



Launching A New Business: 3 Cost Saving Steps
Watch NowStarting a new business can be a thrilling yet daunting endeavor. Today, I'm sharing three super cost-effective steps I took to launch my own business. For those who don’t know, outside of YouTube, I've run my own digital marketing agency for the last 22 years. In this series, I want to show you how you can launch your dream business and make a ton of money doing it. Don't forget to subscribe, like, and share, and hit that bell so you don’t miss another video in our series!
Step One: Find Something You Love
Loving what you do is more important than being good at it, and it's definitely more important than finding something you think will make you a lot of money. You can always improve your skills, but the love for your business will see you through tough times. My passion for marketing and running my agency has sustained me through some of the darkest periods in my 22-year career.
If you’re not sure what you love, start by looking at your hobbies and personal interests. What do you do for fun? These will guide you to find something you’re passionate about.
Step Two: Save for Equipment and Living Expenses
Saving enough for equipment and at least three months of living expenses is crucial. This step helps in three ways:
- Time for Planning: It gives you time to continue planning and refining your business idea, deepening your passion for it.
- Serious Commitment: Researching and finding the best deals on good quality equipment shows that you're getting serious about your venture. You don’t need top-of-the-line gear right now; online marketplaces offer plenty of deals on good quality equipment.
- Safety Net: Living is expensive, and business is risky. Having three months of living expenses as a safety net gives you the confidence to go out and hustle. For some, it might be longer, but I wouldn't recommend going with less. Funny enough, I never had to dip into this fund, but knowing it was there was reassuring. You can consider a loan, but I avoided this to prevent any potential financial pitfalls.
Step Three: Pick a Name and Build a Basic Brand
Don't get too precious about this step. I've seen many aspiring entrepreneurs get stuck here and never launch. Choose a name that isn’t taken; you can always change it later.
Build a Simple Brand:
- Create a simple yet professional website and logo.
- Utilize free or inexpensive tools available online.
Remember, you can invest in better marketing as your business starts making money.
Pro Tip: Avoid using your own name in the business name. I didn’t use my name because I didn’t want customers only wanting to work with me, and I wanted to keep the option of selling the business without complications tied to my name.
Outro
Congratulations! You've launched your business. But remember, you’re not a real business until you start making money. So, how do we do that? In the next video, I’m going to show you how to charge your clients appropriately and find customers, even if you don’t have a network.
Thank you for watching. I'm Ted. Please like, subscribe, and share. I'll see you in the next one. Bye!