FBC – 187 – What Are Your Options When Starting A Business

What Are Your Options When Starting A Business.

Today, we are going to look at some of your options when it comes to starting your business. They all have their advantages and disadvantages and it's up to you to choose.

In addition, I will reveal the #1 thing I would do if I were to start my business today. Hands down the most crucial step of them all.

You can access the resources mentioned in the podcast here.

timesvr.com/
www.fancyhands.com/

So the episode today is going to be a follow up of some of the things that I said yesterday because I had some people contacting me and telling me, oh, man, you know what? You know that outsourcing thing?

You know, when I said yesterday, you can hire people. Right. You can hire someone to help you with the workload and stuff. And I got a lot of questions from people saying, well, yeah, well, it's easy to say, but you know what? How do you do it? What are the options and stuff?

So you started your business and maybe it's just you in the business. So when it's just you, it means that you're responsible for everything. And all the profits, everything is yours. Right. So that's the advantage over going into partnership with someone. Right.

But, you know, if you start the business with someone, then the workload is divided into two or more people. Right. So it could be that there are two of you. Right. So everything has its advantages and disadvantages. Right. So me, if you ask me, I like to work alone. Most of the time. Why?

Because for me, it's easier. But I've collaborated with people on projects, which was actually really cool, you know. So it's not that I dislike it, just like my natural preference will be going at it by myself. But you still have the option to go with someone.

So if it's your first business and stuff like that, you know, you I don't know. Some people decide to go with someone else because you're basically able to spread the load and stuff on yourself, especially if it's the first time.

Okay. So the options you have when you're starting with someone;

And each and every one of them has advantages and disadvantages.

First option you will have is to start a business with a complete stranger. Right. So you will be wondering who the hell would do that. So when I say stranger, I'm saying it's like an acquaintance. So, you know, sometimes you can find people who are very knowledgeable and they could greatly benefit the team.

So, you know, some of these people, they might bring a lot to the table, right? And they can help you, you know, create a successful business. And know next thing you know, I mean, it could be very good people. You can become like really good friends and all that stuff.

But the advantage is that person will take 50 percent of your load. Right. And make things easier and maybe they can bring something that you're not a natural at and they are. Right. So that was the first option.

Then second option is. Well, you could go at it with a friend. All right. So you may have like a bunch of friends you want to start a business with. And I mean, you know these people better than you knew a stranger or something. Right. And yeah, it could it could be very, very profitable. I mean, it could be fun. Right.

This thing, you know, you can make it really, really fun. But the thing is, sometimes you want to mix friendship and business, you know. So because sometimes you can end up riding well or sometimes it could end up pretty badly. Right. And you might end up like fighting with your friend and then you don't talk or stuff anymore and stuff like that.

You know, and sometimes the thing with a friend is, I mean, since it's your friend, you will let a lot of things slide because, well, it's a friend, you know. I mean, so sometimes it could end up with the wrong friend.

So, you know, objectively, you shouldn't go in business with them because they’re just not the right person. But since it's a friend, you'll try anyway. And, you know, it could end up as a problem or something.

But if you start a business with a friend and you know, everything goes well, I mean, there are a lot of people who started businesses with their friends and they're still having a blast.

They absolutely love it. And they have a lot of success with it. OK. So, you know, I'm not in any way discouraging anyone from doing it. But that's another option. You know that person better than a stranger.

Then the other option is, well, you can go with your spouse, like your husband, your wife, your girlfriend, your boyfriend. And this is a tough one. It is really tough. You know that person. Right. That's the upside.

Some of the downsides are that it's like emotionally supercharged. You've never noticed how, you know, people can say stuff to you and you don't mind. But if it's your boyfriend or your girlfriend, you just go berserk. You know there is this emotional dimension associated to it.

And if everything goes to hell. People tend to hate each other's guts when they break up. Right. So you could be in a situation where, I mean, that other person is so resentful that they will do anything to, like sabotage the business or something. But on the other end of the spectrum, you should do it with your wife, your husband or something.

And if you have a great chemistry and that's cool. It is awesome, right? So you're sharing your passion, everything with your husband, your wife. It can strengthen your relationship and all that stuff. And you're on the same page. And you have the same passions, the stuff which is very important for a couple.

What Are Your Options When Starting A Business

Okay. So these are options you have. And then there is outsourcing. Right. So I was there I was talking about it yesterday. And I get it. I mean, a lot of people tell me, oh, man, you know, you have, a, V.A. and stuff. And then it's easy for you. And I'm like, dude, this is easy for me as it is for you, man.

You just need to find one and then pay them. And that's it. When you're getting training from someone and you see where they are now, it's not where they started. Right.

I didn't start with like a V.A. and before employing a V.A., I was using services. So there are services before getting a V.A. full time, because maybe right now you don't have the budget or you're thinking of the budget and maybe you can squeeze, you know, and save money here and there on unnecessary expenses.

But there are other options, right? There are services where you pay something like 20 bucks a month. So there is this service called fancy hands. Fancyhands.com. All right. You can have five tasks that some people can do for you.

OK, so these tasks are something like, you know, you need to do some research on someone on something, like market research. Then you don't have to do it. You can give it to them. Right. So you just create a brief saying, well, this is what I need and stuff. This is the format that I want, please, with the research. And they will do the research for you. OK.

I was really happy with the service. I don't use it anymore. Just because, you know, I found automation tools that were not present at the time. And in addition, I do have my people in my team now. But if I had to start today, you know, when people ask me, oh, man, if you were starting today, what would you do? Definitely that's the first thing I'll do!!

So hopefully that helps you. And you do understand that.