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So much is going on these days it's affecting our small businesses which is why we're so thrilled to have -- to base here.
Wall Street Journal small business -- to talk to us about.
Well among other things how much it costs to start a business and now one of the things that I think is important and we need to like.
Keep motivating people is that during times like this is really when -- -- -- -- sit down right Colleen -- where I'm LA and that's in the old brain starts going and keep Pakistan look I could do this myself.
Yeah I asked coming out there aren't that -- is gamble economy I really do feel that way and so we did a product earlier this week -- we wanted to figure out was you know what.
How much -- it -- to pursue year entrepreneurial dream we -- there are a lot of people right now that have been laid off.
Where there are a lot of people that are still working but maybe they're really overworked and -- are dreaming about finally quitting their job and starting their own business yeah out there and creating jobs.
So we wanted to you know that we know a lot of people -- just are hesitant to do this because it it can cost so much to start a business and so a lot of people are like well I don't have a pile of cash sitting around to do this so I can't do it.
So we decided to have it.
See how much it to see.
You -- -- it doesn't cost as much as you think it would cost to start a business so we decided to see you know.
If there are people out there who are starting businesses we're really really small amounts of money.
Well the article -- on a shoestring that you found that the three examples of analysts out of business for less than a hundred.
-- doesn't mean this that can't be true how can you do.
And now is -- true but we found these examples are all very successful businesses but cents a article -- we have been flooded with emails from people who are saying I just did the same thing I just started business -- you know I just you know paid.
Ten dollars to register -- Data Domain name and now I'm bringing in sales so.
They have this is definitely happening because -- will say it takes.
A lot of hard work -- that was the theme we heard -- consistently you know this is like it's like -- boot strapping.
So if you -- -- go this route you have to be prepared to really commit a lot of hours a lot of time and energy.
Com and nothing to be real creative about the way you approach things and I think.
Some of the the people we found.
That for four story really approached.
Their start up there really creative fashion -- we want to hear about them but enact something picture what was what were some of the themes like.
Academic -- we did our Saturday show -- big.
Things we always heard was that -- quit their day job now than they did the other thing at night.
And they were up all hours of the night yeah any going until that point where they felt like they were ready to yeah yeah -- seen that yet it definitely actually one of the examples we found is that guy who is kind of interesting he.
Knew he wanted to start a business he has a passion for food the total -- these travel all over the world he -- he wanted to start food business of some sort he lives in Washington DC.
If OK -- -- business where I'm going to bring people out walking tours -- -- stop in a different restaurants and I'll try samples.
He -- to do this.
Though he'll want to take that much money but he knew he just needed to -- kind it would need something -- to get by so he.
Does he took a job as a paper pusher his -- at a government agency -- -- the Department of Homeland Security he has kind of like this boring.
95 government job but it allows him to pursue his dreams so he.
Spends every night -- and the business spends every weekend he started about two.
-- two -- three years ago.
For -- 110 dollars that's -- -- cost to register his business in Virginia.
And that ten dollars to register his domain name he got it up and running -- able to commit every Wednesday receiving every Saturday and Sunday to bringing -- bombing is walking -- Now he's got twenty people working finally brought -- 300000 sales last year.
He's still he's reinvesting all of prophecy haven't quit that -- caveat -- you fitting club.
But you think we -- -- right then it's an -- -- some might need to boring day -- for a long time that we definitely have found that.
Another one of our examples of which we decide with a real creative way to start a business was a woman that got laid off -- didn't have any benefits or anything like that.
Her family have been planning a family vacation down in Argentina.
She's still one -- the family vacation when she was down there she saw all these people when you real flimsy.
-- bracelets with Portuguese lettering.
And -- saw that it was a kind of a fashion trend -- -- thought well maybe that's something that would work in the US.
So she bought forty dollars worth of these bracelets so -- about like 100 bracelets are really really cheap.
Got back to the US.
She had taken a part time job just to make ends meet as lacrosse coach at a high school.
She sold the -- saw her team -- that coaching a girls team.
And was that she sold all those bracelets she was -- with -- then place another order sold all of those.
See you at gradually got her bracelets into retail stores is now on high end department stores seasons stores internationally.
And she brought in -- 160.
Revenue last year.
-- -- -- -- Yeah that didn't -- in the -- there are some examples and you say you've been flooded with other examples of -- hey I -- very minimal capital -- yeah.
Have been able to -- my business but in general and you obviously have to have some idea what you're talking media for me not start a company.
I want to build spaceships cemetery and funeral on space travel flights you know and you look and -- say.
You're not gonna have enough money to do that you'll and you'll never have enough money yet how many years now that they have some type of an idea look.
Six months down the road five years down the road this is what like Australia going to be life.
I should say that this reality it really is atypical for -- -- be at the start a business with such little amounts of money and you know it really have to be very specific kind of business where -- work.
In general it costs a lot more especially if if you are signing any type of business where.
You definitely have to have commercial property you definitely have to have equipment inventory there's no way you can -- it for a 150 dollars in fact the average.
I think Babson College has that recent research on this average amount it takes -- started as of the 65000.
Man if you want to do you know I spaceship company whoever is it's going against my -- and mapped out where.
Yeah so that that might not be an option still on a shoestring aren't though are you seeing a rise in people get out there saying I'm I got to do this I just I don't yap -- restore.
You know you -- I think it's.
Yet when the economy is kind of the way it's been the last couple years some people -- feel like they don't have control.
And wouldn't you start your -- personally Steve feel like you can control some.
I think -- -- -- interesting to what about age demographic because I look at.
Hello to my parents people on Sonoma moment not oppressed people of my parents' age are very risk averse it's too risky to take out a loan.
To start your own business just keep your nine to five -- keep plugging away you know don't.
You know if you've lost your nine to five Penske looking for the next nine to five don't start your own -- are you finding that younger people are more apt to do that are older.
Find literally right to frank came he had just gotten me now from a woman has 63.
Who have laid off and she can find another job maybe because of her age she having trouble finding another job so she -- -- -- a 22 company -- She sells two teams that have helped to -- terrific.
And doesn't just -- I'm very well and look I think it's not like the silver lining when I -- she wanted to get another job -- in my -- to take the risk but it is kind of -- All she could do and now it seems like it's working out for her -- -- to have nothing to lose at some point gap and I I agree with you there's a generational thing right.
That year you know and let your dad though he was -- IBM -- for yet you will line in my life -- jobs and -- -- right at the data -- put off until I'm big now oh lire in the days of big pensions Annie on fantastic benefit packages and an and that's what people dead and I think.
There's been a shift in the way people think especially now with you know -- -- -- -- they can -- -- -- -- -- and company and -- And he is you can probably start a business that failed.
Just the doors on the thing but -- on your resume an Eagles -- into positive during midday -- -- yeah.
You know I can I went out there I try to do all the stuff.
Yeah yeah I got the -- -- just you know I can work.
Yeah exactly their camera and the mansion could you ask what other trends we were saying.
And we've got Quincy people really use the -- starting businesses for minimal amounts of money really using technology to their management no surprise there yeah but -- not -- we're gonna find tons of people.
Doing dot com sites where they were selling online but we really found that people were using the Internet to to market their business to reach.
But -- to make themselves look more impressive right from the get go so one man we had interviewed he had you know he he.
He started a web site for minimal amounts of money he made it look very professional he spent twenty bucks getting a phone system.
On that that you know.
Technology to make himself.
Look -- press and that's definitely something that we found kind of across the board is easier for people to establish themselves.
And -- to find customers and also you know free social media tools get -- -- FaceBook make it easier to promote your products and services.
I knew -- yeah it doesn't seem kind of -- common better than watching Sarah to -- peace it's online it's not as sound mind yes.
And I certainly didn't I hear it -- look at this.
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