13 min
Ep. 258: How To Achieve Financial Independence The Leadership Stack Podcast
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- Management
How can I save up enough money to start a business?
Toni: I guess for me, once you're set on your goals, as I've mentioned earlier, I guess, and you've already established your foundation, then I would say to really organize your budget or really set aside or have a different fund simply for that goal that you have, which is to save up for your capital. And again, if you're working right now and let's say your income equates to your monthly expenses, I would say, find ways to cut back.
And if that doesn't work, then you really have no choice, but to increase your income or find other sources so that you can be able to save more. Because at the end of the day, there is a limit to how much you can cut back, but there's no limit to how much you can earn. So that's what I would say, or advise someone who wants to save up money for a business.
Sean: Great. It makes a lot of sense. That's actually the perfect answer for it. It’s either you cut your expenses or increase your revenue. I didn’t have a lot of money when I was starting. I had 1,300 pesos. That's my capital. You don't need a lot of money. That's the truth. If you think you need millions to start your own business, hundreds of thousands, that's actually not true. 1,300 pesos, believe it or not, I cannot make it up, that's how much money I had when I started out SEO Hacker.
A lot of people would say I was in the right place at the right time, I'd say it's a series of divine appointments. And there was a need and the need was people wanted to rank their business online for certain keywords. And SEO does that. I had my blog. I learned what SEO was. I was able to supply that need. They were willing to get someone like a, nobody like me, you know, 28 feeling units, guys, from LaSalle. That's like a death sentence if you didn’t know. 28 units slapped on your transcript of records, you're probably not going to get a great job. Right?
So, yeah, I ran with that. I ran with 1,300 pesos. 800 pesos I used for the hosting per year. That's how much it cost. And 500 pesos I used for the domain name, seo-hacker.com. One year. That's how much it costs. And I started writing, people started inquiring. I started getting deals. My first deal, 50,000 pesos a month, six months locked in contract and I used that money to grow the business. Hire more people, get my first office, pay for the utilities, electricity, water, internet, you know. That's it.
So it would depend a lot on what kind of business you want to start. But if it's a service-based business, you don't need a lot of money. Just need a lot of grit, a lot of guts, and you need to work really hard and you need to pray hard as well.
Youtube: https://www.youtube.com/leadershipstack
Join our community and ask questions here: from.sean.si/discord
Facebook: https://www.facebook.com/leadershipstack
How can I save up enough money to start a business?
Toni: I guess for me, once you're set on your goals, as I've mentioned earlier, I guess, and you've already established your foundation, then I would say to really organize your budget or really set aside or have a different fund simply for that goal that you have, which is to save up for your capital. And again, if you're working right now and let's say your income equates to your monthly expenses, I would say, find ways to cut back.
And if that doesn't work, then you really have no choice, but to increase your income or find other sources so that you can be able to save more. Because at the end of the day, there is a limit to how much you can cut back, but there's no limit to how much you can earn. So that's what I would say, or advise someone who wants to save up money for a business.
Sean: Great. It makes a lot of sense. That's actually the perfect answer for it. It’s either you cut your expenses or increase your revenue. I didn’t have a lot of money when I was starting. I had 1,300 pesos. That's my capital. You don't need a lot of money. That's the truth. If you think you need millions to start your own business, hundreds of thousands, that's actually not true. 1,300 pesos, believe it or not, I cannot make it up, that's how much money I had when I started out SEO Hacker.
A lot of people would say I was in the right place at the right time, I'd say it's a series of divine appointments. And there was a need and the need was people wanted to rank their business online for certain keywords. And SEO does that. I had my blog. I learned what SEO was. I was able to supply that need. They were willing to get someone like a, nobody like me, you know, 28 feeling units, guys, from LaSalle. That's like a death sentence if you didn’t know. 28 units slapped on your transcript of records, you're probably not going to get a great job. Right?
So, yeah, I ran with that. I ran with 1,300 pesos. 800 pesos I used for the hosting per year. That's how much it cost. And 500 pesos I used for the domain name, seo-hacker.com. One year. That's how much it costs. And I started writing, people started inquiring. I started getting deals. My first deal, 50,000 pesos a month, six months locked in contract and I used that money to grow the business. Hire more people, get my first office, pay for the utilities, electricity, water, internet, you know. That's it.
So it would depend a lot on what kind of business you want to start. But if it's a service-based business, you don't need a lot of money. Just need a lot of grit, a lot of guts, and you need to work really hard and you need to pray hard as well.
Youtube: https://www.youtube.com/leadershipstack
Join our community and ask questions here: from.sean.si/discord
Facebook: https://www.facebook.com/leadershipstack
13 min