3 Reasons Having No Money Is A Good Thing

"I have no money" is one of the biggest excuses people have for not getting started and pursuing their dream business. Truth is, this can actually play in your favour. Don't believe me? Here's 3 reasons to change your mind.

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1. It Makes You Creative.

Combine your lack of funds with a large amount of motivation and hustle, and you've got an endless stream of creativity. When you have no money available, you have to think of ways to make your situation work. It forces you to brainstorm about the different approaches, the different opportunities and the different tactics you need to use. You'll also end up talking to other people about your ideas, and this will result in even more productive thoughts. If you have money available and some idea of what you want to do, you run the risk of spending it in the wrong areas. Which leads to my next point.

2. You Make Every Dollar Count.

Having little to no money means you use every dollar for what it's worth. There's no waste, everything is calculated and you can make $1000 feel like $10,000. This is something that I got stung with. I saved up $100,000, and because I had money available, I spent too much on things I shouldn't have. I got pulled in different directions and I listened to 'experts' who realistically just had their hands in my pockets.

This is something I will forever regret - the only positive is that I "bought the experience". Although basically I learned the hard (and expensive) way!!! It wasn't a waste of money in the sense of buying material things or partying, I'm talking about business expenses and being sucked into doing things for salespeople that I didn't need. Having money but little experience can be very dangerous. It's usually not your fault, you're just getting told you need all of these things from salespeople trying to steal your money. This is a very real scenario that you need to be careful of.

3. You'll Create an Awesome Plan.

PLANNING saves you time and money. Money is not the only thing that's required to start a business, there is so much that goes into it, and this can all be done before you have the money! The business model, the business plan, the marketing, the strategic partners, the customers, the providers and everything else, all of these require thought and planning even if you do have money! So why wait until you have cash? You'll still have to do it anyway!

By strategically thinking, and mapping out how everything is going to be executed, it allows you to have the right roadmap in front of you of for when you physically have cash. Ironically, this actually helps you get it. Failing to plan is planning to fail!

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These three points should stop you from thinking that money is such a massive limitation. By doing this, you'll have a solid strategy and it will ultimately make you more successful when the money does come in. Good luck!


(Twitter @mitchills)

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