FB101: On regrets and budgets

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Happy Freedom Business 101 Thursday!

And now, here’s 1 growth resource, 1 answer to your question, and 1 question to consider this week 🤍

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I. Growth Resource

“In the end… We only regret the chances we didn’t take, the relationships we were afraid to have, and the decisions we waited too long to make.” ― Lewis Carroll

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II. Answer to Question:

Question:

Emily asked: “Where do I get the funds from to start my business?”

Answer:

There are several ways to fund your business. I think it’s obvious that the easiest way is to use your savings to get started, but...

What if I can’t afford the business I want to build?

Then you have the following options (the last one is obviously my favorite):

1. Strategic Partnerships

Find a business or person with the resources you need and identify their biggest pain point. Is there anything you can offer them in exchange for their resources?

If you can’t offer anything in return, maybe they’re interested in revenue shares.

2. Accelerator Programs

There are plenty of these programs for every industry. Some take equity (a share of your business), some cost a few hundred dollars, and some are free. These programs help you connect with strategic partners, investors, or even future customers, and can give you access to free resources.

3. Fundraising from Investors or Angels

If you need cash, you can pitch your idea to venture capital companies (usually between $300k and $3M investments) or angel investors (mostly between $10k and $300k). They receive a share in your company and have an entrepreneurial background, so they can actually provide help. However, they get hundreds of requests per day, so your idea needs a solid business plan, pitch, and IP to ensure it can’t be easily copied.

4. Government Programs

There are usually government programs for specific industries in every country. They can offer you free access to facilities and help you fund your idea. The funds are usually small, but they have good connections to large companies that could be your first customers.

5. Startup Loans (my least favorite!)

Yes, you can get money from your bank for your idea, but if you ask me, there are much better options out there. Banks need some sort of safety, so most of them ask for personal liability. I’ve seen too many bad examples where businesses failed and the founders are still paying their debt five years later.

6. Bootstrap (my favorite option!)

Yes, you can even bootstrap your business if it needs more budget than you have. The solution is smart selling.

This means getting paid before the product is delivered, so you can use this money to pay for its production.

This is the smartest way to start a business today if you ask me!

→ What’s your question for the week? Hit the reply button and send it to me 🤍

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III. Question for you:

Imagine you’re 80 years old, sitting in your favorite chair and reflecting on life.

What is one thing you believe you’re going to regret if you don’t give it a try?

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P.S. If you want to build your business, don’t really know where to start, but want to see results fast, then I’ve got something for you!

I’m inviting you to join this year's Freedom Builder Summer Challenge! It’s a 30-day challenge where you will learn everything you need to know to make your first $1k online 🔥

It’s currently at an early bird price of just $59 (which is a no-brainer if you ask me).

Anyway, prices will go up in a week, so if you want this summer to be the summer that changes everything, this is your sign to get in now!

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