Sat, 14 October 2017
Despite being a prolific investor as one of the judges on Australia's Shark Tank, Janine Allis would rather sell her family home than seek investor funding. How do we know? Well, that's precisely what she did to start her own business.
Allis started her first business while on maternity leave, and it was then, like so many entrepreneurs, when she realized she didn't want to live by someone else's rules anymore. The result was Boost Juice, a retail empire that stretches over 500 stores across the globe, making it the largest and most profitable juice bar chain in the world.
While Allis certainly isn't entirely against the idea of taking investor money, she does caution entrepreneurs that raising capital should never be the first goal. And she has some indispensable advice on how to avoid the common money traps so many entrepreneurs fall into.
The most important stake any entrepreneur has in their own company is their equity and the passion they have for their own project. Bringing on investors not only means that you'll lose out on some of your equity, but it also means that you may have to make room for someone else's passion and vision for the company. And, most of the time, investors are more interested in the bottom line as opposed to the founder's ideas.
"I'm a firm believer that you only ever ask for money when you don't need it," Allis says.
She has seen firsthand how many entrepreneurs get caught up attempting to solve all their problems by throwing everything they have into fundraising—a Hail Mary pass that, more often than not, ends up hurting a business in the long run.
To help you avoid that common pitfall, Allis has some choice pieces of advice that you need to hear.
In this episode you'll learn:
Sat, 14 October 2017
Greg Mercer built an entire lifestyle business without having to build his own products, distribution network, or even an online store.
Instead of creating his first business from scratch, Mercer took advantage of the tools around him and started selling products on Amazon. It worked, to the point that he and his wife were both able to quit their jobs and start traveling the world. He had achieved the dream that so many of us are working toward, all by cleverly riffing on an industry giant.
Within two weeks, though, he was bored. Fortunately for us, Mercer's next project is helping others find similar success.
Selling everything from wrist braces to cages for tomato plants, Mercer realized he had stumbled upon a proven formula. A formula he could use over and over again that allowed him to find products people wanted, sell them on Amazon, and turn a significant profit. The next step was obvious.
Mercer built a tool called Jungle Scout, which allows other ecommerce entrepreneurs to find opportunities to make money on Amazon. Despite having limited himself to a budget of only a thousand dollars, having absolutely no coding or technical experience, or any experience in the software business, Mercer hacked together Jungle Scout, his first bona fide startup.
After starting out as a complete novice, Mercer began learning on the job, and despite encountering some classic hurdles and mistakes, has found himself at the head of a fast-growing company.
In this episode, you'll learn: