MBA2603 Q&A Wednesday: I'm dead broke! What do I sell?

0:00You're dead broke. No savings, no capital, no backup plan. So what do you sell? You sell what you already have. Your skills, your experience, and your time. Because as they say, when you have no money, the only way to make money is to trade your time for it, at least in the beginning. That's exactly what I did when I had nothing. And in today's episode, I'm going to show you how exactly you could start making money with zero capital starting today. This question comes from Hank for Q &A Wednesday. If you've got a question you want me to answer, head on over to 100mba.net slash Q and submit yours.

0:39Welcome back to the$100 MBA show. I'm your host Omar Zinhome where I deliver practical business lessons three times a week, Monday, Wednesday, and Friday to help you start, grow, and scale your business. Most people think that they need money to make money. That's simply not true, especially in today's day and age. Yes, starting a business with money makes things easier, but it's not a requirement. The real requirement is a skill that others are willing to pay for. When I left my teaching career to start my first business, I had no savings. I had no investors. I had no money to burn. What did I sell?

1:16I sold my knowledge. I started helping people build their websites, a skill I had picked up on the side years before. That turned into a full business because there were people willing to pay for it. That simple. The easiest way I have found to make money when you're broke is to sell a service. No inventory, no upfront costs, just your time, skill, and effort. If you have no money, sell your time. If you have no skills, learn one. My business partner and partner in life, Nicole Baldinu, when she started her entrepreneurial journey, the first thing she did is that she went to New York Film Academy.

1:53She took a program there that was four weeks and it taught her how to be a videographer. And shortly after those four weeks, she got her first paid gig. No excuses. She just picked up a skill to learn so that she can get paid for it. And today, it's so easy to learn with all the available content online. I mean, you're consuming this content right now. Perfect example. But I want to make this super simple, so let me give you some steps. Step one, identify what you can sell. Ask yourself, what do you already know how to do? What problems can you solve for others? And what do people already ask you for help with?

2:29For example, I already knew how to create websites with WordPress. I can solve the problem for new business owners to create their websites and blogs. People were already asking me for advice, like my friends and family, on how to create a website and start a business. If you can answer those three questions, you have a business idea. Let me give you some examples of service-based businesses you could start like today. Number one, freelancing. I'm talking about writing, graphic design, video editing, social media management, consulting. There could be business consulting, career consulting, fitness, productivity, whatever you have experience in.

3:02What do you do right now in your job that you can consult with privately? Tutoring or coaching, teaching a skill, test prep, online learning, local services. You can start a cleaning company, handyman work, personal training, event planning. I have a friend of mine, Matt Givanesi, amazing person, has an incredible business today. But when he was first getting started, he used his existing skills as a musician. He was great at creating catchy tunes. In fact, he created the theme music for this podcast. So you have existing skills that you can leverage and start making money with. And if you don't have existing skills, learn one.

3:38It doesn't take that long. The bottom line is you don't need to invent something new. Just solve a problem people already have. Step two is to get your first paying customer. Once you know what you can offer, it's time to get paid. Here's how to do it with zero marketing budget. Number one, tap into your existing network. Tell everybody you know what you're offering, that this is what you're doing now. Post it on Facebook, LinkedIn, Instagram. DM people who might need your help and might benefit from your service. Another tip is to offer a few of your services for a discounted rate just to get started.

4:13Not forever, but just so you can get some portfolio work and some testimonials or reviews on Google Reviews. Number three, use freelance platforms. These platforms are great if you just want to get started and get your first paying gigs. Platforms like Upwork, Fiverr, Contra, TaskRabbit, they're all easy to use and get started. And it doesn't actually cost you anything to put your profile out there. Another tip is to leverage Facebook groups and Reddit. Answer questions, give value, and then offer your service if they're interested. The crazy thing is when I started building websites, I got my first client in a free local meetup.

4:50I wasn't pitching. I was just talking about my business and what I'm doing. And someone overheard me and asked for help. And they paid me$500 to fix their website. Cha-ching. Your first customer is probably somebody you already know or in your network or somebody you know knows. You just need to make sure everybody knows what you do now. Step three, improve what you have and start raising your prices and scaling your business. Once you have your first three to five paying clients, here's what's next. You want to start raising your prices. Why? Because you are getting better and your product's getting better.

5:23That means what you offer is more valuable and therefore it deserves to have a higher price. As soon as demand increases, start charging more. Next, get more referrals. Ask the clients that you just served, those first three to five clients that are happy to send you more clients. Ask them, who do you know that would benefit from my service? And then you want to start thinking about how you could scale your business and turn what you have into a product. Package your expertise into something that is consumable, whether it's an online course or a paid membership or even a monthly recurring service that you provide or somebody on your team provides.

6:00Like I mentioned, I started charging$500 for a website. Then it was$1 ,500. Then it was$5 ,000 because I got better and my clients started to get results and I was able to command higher prices. I believe that your first$100 is the hardest, your first client. But once you get over the hump, it gets so much easier. You get confident, you learn, and you grow. So what's the fastest way to make money when you're broke? Hank, here's your answer. Sell a service. Tell everyone you know. Get the first three to five paying customers. Once you have some customers, get some testimonials, get some reviews.

6:33get some referrals from them, raise your prices, and start scaling. If you're broke, don't waste time trying to chase this mythical beast called passive income, okay? Just get started by trading your time, your expertise for profits, and then you can start scaling. And listen, right now you're using your time, but eventually you're going to start leveraging other people's time, technology, other resources to be able to grow your business. But right now, you need to just get started and make your first few dollars. If you want more strategies to start, grow, and scale your business, then you're going to want to sign up for my Three Things newsletter.

7:12Every week, I send you three things. One, something to think about. Something that will allow you to shift your mindset and grow. The second thing I provide in the newsletter is something to do, an actual step so that you can see your business take that next leap. And number three, something to learn. a valuable resource to keep you ahead. It's completely free, and it's my way to coach you from afar. Just go to 100mba.net and sign up for any of our free guides, and you'll be automatically added to our newsletter. If you found today's episode helpful and you want more practical business lessons to help you start, grow, and scale your business, the best thing you could do is subscribe to this podcast.

7:50Hit subscribe or follow on your favorite podcast app, the one that you're using right now, whether it's Apple or Spotify or wherever you listen to podcasts. By hitting subscribe, you get our next episode automatically, and it's the best way to support the show. It's absolutely free, and it's a way for you to commit to growing your business. And now that you've subscribed, I'll check you in the next episode.