You’re staring at a account balance on your screen that says your savings are almost gone and you’re thinking…. you should start a business.

But how? How do you start a business when you have no money?

The answer is, you don’t.

Sometimes starting a business is a way out, sometimes it isn’t. But when you’re struggling financially, you’re desperate. Chances are, there’s a good reason why you have almost no money in the first place.

Maybe you don’t have a lot of skills, maybe you don’t have a lot of experience, or maybe you don’t have a lot of knowledge. Or maybe, mindset-wise, you aren’t ready to shift from employee to self-employed.

It’s also possible that you have a negative association with money. You believe things like “Money is the root of all evil.” Those beliefs tell me some of your values, and possibly why you have money challenges.

Don’t start a business just because you want to make money. There is nothing wrong with making money – I like making money – but if you’re actually struggling that much financially, just get a job.

Set aside your dreams of entrepreneurship for now and get some money coming in. Get a job, whether it’s part-time or full-time, and when you’re off work, after five o’clock, start working on your business. Start what people these days call a side-hustle. Do something online.

But don’t start a business with absolutely no money thinking that you’ll make it. Most likely you won’t be successful. But if you are decent at what you do and you’re adding value to marketplace with your side-hustle, you’ll see results.

This strategy is part of what I call the Wealth Triangle, which I teach on my YouTube channel. The Wealth Triangle is about learning a high-income skill before starting a business. When you have a high-income skill, your chances of… Click To Tweet

Statistics show that 95% of small businesses fail in the first five years. Even if you don’t fail, you don’t want to be just getting by. It’s going to take a long time and it’s going to be a very tough journey. My mentor gave me some very good advice about how to survive as an entrepreneur, which I share in my podcast.

 

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