If you’ve ever been in a situation where you don’t know what type of business to start, and you don’t have a lot of money. Join me on today’s Black Entrepreneur Blueprint episode number 358 where I discuss the absolute easiest business model you can start with little money, no product, minimal skills, and low risk. Visit www.BEBConnect.com
BLACK ENTREPRENEUR BLUEPRINT – PODCAST SHOW NOTES – EPISODE # 358
The Easiest Business Model You Can Start With Little Money, No Product, And Minimal Skills
I hear prospective entrepreneurs discuss the risks of starting a business all the time. Today I’m going to take away all the excuses and give you a business model that can make you lots of money with little risk. I’m going to give you some real-life examples also.
I’m talking about becoming a project manager or a middleman that sells services and marks up pricing. This is one of the oldest business models around (almost like a general contractor)
- Low-cost startup
- Low overhead
- Can easily scale your business by hiring more independent contractors.
- Don’t need a lot of experience in a specific industry.
- You’re not doing the work; you’re acting as a middleman/project manager.
- Can work in multiple industries or specialize.
- Can get lower contract pricing based on the number of jobs you give your contractors increasing your profits.
Here are some commonly asked questions:
Why wouldn’t they just hire someone off fiver themselves? They may not know what they need
Why would they pay me? Because you are the face of the service provider, they don’t know you are subcontracting.
- Identify the services you would like to sell (website design, landing pages, sales funnel creation, editing, legal services, social media account management, graphic design, logo creation, credit repair, etc. I recommend you stay in an area that you have some experience in or that you understand.
- Build your team by Identifying and vetting contract workers to do the work for your clients. Make sure you get examples of their work prior to hiring them. You can go to BeSmartBuyBlack.com, Fiverr.com, Upwork.com, and more sites like that.
- Create a landing page or mini website offering your services.
- Run paid ads or social media posts to attract prospective customers.
- Create a simple process for your prospective customers to follow – if it’s a service like website design you may need to do an intake call or have them complete a brief questionnaire.
- Once you have a new client you must communicate with them and keep them abreast of the progress of their project – remember, you are the intermediary – project manager. They don’t know that you aren’t doing the work personally.
Website design – many companies use subcontractors to build websites and sell you at a package price. I know a company that was charging $1,500 for a website and their contractor was only charging them $500, so they made $1,000 profit just by being the project manager.
Home Builders – they subcontract out a lot of the work and act as the project manager (electrical, roofing, plumbing, etc.
Carpet Cleaning – I hired a carpet cleaner years ago and found out that the company was just a marketing company that marketed carpet cleaning and subcontracted out the jobs to carpet cleaners. They have a markup on every job.
Social Media Graphics – when I worked in the newspaper business, we would contract out all advertising graphics work to a company in India and markup the cost.
You’re getting paid to keep the process seamless. You work with the service provider and are the intermediary to the end customer.