The Episode: Building an Online Training Business When You’re Broke Part 2
Many online training businesses are built on a budget and these financial limitations do not need to curb your growth and success. The key here is to make the most of your strengths, focus on the vital parts at the appropriate times, and avoid big wastage of time and money. There are some helpful ways to think and go about this and the first of these is to separate real, effective action from different forms of procrastination. If we are able to drill down on the important work and ignore the array of distractions around us, your business will flourish and your client base will grow. Bootstrapping a business is all about smart investments at the right time, and the key to these lies in the needs of your specific clients!
In This Episode
- The philosophy and psychology of getting things done without money [0:18:50]
- Avoiding waiting for motivation to arrive [0:23:49]
- The power of simplifying and bootstrapping your business [0:27:48]
- Make a proper game plan for spending on your business [0:32:14]
- Setting yourself up for the results that you actually want [0:39:36]
“There are a lot of things that we do when we are scared to take action because we might not quite understand what we should be doing or what we shouldn’t be doing.” — Jonathan Goodman
Don’t Confuse Spending with Action
Fear of proper, forward-facing action can, at times, lead us to do other things that occupy our energy. Purposelessly spending money can be a real way to procrastinate and has the doubly negative effect of wasting your energy and your financial resources, both of which you need desperately. If you are a relatively inexperienced coach, you do not need to fixate on what other coaches are doing, especially big shots who are at a completely different stage of their career, rather focus on serving a few clients really well, and prioritize this above all else.
Keeping Things Simple and Cheap
The simple act of saving where possible and bootstrapping parts of your business should never be underestimated. There is an infinite number of useless expenses at any given time, so do not fool yourself into thinking you are making progress when in fact you are just spinning around. A huge tool in this regard is coming up with a good game plan that takes into account what is appropriate for your clients and where you are at on your business journey.
Intelligent Spending on Your Business
It almost goes without saying that when your resources are limited, as they usually are in the beginning, you need to spend your money intelligently. This means letting your clients co-create your processes through their needs. It is no good pouring time and money into features and elements of your business if they do not suit your tribe. Another important thing to keep in mind is the longevity of your investments. You should aim to put your time and money into things that are adaptable, transferrable, and actionable in the long term.
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