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[00:00:00] How’s it going everybody and welcome to this episode of the mentors Collective an entrepreneurship. I am your host Jay Feldman and thank you for joining me today on this episode. You’re probably going to get the most value to you ever received any episode ever because we’re going to be talking about how to choose which idea to use for your first business. Now, there is so much fluff on the internet and so much advice by experts on how to grind and how to be successful but no one actually really talks about what the hell to do, which business should you actually start and run with it be successful? Cuz if you’re like me you probably have a 1000 ideas running through your head of businesses that you think might be really good in theory, but in practice they’re already being done. They would take thousands and hundreds of thousands of dollars to actually start and build into a real Enterprise. So in this episode, not only am I going to give you my biggest advice on how to choose that idea.
[00:01:01] On what to start but at the end of this episode if you listen all the way through I’m going to give you my top 10 hand selected best businesses to start.
[00:01:11] Okay, so starting from the very top of this video.
[00:01:14] Like we said everybody has the idea for the next big Uber that everyone’s got the next app idea the next big Corporation. But if you’re just starting the most important thing to do with your first company is to really get that experience and not only running a business but marketing a business taking something to Market creating an LLC hiring managing and most that is not going to be learned ideally on a major investment like a nap or an expensive product that you’re having manufactured over in China a new technology application my biggest piece of advice for you for your first business or for even if your is your second or third and you’re relatively new to entrepreneurship less than 10 years, I would suggest something that’s going to be very little downside very low cost to start that way. You can really learn that fact one of skills that you’re going to need to hopefully springboard yourself into that final idea that that really made main business that’s going
[00:02:14] Be your passion project for the rest of your life that will Define you choosing your first business is not going to be that thing choosing your first business is getting your feet wet. It is making as little of a financial and personal investment as possible to learn as much as you possibly can cuz that’s really the goal. Your first business is probably going to fail
[00:02:36] the goal with that failure is makes money learn a ton and coffee idea for the next business. That’s my personal advice to you A lot of people do not follow it and you might actually get counter advise against what I’m saying what people are saying got to go all in on one idea. This is going to be the idea for the rest of your life that you’re going to have to live by and ride or die. You’ll make it through the hard times. I disagree with that. And here’s why if you’re just starting out or you’re in your first 10 years of business looking at what I know now versus what I knew 10 years ago. It’s not even comparable. You can’t even compare the two and that’s that’s a good thing. That’s okay. I have learned exponential amount in the past 10 years and every year I learn more and more and this is I think I’ve started six or seven businesses since I was a young entrepreneur and most of the business owners that I’ve talked to or around the same. I think I’m a little on the high end there for how long I’ve been doing this but you’re going to go through a few businesses and that’s okay.
[00:03:36] Very first business. I was a writer I was good a good writer. So I did ghost riding for people I help with tutoring as well. And that was an awesome first business because it helped develop my skills as a writer. I got to make a ton of money with very little overhead little downside little investment and that is what I want for you and your first business. So let me take a look over at my notes here. And sorry if this episode shatters your dreams if you have dreams of starting the next app delivery service this episode is going to go against everything that you possibly believe and I’m going to urge you to listen to it anyway because the advice in this episode might save you a whole lot of time embarrassment and money. So the first question to ask yourself if you’re thinking about starting your first company or even second or third company cuz your first one failed is do you have access to money? And is that money going to if you lose it, is it going to destroy your life?
[00:04:38] Ideally, if this is not your first business you have some money saved up from your first business. That’s the money they don’t want you to use to start your second business, which is going to be take that Financial investment.
[00:04:52] I would not take a loan from A bank to start your first or second business cuz you are going to be stuck with that loan for a long time. And if your business does fair was there’s a high likelihood that it does you do not want to be stuck with that loan. You can going bankrupt bad things taking a loan from your family that’s sensitive stuff. I’m going to leave that to you there. He don’t want any bad blood money in the family money issues causes bad blood and
[00:05:23] I’ve seen a lot of relationships be destroyed over business loans from families. So let’s take a look at the the one side if you want to start a business from zero and I’m going to do a whole episode on this because there’s a lot of information and stuff that I have to say on starting a business with zero money, but the moral of the story is find a service business to start if you want to start a business with zero money, we’re even if you do have some money and you’re just looking into businesses with low overhead that you think are a relatively safe Investments of your time start a service. If you don’t know what service to start I’m going to list them at the end of this video, but essentially you’re going to be taking either your or other people’s high-value skills marking them up and selling them to people
[00:06:08] What are some high value skills web design media relations graphic design sales. Those are just a few examples, but essentially you’re going to be and writing which is my first business was marketing those how about your skills as a business and scaling it. So some ways to do that or there’s great job sites like upwork in 5 or you can post your skills and have people hire you and then to scale it you just hire contractors to do the work that you were already doing for your clients by the time you hire contractors. You already have a client base was paying you so you have money coming in to take a portion of that money. You give it to the contractors. It takes very little upfront money to start one of these businesses highly highly recommend starting a service business for anybody who wants to start a business as they start their first business.
[00:07:02] The thing about service business is as you’re probably going to hate your life for a little while. I hated my life. When I was a Ghost Rider. My clients were demanding. They were not always happy and that is just the reality of the business and you’re going to deal with it. You’re going to have to suck it up because that’s part of growing as an entrepreneur.
[00:07:21] That you can save enough money and start a product business or you don’t the interactive clients and it’s great. So, let’s take it to the other side of what you can start with $0 cuz I’m sure by now if you’ve been Googling the stuff you’ve heard about dropshipping. There’s going to be a whole episode on dropshipping moral of the story is I don’t recommend it. You can start with $0 and there are exceptions to what I recommend. We’re going to talk about that soon. If you do have money you’re starting a business with some Capital you have some advantages you can invest in either someone else to care at the service for you front. You can hire someone good to do the service that you’re selling without you ever having to learn the high-value skill and do it yourself.
[00:08:05] The other thing that you can do with money is buy a product to sell and this is the flashy stuff that I love me silence that for you.
[00:08:15] So my second business ever was called it. It’s called Olympics is still very successful and running and I started this business with $10,000 that I had saved for my initial service business that business takes less than 30 minutes a day of management from me unless I’m actually trying to grow it and it’s continuing to grow and get bigger and better and it’s in a tire brand and I love I love it to death now with products we’re going to have to do a whole episode on that but they’re an amazing thing that require very little interaction with clients. They grow really naturally and organically, I think my products is right now with the whole Amazon world, they’re becoming very highly oversaturated because everyone’s buying the same exact product from Chinese manufacturers throwing a label on it and selling it. So because of how easy it is to do there’s thousands of people doing it and it is a war zone in terms of competition. So prepare yourself.
[00:09:12] My biggest advice there find something original manufacturer you put your own spin on something and find someone to manufacture it for you ideally in China because it’s cheaper and it won’t cost you more than $10,000 for first round of something affordable.
[00:09:29] Okay, now that we’ve touched on types of businesses to start and maybe which direction you should lean in some other guiding principles that I like to follow when I’m choosing a business to start and Advising people on what businesses to start.
[00:09:44] If you are fortunate enough to be able to choose product service and what community you serve most people don’t know what to do. And here’s a good place to start think of a community that you’re already a part of if you love fishing and you’re in fishing groups and you’re a passionate and Avid Fisher and people in the community already know you as a trustworthy fisherman Guru Fishman expert it’ll probably be pretty easy for you to start a business with in fishing whether that be a line of fishing hats or your own special fishing bait that is different in some sort of way. I’m not a fisherman. I’ve no idea for us that was fast apples me and my business partner love going to music festivals. We know everyone who goes Music Fest Music Festival part of the community or part of the scene or like, okay. What can we do to make these peoples lives a little bit better and service them in some way so we came up with the r
[00:10:44] Rave recovery supplement and it’s it’s absolutely incredible. Now everyone in the community knows us we are building a massive Brandon this community and its really just been an awesome adventure and now requires very little of my time. Of course when we started it. It was a full-time thing and that’s going to be the case for just about anything to eat use to find a community that you love chances. Are you already understand people in the community? You’ll know how to Market to them. You’ll no gaps in that market place where you can hopefully fill them with your own product or service and they already trust you. So selling to them is going to be that much more pleasurable and easier.
[00:11:24] Okay. So with all of that being said starting a business is mostly about
[00:11:30] the adventurer The Joy the journey to try and pick something that you actually like or that you want to learn more about and practice every day. I just started a public relations agency with my with my partner cuz I was very interested in the media how the media functions how to get press how press works. So I start a Google in these things for my own personal safety. I was scratching my own itch and then I’m like screw it. Let’s start a PR agency cuz I also just paid on a fortune. She did nothing so learning experience. I took that and I started a company with it. And with that let’s kick off that list that I promised you for staying on board with me throughout this whole 10 to 15 Minute Podcast / video.
[00:12:17] And we’re going to start with number one as the one that I just listed which is PR media relations is a very cool business that I recently started about four months ago and now have a full team of six publicist staff writers and a full book of clients. You see this thing behind me that you probably can’t read or if you’re listening. It is a meter. It’s not a penis and for every sad that we make we hit our little bell which I have here.
[00:12:48] And when I first started this company we were learning how the media works you weren’t selling and I spent a lot of time researching watching videos talking to experts I would ask publicist and media agencies to counsel me on what to do and they did everyone is really open to it. I was learning I was loving it until I was confident enough to take on our first client and start marketing and because of the experience that I already had in my old business is I was able to have this thing up and running in like 2 months with our first sales rolling in and you can’t even see how full that is, but we are crushing it right now.
[00:13:22] Okay, then after the Bell that we love hitting the Bell.
[00:13:27] Moving right along this list PR is a cool one not easiest business to start specially if it’s your first I don’t know if I’d recommend it as your first but definitely something to look into and maybe as a second or third come my second company ever was a digital marketing agency. So that is a a really hot when the people are starting right now and I’ve been doing for 4 years. You do have to be an expert in marketing.
[00:13:52] Which is not that hard to do if you get really good at one aspect of marketing. For example, my sister is a PPC expert that’s pay-per-click. She runs people the ad campaigns on Facebook her Fortune to do it. A lot of people are doing this superhot marketing scheme. Sorry and you can Outsource it. You can answer a summons to do the SEO the web development. You can even Outsource comes through the PPC and Outsourcing is easier than ever now with tools like upwork in fiber and Trello you can manage a whole team and not have to actually do anything. All I have to do is be really good at selling things which is the kind of over guiding / umbrella principle of all business get really good at selling things. So social media management, that’s the number to that also involves running peoples Instagram accounts, which my company does with a whole team in Bangladeshi run peoples Instagram accounts. It’s awesome. And also you can learn automation to do this as well. Super great tools out there like jarv, I would highly recommend
[00:14:52] This tool for all of your businesses if you can Master jarvi you can Master life.
[00:14:59] Business number 3 that I recommend as a writing business only because it’s on every easiest businesses to start list. Most people are happiest and writers. You can Outsource writing really easily and as a lot of people willing to pay good money for writers, for example, my company pays good money for writers. We have several staff writers on board for a publicity take $50 for a 500 word article. You can Outsource that for much cheaper. I promise you
[00:15:27] All right. So right and business is number for number 5 going to talk about Drop Shipping in my one exception for dropshipping businesses that I approve of now dropshipping. You know, what that’s not Drop Shipping screw all dropshipping. I hate dropshipping. This is a print-on-demand print-on-demand as a form of drop-shipping but it’s different someone will order something from your site.
[00:15:53] Then a company such as print printable pretzel or printify will print that order for the customer and send it to them. You never touch any inventory. You have no overhead great concept these businesses for up primarily focus on apparel and I do use them for my company’s to get business apparel. Like the hat that I’m wearing it says instantly tan it however selling apparel on a website is more competitive and less interesting than anything that you can do. So I don’t recommend doing this with apparel. However big caveat if you do this with canvas art big wide open space and highly recommend you looking into this you can sell giant canvas art for a hundred bucks companies are doing right now for much more than that and make huge margins. You just have to supply your own Unique Designs or reuse other popular designs again graphic designer on Fiverr. If you can get the designs on for ten bucks super low overhead cool business opportunity.
[00:16:54] The next business idea that I recommend you getting into if it’s your first business is web design. So for any service business that you’re looking into starting with no money, you better learn a high-value skill and there is no high-value skill. I recommend learning more than web design. I can’t even tell you how much money I spent on our first company website. I’ll tell you is $5,000 for a very mediocre website. Now, I could build that in like 3 hours and it be 10 times better than $5,000 site if I wanted to sell those Services I could but I sell better Services New learn web design learn how to design websites on WordPress. You can learn all of these things on YouTube for free. You don’t need to pay anyone $10,000 for their class but spend a week and get really good at the stuff. I remember I locked myself in a apartment 1 week with my friend Jesse and we learn WordPress I learn better than he did and I’m an expert right now, and I don’t have to pay anyone or ask anyone to make changes when I have an Uber.
[00:17:54] That’s what I want to start. I have it up in a day the way that I want it.
[00:17:59] A video and audio editing is becoming more and more popular. If you can learn how to edit audio and video files and help people produce their YouTube content there podcast content super high-value skill. You can also add sources really well really good company to look into
[00:18:16] Tutoring companies highly recommend if you’re an undergraduate, it doesn’t depend on just your time. Once you have a full book of clients. You can easily find other tutors to help step in and take large markups and what you sell their services for if you are out of college like me and don’t know that many college students again, we bring it back to community. Probably not the best business for you to start.
[00:18:40] Next one pet sitting and walking. There are some great apps that they’re like Rover. I have a dog myself. He’s sitting out there going to start annoying me any second that have sort of taken a monopoly on this pet sitting and pet walking but I guarantee you if you add a personal touch to this and you start marketing your services in your area go to the apartment buildings nearby and say listen. I’m a pet sitter on a pet Walker start building that book of clients. And then once you have them Lala easiest thing in the world to Outsource, everyone can consider dog everyone.
[00:19:15] Next business you can start coaching business also becoming more and more popular people are charging thousands of dollars a month to be part of their coaching service. I actually follow a couple of mindset coaches and business coaches online as do you I am at somewhat of a business coach myself. However, I don’t charge those large markup sport. I just give the stuff out for free for now.
[00:19:39] But coaching business is if you’re a fitness Guru and you’re a fishing Guru, if you’re riding Guru, whatever it might be to start a coaching business in charge massive massive fees for the services. OK and last but not least that my mouth drying up. So I’m going like crazy. Give me a second.
[00:20:00] Last Christmas, I recommend you start Photography in the Instagram generation the Instagram world. Everybody needs their pictures taken if you can start a little business taking people professional pictures, you just have to invest in a camera and a couple of online classes. Is that are free. If you ever need to learn something that’s not free you’re getting ripped off and that’s my personal opinion. I’m sure they’re really good courses that there but my library across the street had a really great photography and video course that I took absolutely free learned a ton of stuff on YouTube, but potography use Instagram as a marketing tool find influencers in your area $50 to come out with you for the day. Take some images of you and free. If you share these its share it with your friends and say butts and he’s only twenty bucks an hour hired this guy once you have a big book of clients and other easy thing to Outsource. Okay, not only did I give you 10 ideas, but I broke each of them down. Wow, this was valuable, huh?
[00:20:58] If you thought so too if you thought this was valuable, I really appreciate you subscribing liking following and sharing doing all that stuff. And if you really love me and he’s thinking your friend should also watch this episode of listen to this episode take a screenshot of you listening to it on social media tag at dr. Jay Feldman and I will absolutely repost you and send you a personal. Thank you DM because I care a lot about this channel I could care less about giving back and I want to know that you are getting value out of this. So please do that for me. If you’re not already subscribed, please do so. This episode was about 20 minutes or not too bad. I hope you got a ton of value out of it. I hope you find the right the perfect first business to start and I know you’ll be successful subscribe and follow us on our journey and I will help you become successful with that business cuz there’s going to be a lot of really valuable videos coming up going to ring the bell one more time to conclude the episode.