What do you all think of "You need money to make money"?

[botnickguy]

Hello everybody! I'm logging into this site for the first time in a long time here. This is my first time posting in a while.

So a little about me. My name is Bryan. I'm 19 years old, and a college student in the Metro Detroit area. I have a business idea that I am extremely confident about but I don't know how to execute it. I'm broke, and I could probably find a job but I'd much rather start an online business in order to generate some funding to market this idea.

In your opinion, how much is enough funding to start an advertising business online? I don't mind risking my time and money for this, at this time in my life. But I really just want to get started on something fastlane instead of going out and getting an incredibly slowlane job with people who are negative and unmotivated.

How much do you think is enough for an online service business? What should I be doing right now in your opinion? The path I should take?

Any advice would be greatly appreciated.

 

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[MJ DeMarco]

How much do you think is enough for an online service business?

$391.42

 

[Ravens_Shadow]

Assuming you're gonna have your own website, you should just start on making the website first. One step at a time. When you get to a point where you need cash, you can sell things for it or hustle up money. Personally I'm gonna have to find a job when I move to a new town next week. But why would you need a lot of capital to start an advertising business? Wouldn't people you advertise for give you the money for it? Unless you're wanting to advertise your own site, then in that case just cold call and email people to spread the word.

But to answer your amount of money question, I'm not sure. However much you want to put into it. Just don't buy traffic, and dont pay an arm and a leg for ads that might never get clicked.

 

[Tom.V]

Money can buy time. The time of others. If you want to learn how to make money online though, you just need to read, read, read. Never stop learning. Also, buying traffic is great if you have the budget for it and know how to profit from it.

 

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[LibertyForMe]

$391.42

botnickguy, I am not sure if you realize, but MJ was being completely serious with you here. That is the amount of money he had in his bank when he started Limos. Basically; the book, this forum, and all MJ's cash came from a pool of seed money amounting to less than $400 bucks.

That my friend, is the power of hard work.

 

[botnickguy]

I appreciate everyone's prompt replies! Just out of curiosity, what do you suggest I read in order to build a successful online business? I'm very good with the tools and the such, I am a Computer Science student. I just struggle a bit on getting enough traffic to be more than a piece of dirt on the webscape. SEO, while helpful, isn't enough. Any experience with Fiverr Traffic services

 

[LibertyForMe]

I am not there yet, so don't take my words as the words of a seasoned vet, but this is what I have learned.

Pretty much, have a product that is better than the competition in some way, and you will have the beginnings of a successful online business. Once you meet people's needs, getting traffic just becomes a method through which you tell people how much you can meet their need better than anyone else.

I am working on my fastlane currently, hopefully we can both do what it takes to make it!

 

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[MJ DeMarco]

I am not sure if you realize, but MJ was being completely serious with you here.

I was although I started with $900 ... that $900 moved me across the country.

The other reason for the post was to indicate that Bryan needs to ask better questions if he wants better answers.

 

[LibertyForMe]

The other reason for the post was to indicate that Bryan needs to ask better questions if he wants better answers.

Ok cool, sorry to mis-represent you; I know its a peeve of yours.

 

[MJ DeMarco]

Ok cool, sorry to mis-represent you; I know its a peeve of yours.

No worries man, your point was dead on!

 

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[TheTruth]

$391.42

Ahahaha ... almost fell of my chair.

 

[botnickguy]

Thanks for the advice MJ. I suppose I was just trying to gather my bearings on how other people have paved their path once they were determined to do what they want. I can build a beautiful website but if nobody visits it, there's my problem.

So that gives me a few SOLID questions.

How have you managed to generate some basic traffic at the start of your business? Where did most of your initial marketing happen? And what would be your best advised approach to get some people to say "Oh, look at that?" Viral videos? Fivver Traffic Services? How have you gone about it?

 

[socaldude]

Think about this in terms of the producer VS consumer dichotomy.

Do you need money to be a producer? Do you need money as an input to create value? Not necessarily. Good old fashioned ball busting hard work and good old fashion brain cells.

Think about how animals in the wild create shelter and obtain food. They just use resources that are freely available. No money is necessary.

Also check this out:

Economies such as the U.S. economy are made up of "mini dichotomies"

1. Lenders VS Borrowers.
2. Employers VS Employees.
3. Producers VS Consumers.
4. Lessor VS Lessee.

ETC.

Be a Fastlaner and get on the left side. Be a producer not a consumer, be a lender not a borrower, be a lessor not a lessee, be an employer not an employee.

Good Luck.

 

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[socaldude]

$391.42

The 42 Cents is for the Limos.com domain name MJ bought on GoDaddy.com on sale. :smilielol: :smilielol:

Just kidding.

 

[botnickguy]

Be a Fastlaner and get on the left side. Be a producer not a consumer, be a lender not a borrower, be a lessor not a lessee, be an employer not an employee.

Fantastic advice

 

[CommonCents]

Access to money never hurts. Especially OPM. Start networking with people/companies who do have money. For the big time, there is hardly an internet related company that didn't take millions in angel/VC money to really scale up quickly.

 

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[andyredsox]

Getting that type of business off the ground requires a lot of learning. You can spend as little or as much as you can afford. But deciding how much to spend is non sense if you haven't learned the tools of an online marketing business. Devote yourself and time learning. You're still young. If you don't have the money to fund your business right away, getting a day job could help--it's good while you're still equipping yourself for it.

 

[botnickguy]

Thanks to all for the great advice, truly appreciate it.

As my difficulties have always been in marketing, I went to my library and took out a few books on it. Guerilla Marketing, New Rules of Marketing & PR, and Unmarketing.

The Unmarketing book is actually very helpful, I recommend it.

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