too, just because they woke up one day deciding that starting an online business is easy and they want to deal with that within a week. [00:03:58] So. Hopefully, you just saw that the amount of stuff I'm only just touched the tip of the iceberg, the amount of things that are involved in starting an online business. And yet, so many people make the mistake that they can wake up today and within, in a week they're experts in all those things and it will never happen. [00:04:20] So not only that they're going to waste tons and tons of time on all these times. That they know absolutely nothing about and trying to copy companies, who've been going for years. So they'll look at a website, I think. Do you know what I just want to, if I just make it look like that, then it will make me a millionaire. [00:04:44] And of course they go to the branded tops, the promotional material with the pens, with your logo on, get the business card. Because when you start to look like them, you're going to be successful. But it's not the case. Now the chances are, you're going to do most of those things very, very badly. [00:05:05] And actually a lot of them you didn't need to do in the first place. So that's the first thing. A lot of people will waste a lot of time and that could be you. It could be something you're doing right now. It could be something you've done in the past and you've identified it yourself, but it could be wasting a lot of time and give them. [00:05:25] Far too quickly before you've even got around to doing the things that will actually help you start and start to grow your business, to make and making money. That's what you're there for. And now actually, you know what, that just reminded me of something. Somebody yesterday contacted me. [00:05:45] They contacted me asking me. Food has helped. And I, I spent nearly an hour chatting to them, giving them a bit of advice and about budgets and how, how to work. I had a bit of time last night and I was feeling generous. So I did it and I chatted with him and he wanted to know, effecting how much would it cost if I was going to do it for him, he didn't like it. [00:06:09] He didn't like the number, but he wanted me to make him thousands and thousands of pounds. But didn't want to pay for you. Once the instant website, once the instant, sales in the tens of thousands, but didn't want to pay even just a few hundred out. So we need to think about these things. [00:06:31] Now, obviously this podcast episode is about how to start a business with no money. So I'm not going to go down that road too much. That was just to sort of say something that happened really recently because it just popped into my head. I was thinking about. What do you want? Like, you're complaining that a couple of a few hundred critters, too much money, but you want to make tens and tens of thousands just from freeing up a website one day and a really bad one about, so you waste your time doing all these things and you haven't even got around to the point of actually making money and effectively, what is it? [00:07:08] Can you think of a word? What is it you're doing if you're doing all those things about, tidying up. The desk, making it look perfect and getting able to promotional material and the tops and everything like that. What are you doing? So it's avoidance it's procrastination. Perhaps even without knowing it, you're avoiding doing this things that you actually need to do. And trust me, I do. Do you know how many days? Four days, four days ago, I said I would record this podcast episode and how many other random things I've done. So I didn't have to record this podcast episode and I actually wanted. [00:07:45] I enjoy it, right now I enjoy doing it and I enjoy doing well. Not so much the editing bit afterwards, but the actual podcast, I enjoy talking to myself. Yes. Bit strange, but I don't care. I enjoy talking to myself. If I wasn't talking to myself, you wouldn't be hearing this now. So it's procrastination. [00:08:04] Now. Here's some things that you need to actually have a con really, really think about. What are, how many have I got here? I've got 13 things that you need to do. Now these are the 13 things that I sat down for a while, and I write these down and had a good think about them. There's 14 topics. [00:08:24] Some of them are broken down into subtopics, and I'm only gonna say the individual ones. I'm not going to go into some long two hour long podcast. Excuse me. I'm not going into a long two hour podcast. All I'm gonna do is go straight into. The things that you need to do. And if you want to expand on any of those, then what you need to do. [00:08:43] Subscribe, contact me. I'm Aaron Henry on Instagram, you can contact me there. Leave a comment, leave a question in the comments. If you can, on the platform that you're listening to on YouTube, you definitely can. Some of the podcast platforms, you can leave a review. If you leave a five star review with a question or a. [00:09:01] I'll be more than happy to address that at a later date. But I don't know what exactly you want more elaboration on right now. So I'm not going to go into massive detail. So number one you need to think about, is it going to be a service-based online or offline business idea? Notice I've said service-based I don't like product businesses online e-commerce stuff. [00:09:27] It would be great. And I liked the idea of it, but I don't like it in the fact that it is so, so tough to do to get it right. I don't know the real stats, but I guess, it could be for every one success, there's probably like 10,000 failures. I don't know. You'd have to go to Shopify or something like that. [00:09:48] For those sort of stats, they would have access to stuff like that. But from experience. Product-based don't seem to do as well. Certainly. Maybe it's just my experience. Maybe it's just type of entrepreneurs that I speak to and the sort of industries I'm in myself. It's mostly service-based. The second thing is you do not speak to your friends and family about it because they'll put you off. [00:10:11] They will put you off. They will say, oh no, it's a bit risky. It's risky. It's not risky. What it is. They, it's not risky to the extent that you shouldn't do it because what's worse trying and failing, or just never trying and never knowing that's down to you. To me the second, never trying is worse. [00:10:38] Think about what you want to achieve. So do you want, do you just want more money? Do you need, are you after increased status? Be honest with yourself with these things. It's something you have to come out of your comfort zone to turn around and say, yes, I just want to get rich or yes, I just want to be famous or yes. [00:10:57] I just want my friends and family to look at me and think, wow, he's doing. It's up to you, your fingers, your thing. People will come out with a load of crap about, oh, I want to save the world. Like you don't want to save the world. You wanted money. You might, when these billionaires or multimillionaires, when they get rich and they're successful, they feel like they need to say something like, oh, we need to save the world. [00:11:22] I just really like helping people. I bet you, if you looked at that day, one business plan, it didn't mention, it didn't even mention. Anyone else about saving the world or about, yeah, helping, fountains of kids in some village somewhere. Like they are things that come afterwards and there's nothing wrong with that, but be honest with yourself today, why you actually want to do it? [00:11:49] What is it you're looking to achieve? Because if you're not honest with yourself now, you're not going to be able to go down that path honestly, and actually get the things that you really, really. If it's money say it's money. I want money. Think about why you want the money. Is it security for your family? [00:12:07] Do you want to just be able to leave your job and control your own time? That's something I do. I'm traveling for two months doing a bit of work. Like I am now, I guess. Well, this isn't really work. It's more of a hobby. I don't, I don't advertise anything on this podcast, but it is just one of them things. [00:12:27] Do you want to leave your job and, control your own time? Like I just said, and maybe you want to stay active in your business because it's your passion like fitness coaches, lots of fitness coaches start up. They're really passionate about fitness and they love it and they just enjoy doing it. [00:12:46] Now for me, I set up businesses so that I can run them more passive. That's my goal at the very start. Whereas others who are like fitness coaches, that's not what they want to do. They actually want to do the fitness stuff. And that is there is no right or wrong hair, however you want it. That's how you go to structure it from the start. [00:13:10] Do you want a business that will run on its own without needing you? That's what I prefer. I prefer that one. I prefer a business. It will run on its own without needing me that can make me money. And so I can do other things like this podcast, like go to Mexico, like go to LA and just do whatever the hell I like. [00:13:25] That's why I prefer, but it's not for everyone. And it's not what everyone wants. And it doesn't mean that's what you need to want either. Right. Number four, four. Write a very basic business plan and financials. So. You have a path, think about what you're doing, what problem is that you're looking to solve? [00:13:52] Do enough people have that problem and can you access them easily enough? Is this just your passion or can it be an actual business? Don't let, don't let it blind. You, if you want a business, but your passion is hugging trees, you might find it's really, really hard. To find enough people who's willing to pay you to hug trees with you. [00:14:20] It's just the fact. So you need to think about it. If it is a business that you want, and it's not some lifestyle, I know you call it business and lifestyle. Look at our lifestyle thing. Some just because you've got a hobby that you read, like, if you are, if in the previous question you answered, well, you want money, you want this status and stuff. [00:14:40] Well, then you need to think about if your plan is not really an actual business, it's just something you'd like to do. And there's not realistic, a realistic hope of it being monetized as a business, then think about doing something else because ultimately you're there to make money. Right. And if your thing is not going to make you money, what's the. [00:15:00] If your goal is to make money, what's the point. If that's not your goal, then it doesn't matter. Does it now, does it make sense? Did a number stack up? That's another thing don't try to delude yourself. Try to find ways don't go out there searching for things that just so backup your original hypothesis or what you actually want it to be. [00:15:24] Look for things that do the exact opposite of that, that talk against it. 'cause what's the point in deluding yourself that, oh, this is a great idea. And I'm going to make millions when realistically, if you look to objectively, you would have realized from the very off that you shouldn't bother wasting your time, go and do something else. [00:15:43] Now, can we scale without needing Android copies of you? That depends. If you want to have a business, like the ones that I prefer, which are scalable. First of all, The only way to make it scalable is to have it where you're not important of a lot of people don't like that. I like not being important in my business. [00:16:06] I like the fact that I can step out and the people I've employed can run it. Or the service providers that I employ come run it without me. It doesn't need me. And that's great. Great for me, because it means I can go and do other things, but if you are that fitness coach, you're a first aid trainer. [00:16:30] And I say first day trainer and someone listening will know why you cannot scale. And keep that control without having Android copies of you or some very, very, very good training programs in place. And quality. All right. And the likelihood is if you're trying to start a business with no money, you're not going to have to do that. [00:16:57] Like I used to think about, can you scale without needing a copies of you in the future? Set up a free business bank account. There's plenty out there. You don't need to pay for one. I'm surprised at the amount of people that do, I would avoid personally. I'm not a financial advisor. Please do not quote me, do your own research and all that jazz, but, [00:17:19] I would advise against the mainstream banks, the challenger banks, the likes of styling and Monzo. For example, I transferred all of my accounts from, I had Barclays and I had NatWest and I transferred them all into stalling personally. And they're great. The challenge of banks absolutely fantastic. [00:17:40] The fees are low. It's so easy to manage your bank to manage your accounts. Versus when I was trying to close my Barclays account. They were like, oh, we don't have a signature on file for you. So you need to come down to a bronch to provide a signature so that we can close your account. I'm like, what the hell are you talking about? [00:18:00] I'm not going to no branch, to, to provide you a signature, to close my account, how I had an account with all this time and then S been using it all this time. And now I want to close it. You're telling me you don't have a signature for me to be able to close it down. They're ridiculous. [00:18:14] So go to these challenges. Would be my advice if I was giving you advice, but I'm not because I'm not financial advisor. Right. Do your own, do your own research, but that's what I would recommend. You don't need paid ads to get started or fancy website. That's another massive misconception for new online businesses. [00:18:35] You just don't. I mentioned someone yesterday. That was when a conversation I had with them is they didn't want to spend money on ads. To, to get started cause they don't have it. So they wanted to know, well, how can you, how is it possible to do these things? And I was like, well, you know the thing, there are other ways, you can actually just talk to people. [00:18:55] You've got tools like LinkedIn, for example, is a B2B business, go to LinkedIn, find the people you need to speak to. He, because he's also a local. Physically go to those places and go and speak to the people we can just because we're running an online business doesn't mean we can't speak to people on the phone. [00:19:14] Doesn't mean we can't speak to people in person. Certainly when getting scared, I started out if you've got no money and all you've got is a website, but you can't drive traffic to it. What's the point. Don't build out a fancy website. Don't waste your money. Building out this fancy flashy looking website is not going to make you more money. [00:19:34] If you've got no one seeing it is pointless, right? If you do have any money at all to invest, then I suggest using it and other things, not that you certainly don't need paid ads, don't go straight to Facebook. Cause you feel like that's the thing again. Oh, this guy's going to hate me. If he listened to this podcast, I was speaking to him yesterday about this and it's something that people do and it really bloody annoys me because I used to do it. [00:19:57] I did it so many times and it's a waste of your time, you're trying. A hundred quid on some Facebook ads. It doesn't work. You try, a hundred credit on, on some Google ads campaign that you've set up yourself. Oh, that didn't work. And then you've tried this other thing, a hundred pounds and that didn't work. [00:20:12] And then you're freaking out because you're thinking, oh my God, nothing works well. You've not given it long enough. Remember what I said at the start? So you need to give it enough time. Don't give up before. You start. And if you're going to run ads, this is how to start a business with no money. [00:20:29] But if you were that sort of person, once you've made your first few sales, because you've gone on to LinkedIn, you've gone on to other social platforms and connected directly with people because you don't have money and you've made those first few cells, then you can start reinvesting that money. You only need a couple of sounds to get started. Right. So as I kind of said that. People buy from people, you need to build that know like, and trust factor with them. There's so many ways you can do that. That might be something that we want to discuss in a bit more detail. Right. And later down the line, because know like, and trust, what is that? [00:21:12] If you're still listening to this, it's one of those things where you're getting to start to know. You might not like me very much how I come across, but maybe you're starting to trust me if you're listening for this long, you know you need to build that up with people and there's so many different ways you can do that. [00:21:30] I would still recommend, particularly for starting a business with no money is speaking to people. Use the biz, use the website as like a lead generation or just like a brochure site. When you're starting off. If you build one, you can get many websites for free or extremely cheap, like just to get started out. [00:21:50] You don't need a flashy website. Like I said, use it as a brochure site. Just sort of there's some online presence create your LinkedIn utilize. LinkedIn is free. You can access to people so easily just use it. And if you are like a. Facing business and use Facebook. You use Instagram, there's other platforms as well. [00:22:11] People make a ton of money by a tick tock. I'm not technical expert. I don't do tick-tock. But people do. Yeah. So you need to build that know like trust number nine, educate yourself. Right there is literally tons. You're doing it now. So that's congratulations to you. You're you're there right now. [00:22:29] You're doing it now, there are tons and tons of freely available content out there to get you started, get on YouTube, get on other social media platforms. There are plenty of like gurus out there where they've got online courses and some of the bigger ones will have their might have like a little mini course, which is free or maybe like $10 or something that's to build that know like trust with you so they can sell you something later down the line for sure. [00:22:57] But. You will get a lot from it. If you don't, if you're starting fresh and you don't know anything, everything you learn from someone else who's done it before, you will be, invaluable to you. You don't have to learn the lesson. So things that I will tell you, you, haven't got to learn those lessons yourself the hard way, like I did, because you've already gone out there and you're getting that education now, but keep doing it. [00:23:25] Don't stop. And don't just get it. Like one area or specifically in what you're doing, get it in all sorts of areas, get education in the, in the economy, how that works in different marketing strategies. Don't get it in just how you think as well. Like if you've got a certain we're in a very polarized world at the moment, people are either left or right. [00:23:46] If you are left, get information, that's very right. So you've got like a balanced approach that you can sort of take into your. Mindset marketing sales techniques. Don't just learn one. There's lots of different modes and then adapt it for what works for you. All right. I know you need to sell, you need to actually sell. [00:24:13] So you found the people now you've grown that low know, like, and trust factor. Now you need to sell to them. And when I say sell to them, You use, use these tools online to learn how to sell. Use these videos online to learn sales techniques, but do not forget the one most crucial thing. First of all, you don't need a script. [00:24:40] You don't need a script. It's good to have like a structure, but if you read a script, people know you're reading a script. That's a fact people know. I don't, I'm not a fan of script. Some people will say different me personally, not a fan. Use it as a guide, not as a word for word script, because people, you will lose people just from right now. [00:25:04] Some script you don't need some flashy or manipulative ways to ask questions. But always, always ask for the second. I repeat, always, always ask for the cell. It's incredible how many people will say everything they do, which is great at the end. They might even say how much in a really timid voice or like they're asking them. [00:25:41] It's hard for me to say like, oh, it's 5,000 pounds. No with that rising intonation at the end, like they're unsure of how much it is today. Ask for this out. So this widget that you're buying from us, everything I've explained to you is 5,000 pounds. Would you like to buy that now? And then shut up? [00:26:09] Shut up. So it, within 10 is asked for the sale. Now, why do I say shut up? Because people have a tendency to go. This is not a sales video, by the way. And I probably do one that's a bit more structured for certain things that I do. But [00:26:30] this is not a sales video, but it is important that people do understand that. It's important. People understand that. The reason why you be quiet is because people have a tendency. When there's silence. When the person you've just asked this for the south, or you've asked them, can you spend like, this is 5,000 pounds, do you want to buy it? [00:26:53] That person is now thinking they go quiet for a second or a few seconds. Now in that time, a tendency for uneducated salespeople will be. Start talking and saying more reasons why they should buy or trying to come up with objections or doing crazy things like, oh, but if you can't afford 5,000 pounds, we'll give you 50 pounds off or we'll give you 500 pounds off. [00:27:21] How does that sound? And they start to start bargaining with themselves and a lowering the price. So. Just be quiet, let the person think about it and let them give you an answer. Then you deal with the with the follow-up from there, all the objection handling from there, but this isn't video is not on sales. [00:27:43] Maybe it's something you can do, but you need to leave it in the comments, subscribe, and then leave a comment or say, contact me on Instagram. It's Aaron Henry. And yeah, we'll go to perhaps per mini sours video. You need to lose the ego number 11. Don't worry. We've only got three more. We need to lose the ego number 11. [00:28:04] Get feedback from your clients, including those who did them buy from you? Find out what went well and what went bad, find out from the client. It may just be, they can't afford it. A lot of the time clients will not tell you they cannot afford it because people don't like that feeling of being like, oh, I can't afford it. [00:28:25] It makes them feel inferior. So they'll come out with crap. Like, oh, I need to ask my partner. I need to speak to my dog first. I'll come back to you in a month and then they're ignore your call. And they certainly won't come back. A lot of the time it might just be, they can't afford it or perhaps they just didn't understand. [00:28:45] And they also don't like to say they didn't understand because they don't want to feel stupid. Now back on point 10, if you'd have done your objection handling properly, then you would have been able to get through those questions. In fact, prior to even objection, handling a lot of that stuff would have been knocked out already. [00:29:03] Because you would have, you would have gone over that. Not script, but your structured approach now, number 12, invest, re-invest all of your sales into the business. Do not, if you're starting a business and make money and you make a thousand pounds, don't go and spend 1,010 pounds or 1,100 pounds from the thousand, reinvest it in the. [00:29:31] It's really important. You did, because if you take the money out, you're starting again from day one, no money and having to keep repeating the process, not being able to grow so businesses that will grow like this [00:29:46] like that. But if you keep taking your money out from the start, that's what you do. [00:29:56] Costs ended up going up and you flat line. So reinvest in your business, get help, get a VA. If you can't afford like full-time staff get help with your website, get experts to do the SEO marketing. Remember I went through all the things at the very start about all the things would hatch. [00:30:15] You've got to where you're not going to become an expert in all those things. You're going to do a really crappy job. Just spend reinvesting. It is an investment in your business of the rule. It's growing the value of your company of what you're, what you're doing is growing that value by investing in this stuff, invest in your website, invest in SEO, invest in marketing. [00:30:37] So that you can sell I'm going to be having a a video coming out in a few weeks which will be about outsourcing. So it'd be about outsourcing your. That you don't need to do to other people why you should do it and not waste the time yourself doing it. So there's actually gonna be a, a full video on that. [00:31:00] So I'm not going to go into that any further. So in a few weeks time, make sure you're subscribed so that you can get a notification for when that does come out. We're going to be, you'll be thinking about incorporating or staying as like a self-employed individual. The insurances, I highly recommend insurances people leave that to the end. [00:31:19] I, I would recommend insurance from the start. If you really don't have any money to invest, I would say, as soon as you start getting some money in, get your insurances in place. It's really important. Particularly legal insurance. You want legal cover, trust me get your accountant, illegal contracts etc so that you can rely on them. [00:31:43] Word of mouth. It is legally enforceable. The proper contract actually looks a lot better. What I don't mean here, guys. Until you're making a lot of money and a lot of sales, I don't mean going to a lawyer to get a contract written up. You probably won't need it. There are plenty of really good templates out there. [00:32:03] It may be worth getting a lawyer to look over your template, where they might just be able to give you a bit of advice and say, change this, this, this, and this it'll cost you £200 instead of £2000. Then to write a complete contract for you. And then repeats, that was the last one. [00:32:20] Repeat all of that process and keep doing it. If you keep going through that, and then you keep reinvesting in your business and you keep them, you get, you get help, you get experts involved in certain areas. You'd let go of that ego, you man. Just, if it didn't go well, accept it, adapt it. [00:32:43] And keep, keep repeating and probably 14. I didn't add 14 there, but you need to be adaptable. You need to be able to change things and quickly, well maybe not changing quickly, but like you need to be able to make decisions quickly, but you need to be able to change what you're doing. Now. [00:33:04] There is a theory about make decisions quickly and change things slowly. That's something I'm actually going to go into in another video, which is, is coming out as well. I've had, I've got a few planned coming out in the future. So I've, I've mentioned a few videos, but they will be coming out. They are plant they're on my schedule. [00:33:25] One of the things there is about making sure that you can be adaptable. And responsive to what your clients are saying, but don't, that doesn't mean. Change everything you're doing on the word of one client. Get feedback, grow feedback, create a little database of it and then start doubting it from that. [00:33:53] Don't completely change things. But when you're completely new, there might be something that you need to change, perhaps the way that you're taking your payments. The way you're invoicing people. So an email communications at Gar, maybe people are a bit confused by what you're saying. So you send that in a different way or whatever. [00:34:10] There's lots of different things. Good luck with your business. If you have up to $1,000, it's a lot easier to get started. You don't need much to get started. I would not recommend maybe starting a business with completely no money. That's the first thing. Well, that's the last thing really extended the video, but it's the end of the podcast episode, but the if you do have up to a thousand dollars or a thousand pounds, It really possible to get started really well. [00:34:41] And a lot easier. All the basics can be put in place with that and all the principles I've already gone through. You can still do all of them, but there's extra things you can do as well. One of the biggest problems is even though in what type of business to start, would you agree, particularly if that is a passive income type of business? [00:35:02] So to get support on that, check out this video I've created on the seven best passive income streams that you can get started with right now. And remember opportunity awaits us all. You've just got to go out there and take it until next time. Take care.