Starting or buying a business to earn an income (out of necessity)

Thinking of starting a side hustle? Seasoned entrepreneurs and first-timers alike will benefit from this insightful episode with author and business expert David Barnett.
David returns to Debt Free in 30 offering invaluable advice for those starting or buying a business out of necessity. Discussing the importance of market research—when it’s needed and not—along with creative strategies for securing funding when resources are scarce. He also provides practical guidance on starting with limited or no capital, and the types of businesses that align with your abilities, financial situation, and more.

Timestamps:
(0:00) Introduction to David Barnett: Business Broker, Consultant, and Entrepreneur
(3:50) Excerpt from David’s Book: Why People Start Businesses Out of Necessity
(5:25) Choosing the Right Business When You Have to Start One
(6:40) Understanding Effectuation: Starting a Business Based on What You Can Do
(10:00) Conducting Market Research for Your Business Idea
(12:00) Starting a Business with No Money: Is It Possible?
(16:50) Top Tips for Launching a Business Without Capital
(19:50) Exploring Funding Sources for Small Businesses
(21:20) Side Hustles While Keeping Your Day Job
(22:30) Deciding Whether to Buy or Start a Business
(26:40) Understanding Bank Lending Motives for Business Loans
(29:30) The Importance of Community Support in Business



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Resources:

David Barnett YouTube

Hoyes Michalos YouTube

David’s New Book: “Starting or Buying a Business”

David’s Website:
David’s Online Business Course:

Hoyes Michalos Blog

Disclaimer:

The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

[boothmoore]

Around 2003 I started a Virtual Assistant business, I do administrative work for small businesses. I started it because I wanted a work from home position but everything I found was a scam or MLM's where you needed to buy stuff. Started with my home computer, got a small file cabinet from a Free Cycle group. Spent basically nothing when I started. One client I have had for almost 20 years!