THE FOUR COMPONENTS TO FUND AND LAUNCH A NEW BUSINESS
By Rod Alan Richardson
Many people get overwhelmed when they consider the prospect of starting a new business. Other people go flying in head first—full speed ahead with eyes completely closed! Both personalities can be helped by thinking of the business building process in four distinct components: The Money; the proto type; the industry expert; and the distribution channel.
- The Money. Most of us feel like we can’t do anything because we don’t have the money. The secret behind the money is that money is strangely attracted to and anxious to be where it is useful, safe and well nourished; therefore, money is actually the last of the four components you may want to seek.
- The Prototype. The closer you can get your idea to a provable concept, the more attractive it will be to money. Besides, why would you want to invest a ton of time and resources into something that won’t sell?
- The Industry Expert. This should be your first step. Too many things come to light when you enter an industry you know nothing about, or have no connections into. You need someone on your team who knows the industry and knows the right people.
- The Distribution Channel. Tell me this. Why would you want to spend a bunch of money and time to build a surplus of things you will store only to have them sit in your garage/warehouse for years? To avoid this scenario, follow this simple advice: If you do not have a buyer and a way to distribute your products, do not build them.
Building a new business is painfully simple and easy. We only make the process of making money difficult in our own heads. Use the four components above and venture safely and happily!
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