How to Double Your Income Starting With Just $2
How to Double Your Income Starting With Just $20
Ever heard the expression "It takes money to make money?" Well, guess what? That's not always the case. And if you don't have much capital to start a business, you have no choice. Being a "cheapskate" is a necessity.
Years ago, I worked as a bill collector for a major chain of jewelry stores. I was barely making enough money to live on, and the job offered no opportunity for me to make more. Yet, without quitting my day job, I was able to launch a new career that – within just a few months – doubled my income. And it took just $20 to get it started.
How did I do it?
You see, I happen to love ballroom dancing. So, while still working at my day job, I took a free training program at night that enabled me to pass the instructor's qualifying test.
I began working at a dance studio, but soon realized I'd make a lot more by working on my own. So I invested $20 a week in little classified ads offering private lessons. And before long… I had my own dance instruction business.
My wife Blanca used the same cheapskate approach to escape from the "prison" of her first job as a nanny. Her idea was to start a home cleaning service. So she spent $10 to print up 500 flyers, and then hand-delivered them in upscale residential neighborhoods. When calls started coming in, she scheduled the work on her days off. Once she was confident that she could build up her service to a full-time business, she said goodbye to the nanny job she hated.
If you want to take the cheapskate approach to starting a business, here are three of the important steps:
1. Identify a business that won't require much start-up capital.
Most low-capital businesses are in the service field. If you have a marketable skill – like teaching piano, doing bookkeeping, or writing sales copy – starting a business in your area of expertise should be your first choice. If you don't have a specialized skill – or you'd rather do something else – consider a service like housekeeping, childcare, or running errands.
2. Figure out when you'll be able to service your clients.
If you're starting your own business while working at a regular job, you'll have to schedule your clients around your work schedule. And it's easier than you might think. There's no need to tell them that you have another job. Just tell them when you have openings, and they'll assume the rest of your time is booked with other clients.
When I was launching my dance instruction business, for example, I would check my voice mail while on break or at lunch, and return the calls. Most of those calls were from prospects with questions about my training, the kind of dances I specialized in, my fees, and so on.
After answering their questions, I'd suggest making an appointment for their first lesson – and I'd give them a few options: "Would you like to schedule on Wednesday at 8:00 p.m.? Or would Thursday be better?"
If they asked about getting lessons during the day, I'd say, "Unfortunately, I won't have any daytime slots available for at least the next couple of weeks. Why don't you start with an evening appointment? Then, when a daytime slot becomes available, I'll let you know."
They usually agreed to try it. And in almost every case, they continued rescheduling at the same time every week or two.
3. Create and implement your marketing plan.
By using a little "out of the box" thinking, you'll be able to find many ways to promote your business without spending much money.
Remember, all it cost me to get my ballroom dance business started was $20 worth of classified ads. And Blanca got her cleaning service started with $10 worth of flyers.
So give it a little thought right now. What kind of side business do you think you'd like to start? And what ideas can you come up with to market that business on a "cheapskate" budget?
If you'd like some help with that, I've put together a free report you might want to take a look at. In it, you'll learn one powerful secret for getting other businesses to help you attract new clients… without spending a penny. You'll also get the skinny on 11 more cheapskate marketing tactics that can help you bring in new clients for less than $100.
Read this report – for free – right here.
[Ed Note: Paul Lawrence is a successful entrepreneur who's started more than a dozen profitable enterprises. If you're interested in starting a new business with less than $100 in capital, check out Paul's "Micrbiz" program right here. It can have you adding thousands to your bank account in as little as 30 days.]
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