I’m going to say something bold you may disagree with emphatically – money is not your problem.
Okay, I know what you’re thinking, “You have no idea what you’re talking about Shawn and you don’t know my situation at all.”
With that out of the way, let me ask…
What if I’m right?
What if you believed money was your problem this entire time, and it wasn’t?
And finally, what if this article creates a new way of thinking that brings you closer to launching?
With the possibility hanging in the wind, why not give it a try right?
Before we jump to your workaround, I have to ask…
Why Do You Want to Launch “That” Business?
At this point, you’ve probably had your business idea swirling around for a while, but why “that” specific one?
What ultimate goal will “that” business help you reach?
Financial freedom? Creative expression? Control over your schedule?
Once you isolate the goal, then ask, “Is there another way to reach your ultimate goal other than “that” business?”
I’m throwing out these questions to see if you can accomplish your ultimate goal with a less capital intensive business – just a thought.
After all, if you could finally launch a business in the next six months requiring little to no capital, and moving you closer to your ultimate goal, would you go after it?
With that out of the way, let’s see how we can help you launch when money is an issue…
Harnessing the Power of Creativity Can & Will Overcome Funding Problems
Though it’s very simple in theory, exercising creativity as a solution for funding deficits is extremely difficult. Some call it bootstrapping or being resourceful, but the fact is putting this in practice is tough.
It’s hard to see past “money” as being the solution once it’s a point of fixation. When this gets in your head, it’s damn near impossible to remove.
However, you can bypass this mental block by asking the right question.
Here’s the one, “If I were to start my business (product or service) in the next six months without any funding, what would I need to do?”
Automatically, you’re removing money from the equation. It’s no longer a focal point, so now you continue with finding a solution.
By doing this exercise, you’re incorporating a level of thinking Einstein used when he said…
“If I had an hour to solve a problem and my life depended on the solution, I would spend the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than five minutes.”
Now let me give you a true story…
A Brilliant Example of Creativity in Action
Someone I know, let’s call him “Tim,” needed a structure demolished for a rebuild. Instead of paying for the demolition, Tim thought to “donate” the structure to the local fire department.
What did they do?
They burned it to the ground in a series of training exercises. And you guessed it, all for free!
To this day, when I’m thinking about spending money, or when my budget is tapped, I think “What would Tim do.” It’s my reminder that there’s always another way – you just have to find it.
As it relates to launching your business, I guarantee creativity can overcome funding deficits. Perhaps not all, but you can significantly reduce the capital requirements to launch – sustaining is a different animal and article!
To get the wheels turning for you, here are a few problems and solutions. However, my caveat is this, I’m not saying these are perfect solutions, they’re only a jumping off point to evoke creative thinking.
Problem: You’re trying to launch a food product but lack the capital to pay for manufacturing?
Solution: You partner with a new manufacturing company attempting to enter the market and become their spokesperson in replace of paying for the manufacturing costs. With firsthand experience, I’ve been on both sides of this equation (not specifically a food product) where free products or services are used to ascertain marketing & advertising.
Problem: You’re trying to get a website, logo or branded materials created for your business.
Solution: You partner with a design student and they create everything to build their portfolio. Also, you give them credit on all your materials & promote their work.
Problem: You’re trying to find customers for your product or service, and you don’t have money for advertising.
Solution: You find a complimentary partner and leverage their audience. A complimentary partner is someone who’s product or service is enhanced by yours and vice versa – think peanut butter and jelly.
Again, these are ideas as a starting point.
Pull some of your closest friends and family together for a brainstorming session. Remember the question, “If I were to start my business (product or service) in the next six months without any funding, what would I need to do?”
When you employ the wisdom of crowds, you’ll get some ideas you’d be hard-pressed to think of in solitude – if ever.
If nothing else, I hope this sparked some creative thinking. Honestly, when you harness the power of creativity, whether on your own or with help from others, you can find some incredible ways to overcome funding deficits. I’ve not only done this before, but I’ve consulted people through this as well, so I know it can be done.
Also, give this a quick thought, “do you have a deep rooted fear inside as it relates to trying to launch.” And furthermore, is the “lack of funding” an out for you? Look, I’m not saying that’s you per se, but I am saying it happens…
Thanks for taking the time to read, I hope this helps. And if you haven’t grabbed a copy of the first issue of Entrepreneurial Chef Magazine and joined the club, get on the train already!
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