Thread: But you need money to build an Internet Business / Company...

Originally Posted by Fortunes

I'm sold to the idea that business, especially an Internet Business is the way to go.

But with my current state of finances ($1,000 left in savings) I really have no choice but to go out there and get a job or two. I'll have to save up first before I can start a business.

Do you agree? This is the way I see it in my situation. (borrowing/debts is out of the question)

Read MJ's story. I think he said he moved to Phoenix with $800.

An entrepreneur doesn't need money to make money. Most people (despite beliefs) will not be an entrepreneur.

Lack of money is never a problem for a real entrepreneur - lack of a customer is.

It really depends on what you plan to do. If you are just wanting to become a blogger, then go for it now. If you have a business plan that requires a dynamic website with multiple API's you will want to keep saving. You can always look around on freelance websites to get a general idea of how much your website will cost you.

Or learn to code yourself!

The beauty of the internet is that you can trade money for knowledge/skill. If you want an internet business but barely know how to surf the net (don't laugh, I know a few B&M mom and pop retail stores that want an online presence in this very situation) then you might wind up paying for that lack of knowledge. You will pay someone to set up everything for you, and most likely pay them to maintain it. I have a couple of clients like this.

At the other end of the spectrum are folks with serious technical skills who can start internet businesses for next to nothing but their time in set up. My favorite story is about a programmer who started a Micro ISV based around a simple piece of software he wrote. It took him a grand total of 8 days and $60 to get the company off the ground (including writing the code for the software). A few years later (3 or 4, I think), he quit his job and is going at his business full time. I am going to be starting my own Micro-ISV/SaaS company and the single biggest initial expense with be the $100 to form the LLC.

Most moderatly internet aware folks can learn to set up an affiliate or adsense based (content driven) business on their own for VERY little cost. There is so much free software and cheap hosting out there that a person with a computer could literally get started for less money than it would cost to take 2 people to the movies.

To be honest, if you're asking this question it shows you're not ready for entrepreneurship and should definitely take a job.

If you're not comfortable with taking on loans/debt, definitely take a job.

I used 3 credit cards, starting with college debt, to generate over $1M in sales within 12 months of graduating business school. However, I knew I could do it since I had early gone through the trial and error phase. If you're starting from ground zero, it could take you months to find something that works.

Unless you have sufficient savings for trial and error...

At the stage you're at, you really don't know if money is a factor. Have you looked into how much it would cost to get going? Have you researched if you can do it yourself. Do you know what your idea is and if there is enough interest? You don't need money to answer those questions and you'll start to understand what it's going to take. Rickson9 makes the point as well. Lack of money for you is not your biggest problem right now. Definitely don't use it as a convenient excuse.

Good luck.

Originally Posted by dreaminBIG

Or learn to code yourself!

Is he supposed to live off $1000 while he takes the 2-3 years to become a professional level programmer?

I disagree with you. You can start an online business with literally nothing. But the issue is knowing what you want to do and from what you say it seems you have no clue.

Do you know what online business you want to start?
Is it profitable?
How much?
What do you need to start this business?

At the end of the day, if you are ready to find a job and wait till you have some money left before starting your business and you don't feel you can throw up at the idea, you are not ready for entrepreneurship.

Good luck with your job(s) search: there is always need for cheap workers for our Fastlane businesses.

Marco

You can easily spend less than 50 bucks on paid advertising (google adwords) and get profit, then ask your affiliate manager for an early cashout if you don't have the money to reinvest, then scale it up and up till your a millionaire...
*Do your keyword research (x,xxx searches per month, and low competition)
*Need a domain for redirection to CPA offer (2.99 at namecheap)
*Profit isn't guaranteed your first few times but it is likely when you do proper keyword research!

I'm going to cut through the noise and confirm your suspicions. You do need a job or some kinda income to start a business. Anyone saying other wise isn't currently paying hosting fees, merchant account fees, gateway fees, advertising fees, partnership dues etc.

Even facebook started with a 9,000 USD loan.

Originally Posted by tiffanyc

You can easily spend less than 50 bucks on paid advertising (google adwords) and get profit, then ask your affiliate manager for an early cashout if you don't have the money to reinvest, then scale it up and up till your a millionaire...
*Do your keyword research (x,xxx searches per month, and low competition)
*Need a domain for redirection to CPA offer (2.99 at namecheap)
*Profit isn't guaranteed your first few times but it is likely when you do proper keyword research!

Not quite an Internet business. More like Internet Marketing. I did that before. I made some money. I lost more. I ended up with over $100,000 debts.