Do You Need Money To Open A Wells Fargo Account

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Imagine if you woke up tomorrow with no money and no business. What will be your first steps to start building a profitable online business?

Do You Need Money To Open A Wells Fargo Account

Do You Need Money To Open A Wells Fargo Account

Today, I would like to answer this hypothetical question: “What would I do if I started today with no money and no existing business?”

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Believe it or not, this question is not that difficult for me to answer. I boot strapped all my own business ventures, and a decade ago, I really had no money to speak of to start things.

So, let’s get right into it: Here’s what I would do to start a business with no money.

If I was considering a new business, and I had not run any previous successful business, I would not seek outside funding.

If you have savings… great! You can use your own savings if you want to finance your own business (or check out our guide on funding sources for businesses). However, this discussion is for people who have no savings to talk about…now what?

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We’ve all been there. No money in the bank, and your day job barely covers expenses. How in the world are you supposed to start a business empire?!

Well, you need to start small and grow from there. You need to take the approach of the ladder.

In other words, you need to find a way that you can bring EXTRA money in the door without investing money that you don’t have. Only once you have some seed money (even $500 can be considered enough seed money in some cases), you can then invest more in your business idea.

Do You Need Money To Open A Wells Fargo Account

Here are a few ways you can bring in extra money every month, outside of your full-time job:

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The only thing you will notice about most of these ideas is that you will be exchanging your time for money. Ideally, you can get away from trading your time for money as soon as possible and move on to building a business that works whether or not it works.

After doing a consulting gig and making $600, I decided I never wanted to do consulting again. So, I took that $600 and invested it in creating niche websites.

Along the way, I took some of the Long Tail Pro income and invested it in other websites, Amazon FBA products and other business ventures (some failed and some didn’t).

Now I have a few streams of income and a nest egg that I can use to invest in future ideas that I’m sure to have. I have never borrowed money or gone into debt to grow my businesses.

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Take your $500, $1000, or $10,000 that you have and build a business that has more potential than a one-time or short-term freelance gig. Which business idea to invest in is really up to you at this point, but your first business venture should probably be something small that you can quickly see returns on.

The key advice I would give to this step is to start small. Again, I’m not investing my life savings in anything; especially if you have never started a business before.

Rob Walling actually wrote a great article about this kind of scaling approach and shared some great examples of people launching simple products.

Do You Need Money To Open A Wells Fargo Account

Once you have launched your first product; Hopefully, you will start to see some money coming in the door, whether you work or not. If you have the right systems in place (quite easy to do online these days), people will buy your product or software whether or not they are on your computer.

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This first product might not even be enough to quit your full-time job. So, you need another step.

For your next step, you may decide to go a little bigger. Create a new software (or website or other product), which has a little more market potential. Find an idea that you think can make you a full-time entrepreneur and go for it!

You now have money to invest (because you were smart to save the extra income from your first business instead of blowing on a new car or eating out at the Cheescake Factory every night).

Take that money and invest in something bigger, or maybe invest in several “small” ideas. The key now is to learn from the mistakes you definitely made in your first venture and you should be more successful in your next one.

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This new business could be your grand finale! The one that allows you to leave your work and feel super comfortable sing that drink without even batting an eye. Congratulations!

Or you can simply become a serial entrepreneur who enjoys the constant challenge and excitement that comes with launching additional businesses along the way.

Wherever you are on the business ladder, there are a few steps you can take to start or improve your current position.

Do You Need Money To Open A Wells Fargo Account

Your first step to starting your business on a budget is to find your business idea. This should

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Here is an example. Let’s say your passion is coffee. You always wanted to start one and a building in town just came up for rent. It’s in the perfect location, the rent isn’t too high, and you think you can make a go of it.

But there is already a Starbucks down the road and two other coffee shops within a few miles of you.

Your business idea should not be based on your passion, but on what the world needs. The accountant I mentioned needed a website. I don’t enjoy building websites for others (and I haven’t done it more than once) but it’s what I needed. It paid me, and I used that money to start my own successful businesses.

When you hear things like that, this is someone asking for a solution. They want a faster and easier way to solve their problem.

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So get out, tiger. Start by forming a list of ideas for the needs that need to be solved.

And the number one thing that separates great businesses from failed businesses is execution. I know how it is: you start out so enthusiastic and enthusiastic about your new business. Things will work out so well, you just know. Imagine how it will look years down the road.

And then three months later, you are tired, tired of trying, and you feel that you have nothing left. Be discouraged. The fire is out.

Do You Need Money To Open A Wells Fargo Account

It is more important that you do a little work every day than that you spend a month and go all out. Consistent work over time beats extreme work in a short period of time. Feel free to give it your all, but don’t do it in a way that leaves you tired and frustrated.

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It is better to work a little every day. Don’t delete it. Remember we’re in it for the long haul; You want your business to be standing 5 years from now.

None of this comes easy or quick. You can’t just start with nothing in the bank and expect to quit your job 3 months later. It just doesn’t happen that way.

For me, I struggled to find my right “niche” for about six years before I quit my job. I launched several businesses that never worked. I stayed up late writing articles for websites that totally flopped.

However, I stuck with it until I started to see initial success. Once I saw success with my niche websites, I doubled down on that approach and turned it into a full-time gig on March 11, 2011, when I quit my job as a banker. commercial

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It has now been almost 6 years since I left my job in 2011, and the pain and frustration I felt before I left my job is not so fresh anymore, but boy am I glad I got through it all!

I learned some valuable lessons, and now I’m fortunate enough to have built and ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​frontgoal. (I also have a few other websites that I work on as well).

So, just remember that patience is indeed a virtue. Those who are willing to patiently and consistently think through their potential business problems are the ones who are likely to eventually succeed in starting a business with little or no money.

Do You Need Money To Open A Wells Fargo Account

Of course, you can continue to work a job that you only care about once in a while. And that’s pretty much the worst case scenario in this scaling approach. If you fail, you still have your job.

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If you don’t take the ladder approach, you can take your savings outright, quit your job and borrow a bunch of money from the bank. If your big idea fails at that point, well, you’re a lot worse off than if you had taken the approach I recommend here.

Spencer Haws is the founder of . After earning a degree in Business Finance from BYU

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