spend much less than you make

Best Rule: spend much less than you make. It works for personal finances too.

Actually I didn’t start with nothing. While I had no money, I had some pretty big assets: my mind and talents and hard work and life experience. Those translated into a strong business, it turned out.

How can you start your business with nothing? I won’t create an exhaustive list but here are some examples:

• Someone I know wanted to start a marketing business. She didn’t need an office and staff and stationary — all she needed was her laptop (she had one), her skills (she had the experience), her contacts (she had a lot of them), and for people to know she was out there. And for that last bit, it just takes some … marketing skills. Hit businesses up and offer her services. Network online and gain clients that way. If she has expenses for a job she can charge those to the client.
• My sister wanted to start a ballet school. I suggested instead of building a studio and being hugely in debt, she start by going to private schools and offering to create an after-school ballet program at the schools. Parents would love it, the schools would benefit because parents want services like that, and she has practically no expenses.
• My other sister wanted to become a personal trainer. I encouraged her to start in her home, with minimal equipment, or go to her clients’ homes and businesses, or do outdoor bootcamps. She did and is amazing at it.
• Love to play video games? Start a site where you show people how to become elite players. Offer coaching.
• Start an online store where you sell stuff you make.
• Teach people how to do whatever you’re good at. They’ll pay you.
• Want to be a chef? Host dinner parties with gourmet cuisine, and charge $50 a head. Sell tickets in advance and use some of that money to buy the food and some dishes.

Again, these are just a few ideas. Sure, there are some businesses that require an initial investment but I suggest you find ones that don’t. Start free or cheap, borrow space from friends if necessary, and get started.