Leveraging resources isn’t only one of the best low cost business ideas, it can be at “No-Cost”.
Ahh, but you might say I don’t have any resources.
Guess what? You don’t need to have any to create a tremendous small business.
Imagine if you could leverage someone else’s intelectual property and what if you could leverage another’s network?
This week John Dumas’s Entrepreneur on Fire had the normal week of awesome guests, but 2 I noticed had very similar answers to John’s following question:
Imagine you woke up tomorrow morning in a brand new world, identical to earth, but you knew nobody.You have your laptop, $500 and your food and shelter are taken care of. What would you do in the next 7 days?
One of the guest would reach out to others who have larger networks and find a way to collaborate together. Mike Hardenbrook would create an info product tied around knowledge he has. He would then think about who that customer is that wants that product and go to branded companies that have large networks targeting the same type of customer.
Mike would approach these companies and let them know he’s done the research, that their target customers want this information. He’d find a way to partner with this company and do the same thing again with other companies. Now Mike has a brand behind the product and a larger network to leverage.
You might be saying, I don’t know how to create a product. Creating a product doesn’t have to be that difficult and you can learn more by listening to these experts who discuss “How to make money with ebooks”. This shares ways to help you find people who will create great content for you to sell costing less than $250 to have them make it for you.
Brad Costanzo though has a different approach.
Brad’s response to what he’d do over the next 7 days was leveraging the resources of someone else’s intellectual property.
He’d think of products that are in large demand by businesses. He’d then seek out an expert who’s created a product to address that businesses demand.
Brad would go to the creator of the intellectual property and say he’s got relationships with businesses that have a demand for the intellectual property (he might not have the businesses yet though). He would look to represent the individual and form a partnership (maybe 50/50) to provide this information to the businesses.
Brad would then go find businesses who typically need this knowledge and that tend to pay a lot on training employees for it. Instead of paying for training that cost $1000’s, he’d suggest companies save their money. He’d tell them to just pay a monthly fee per employee (maybe $5 a head) and he’d give them access to great content that would have cost $1000’s. Now he has business with a lot of employees using this whenever they’d need it and he repeats this with other businesses. Soon he’ll build 5000+ employees accessing this content at $5 a head per month.
This is leveraging resources at it’s best. Brad simply asks “Who else already has the product” and next he asks “Who else needs this training”? He gives them what they want and facilitates the transaction The best part is, this doesn’t cost anything, Brad doesn’t need the $500.
Now it’s your turn. How do you feel about these low cost business ideas and leveraging resources of others? Please share below any low cost ideas you’ve started or are considering starting yourself.
Wishing you Great Entrepreneurial Successes!
