How You Can Build a Business with Low Start-Up Costs by Vince Stanzione

Vince StanzioneIn his new book, “The Millionaire Dropout: Fire Your Boss, Do What You Love, Reclaim Your Life,” Vince Stanzione explains what entrepreneurs can do to build their business with low start-up costs.

For those looking to start their own business, be their own boss and break the humdrum of a 9-5 job, self-made multi-millionaire Vince Stanzione has recently launched “The Millionaire Dropout: Fire Your Boss, Do What You Love, Reclaim Your Life.”

“Many people can’t believe it, but you really can do it,” says Stanzione. “I have already done it many times and today, thanks to the tools that are available on the internet, it has become easier than ever to get started.” A former city trader, Stanzione started his first business at age 11 and made his first million by age 26.

In his book, which quickly became a New York Times Best Seller, Stanzione advises keeping costs low is a key element. Stanzione explains that knowledge and information is something that can be shared cheaply. “How To” products such as DVDs, CDs, books, audiobooks or even websites subscriptions can be very successful.

“When you are starting your business on such a low budget, you simply cannot afford to focus on products that are going to cost you a lot of money and may quickly tie up thousands in stock before you have even made a sale. You want to concentrate on things that give you a very high margin, such as jewellery.”

Additionally, Stanzione mentions the key to a successful online business is not selling a product that one loves and wants to sell, it is giving people what they are already looking for. Even if one has come up with a good idea, Stanzione says the next step is to find out if there is really a market out there for it. This can be done very easily using the many free tools and resources that are available online.

Stanzione also points out the importance of capitalising on the potential seasonality of markets, which affects a huge number of products and services, some of which may be surprising.

“People’s willingness to spend money on all kinds of products typically goes up around holidays – particularly Christmas, but you will even see increased demand for some products around Halloween now,” Stanzione says. “If you are smart you can tailor-make your offering according to the time of year. There is nothing wrong with having a business that is only good for Christmas as long as you recognise the seasonality and plan around it.”

The Millionaire DropoutOne of the things that deters potential entrepreneurs from starting a business is the worry that they won’t have all the skills to make it on their own. However, Stanzione points out that “just because you’re a one-person set-up it doesn’t mean you need to know how to do everything, as many successful entrepreneurs have proved.”

So what is Stanzione’s most important rule for success?

“It might sound counterintuitive, but don’t sell people what they need,” he says. “Sell them what they want. It’s much harder to sell something like that than the things people really want and get excited about. If you have a product people are excited about they’ve already partly sold it to themselves.”

The Millionaire Dropout, Fire Your Boss, Do What You Love, Reclaim your Life is a New York Times Bestseller, USA Today bestseller and Amazon Bestseller. Published by Wiley and available in print, Kindle, itunes and Audio.

Purchase copy on Amazon

Author’s website: www.themillionairedropout.com

Facebook Comments

Related Posts

Comments

Do not miss