NoCashNoFear
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Transcript of NoCashNoFear
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ENTREPRENEURIAL SECRETS TO
STARTING ANY BUSINESS WITH NO
MONEY
I am an entrepreneur who has been starting new businesses since I was a child. Business is in my blood. I cant help myself. My adventures in entrepreneurship have seen me do things
that some people may think are crazy, and other things that
people may think are impossible.
But I am living proof that anyone can start a business with no
cash whatsoever.
In the course of my career, I have started dozens of
businesses, often with no money at all. I opened a ski lodge
to meet women. I bought 23 properties with no cash of my
own. I started a video game business with $2,000 and made a
$15,000 profit in the first week.
I have started a business using the cash advance from my
credit card and sold it for a $350,000 in one year. I have
doubled, tripled and quadrupled my money on the stock
market. I have bounced back from bankruptcy and gone on to
build a $10 million company.
And I have lost everything not once, not twice, but many
times. I have learned more than most people ever wanted
to know about starting businesses, buying real estate, raising
capital and trading in stock options.
Now my biggest challenge is to give away $1,000 to a worthy
cause every single day for the rest of my life.
This is my story the story of the life of an entrepreneur.
I have always lived on the edge even when I became so
wealthy I no longer needed to.
The life of an entrepreneur is a roller-coaster ride, full of the highs
of success and the bitterness of defeat. It is an exciting adventure.
And sometimes, you can even make a living - or a killing.
I hope you enjoy my story and learn from my mistakes!
ES S E N T I A L BU S I N E S S KN O W L E D G E FO R HI G H AC H I E V E R S
IN THIS SUMMARY
The Four Commandments 2
How to Sell Something that 5 Doesnt Exist - Yet
How to Get Your Costumers to 6Finance Your Business
How to Give It All Away 8 Without Dying First
Terry Allen
NO CASHNO FEAR
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ABOUT THE AUTHOR
Terry Allen is a born entrepreneur who has launched more
than 20 businesses. He now owns New Business Resources
LLC, a start-up company that offers a variety of services to
more than 100,000 newly formed businesses each month.
He is also a partner in Chicago Venture Partners LP. His
latest project can be found at www.terrystips.com.
THE FOUR COMMANDMENTS
In the course of my entrepreneurial adventures, I have
learned the true essentials of starting a successful business.
To create a thriving business of your own, follow what I
call the Four Commandments.
1. Discover what you love
Whatever you do in life, you must have a passion for it.
Starting a business is full of challenges and pitfalls, and if
you dont love what you do, you will give up long before
your business reaches its full potential. If you dont love
what you do, you will find a way to stop doing it and
the easiest way to do that is to make your business fail! If
you want to succeed, make sure that your business is
your passion.
2. Do your homework
Every industry has its own rules and its own way of doing
business. Unless you understand these clearly before you
begin, you will surely fail. The best way to discover these
tricks of the trade is to get some experience working in
the industry, even if you have to work for free!
3. Go for it!
When you have found what you love and done your
homework, start your business, regardless of whether you
have the money. I have started many businesses with less
money than the cash advance on your credit card. I have
started a business when I was so flat broke I couldnt even
get a credit card.
One of two things will happen. Either youll succeed,
make some money and feel satisfied, or youll have a
valuable learning experience. You may fail and lose all
the money you borrowed or invested, but you will have
learned something important.
Remember, learning experiences can be expensive just
ask someone who has had to pay off college or university
tuition.
4. Ride with the tide
Also known as go with the flow. Channel your resources
towards what is working for you easily. If one part of your
business is easy to sell and another is like pulling teeth,
channel your energies towards the easy part. Another way
to say this is ride the horse in the direction it is going.
And remember: if the horse is dead, get off.
HOW TO START A BUSINESS THAT NEEDS NO CASH
I started my first business at nine years old. I used to go out
catching night crawlers with my father. It was great, because
I got to share in my fathers enthusiasm, and we collected
bait for our regular fishing expeditions. And best of all, I
was allowed to sell the excess earthworms, eliminating the
need for my parents to pay me an allowance.
Flushed with the success of my first venture, I was excited
to receive a loom for making potholders for Christmas.
I had visions of making potholders and going round the
neighbourhood selling them to local families. I was sure I
was closing in on my first million.
But my dreams were dashed when I realised the cost
of materials. There wasnt enough margin to make the
business profitable.
THE POWER OF POPCORN
My parents and I moved to a new house with a vacant lot
next door. For the next few years, the vacant lot served
as the site for a kids carnival I held each summer. I hired
my sister and her friends to man the booths. Apparently I
never paid them.
I sold popcorn. Popcorn is a great product it encouraged
people to buy Kool-Aid and sodas, which I also sold at
the carnival. Popcorn makes any event an occasion. I sold
wax-paper bags of popcorn for 5 cents. They cost me a
penny. I was in heaven.
As a kid I came up with many other ventures. I would
collect newspapers and stockpile them until I had enough
to sell them to the scrap paper dealer. The dealer would
collect them once I had collected a ton of newspapers
20 stacks of papers three feet high. My parents couldnt
park their car in our garage until I went away to school.
I hired a lawn mower and spent the summer mowing
lawns. I earned $10 a week a princely sum at the time,
enough to pay for the hire of the mower and to employ
local kids to do some of the lawns for me. And while
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another kid was mowing lawns for me, I was buying cases
of Coke at 212 cents a bottle. Then I walked around the
new housing estates that were under construction, selling
the bottles for ten cents apiece.
Business was in my blood.
By the time I went to college I was always on the
lookout for business opportunities. The first came to me
in the bookstore while I was buying my first semesters
textbooks. The bookstore only offered hardcover editions,
which were much more expensive than paperbacks.
I found a distributor ten miles away who sold paperbacks
and went door-to-door from one fraternity house to the
next. Many students bought my books and returned the
hardcovers to the college bookstore.
This wasnt my only business venture in college. I also
sold personalised stationery to students, distributed a kit
for binding paperback books into hard-bound books and
operated a Roommate Placement Service in Boston.
HOW TO USE YOUR CLASSMATES AS A SOURCE
OF CAPITAL
Dont let your classes interfere with your education
The real learning always seems to take place outside of
class. Dont let classes get in the way of learning the real
deal I never did!
If you have an idea and the passion to carry it out,
finding the money is easy
Almost everyone has a credit card and every one is a
source of money for you to start your business. All you
have to do is ask.
Time is the critical factor that ultimately determines how
much you can accomplish
Many entrepreneurs underestimate by half the amount
of money they will need to start up their business. And
worse, it usually takes three times longer than expected to
reach profitability.
Every selling situation offers the opportunity to be the
buyer Use it!
In every sales situation, one person becomes the buyer
and the other does the selling. The buyer has all the
power. The challenge is to take on the role of the buyer,
even when you are really trying to sell something. A job
interview is a good example. If you appear unconcerned
whether you are offered the job or not, you will often find
yourself in the buyer position. And before you know it
the interviewer will be chasing you down the hall with a
contract!
All unhappiness is due to the difference between our
expectations and our experiences
Manage your expectations and you will rarely be
disappointed or unhappy. This is a very valuable skill to
learn as it gives you what is most important happiness
STARTING A BUSINESS TO MEET WOMEN
When I graduated from Harvard Business School, I got my
first and only full-time job as assistant to the president
of Carris Reels. The good news was that my parents had
given me the use of their summerhouse. The bad news
was that it had no hot water and an outside bathroom. Not
a good thing in Rutland, Vermont.
So I was looking for a place to live. I found an old
schoolhouse that was being offered for sale in a closed-
bid auction. Although I had only 37 cents in my cheque
account, I put in a bid for $4,850 and won the auction. I
had 30 days to come up with the money.
My favourite Harvard professor had told me that the two
most important things to remember were:
1. every business is for sale
2. money is no problem
My idea was to start a bunk-style ski lodge and charge
about half the usual ski lodge rates. I found some
investors, got a loan and set to work converting the
schoolhouse. A month after arriving in town I was the
president and half-owner of a company, I had a roof over
my head and indoor plumbing. Not to mention a haven
for ski bunnies.
Chateau Ecole was born.
HOW TO GET YOUR BOSS TO FINANCE YOUR
VENTURE
Where theres a sound business, there are willing investors
There are willing investors for every sound business idea.
If you cant find an investor to back your business idea,
you probably wont be able to market it.
The first product or service you sell is usually not the
biggest profit-maker
The first product, service or idea that launches your
business is usually not the one that makes you the big
bucks. Once you have your business up and running,
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your customers will tell you what they really want. You
will build relationships with customers and suppliers and
discover markets you never dreamed of.
The sale begins when the prospect says no
When the prospect says no, it is your opportunity to get
creative and turn the prospect into a customer.
HOW TO BUILD A REAL ESTATE EMPIRE WITH NO
MONEY DOWN
I was eventually fired from Carris Reels, which was a cause
for great soul-searching. I decided I should probably work
for myself. That way, if I ever got fired again it would be
my own doing. I decided to become a real estate agent.
I was terrified of failing the state real estate exam, so
I studied like crazy. I passed the test with such flying
colours that I started teaching a course on how to pass the
exam. This kept me going financially until my first real-
estate deal closed. I was also teaching courses on business
at Castleton State College.
My real estate company was called Better Realty. One of
my promotions was what I called the Better Realty House
of the Month. Under the heading were the words: I think
this house is such good value that if it doesnt sell at this
price in 30 days, I will buy it myself at this price.
This program got me a lot of listings. It also got me 23
properties in two years all acquired without a cent of my
own money.
Of course, most of the properties I bought with no money
down were multi-family low-income housing. They were a
hotbed of domestic disturbances, often attended by police.
Once I replaced all the zinc piping in a tenants bathroom
with copper pipes. I came back on a maintenance call to
find that her boyfriend had cut all the copper pipes and
sold them for scrap. I could tell another dozen stories like
that. The bottom line is that owning this kind of real estate
really sucks. Just because you can buy it with no money
down, doesnt mean you should.
In fact, most of the time, you probably shouldnt.
LESSONS ABOUT LEVERAGE
You can build a real estate portfolio with no money down
But just because you can doesnt mean you should.
Managing real estate especially low-income properties
is one of the worst possible businesses you can imagine
The moment of pleasure you felt when you got the
property for no money down will soon evaporate when
you realise what a headache it is to manage.
Never borrow money from your mother
Money borrowed from family is tainted. Your family
will loan you money because they love you, despite the
desperate state of your finances. But they will exact a
price greater than any interest you could possibly pay.
Emulation is as good as creation
Dont be afraid to copy. If it works for them, it might just
work for you.
There is no such thing as a stupid question
At the ripe old age of 26 I was appointed president of
the Rutland Savings & Loan. The reason they chose me?
Because I asked so many questions at board meetings.
DONT BUY IT, RENT IT
I came across another opportunity too good to pass up
the Rental Store in Rutland. I had no idea whether it
was a good business or not, but the store had two big
advantages:
1. the owner offered it to me for nothing down
2. the store had a load of tools that I could use for my
real estate renovations
In typical fashion, I went on to buy first one, then two and
finally another five rental stores in surrounding towns. But
as with the real estate business before it, I soon found it
was more fun to buy the stores than to run them.
In addition, a huge amount of competition began to spring
up. Prices dropped and I realised I had to stop buying
new stores to try to recoup past losses.
It was time to try some marketing tricks to boost revenue.
LESSONS FROM THE RENTAL STORE BUSINESS
Do your homework before you ask a banker for money
You have to educate your banker. If your banker doesnt
understand your business, you havent got a hope of
getting the money.
So make sure you understand your business and can
explain it clearly.
Just because you can get 100% financing or buy with no
money down, doesnt mean you should
The business has to make sense for now, and the future.
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Beware of easy-entry businesses
If its easy for people to get into the business, they will.
Easy entry businesses attract stupid competition and
stupid competition can send you broke.
Make certain that you as the entrepreneur are suited to
the business
If youre a mechanic and your business needs a marketer,
youre doomed.
Its always easier to buy than to sell
Remember that when you are looking at a new venture.
Do you really want it now and in the future?
SELF-PUBLISHING
In the course of my adventures in the equipment rental
trade, I drove around a lot between stores, keeping an
eye on the managers and making sure the business was
turning over smoothly. I spent many hours on the road,
which was a great opportunity for creative thinking.
One day, it occurred to me that I needed a book about
how to market my equipment rental stores. I searched
Books in Print but found nothing. I thought that if I
needed a book like this, other equipment rental store
owners must need one too. And so my first book,
Advertising and Promotion Ideas for the General Rental
Store, was born.
First, I had to test the market. I couldnt just assume that
other equipment rental store owners would be looking
for a book like this. So I got my hands on a list of 1,000
equipment rental store owners.
I sent out a letter setting out the table of contents of my
proposed book, along with an order form. I offered a
pre-publication discount if they paid the money within 30
days. Of course, it wasnt just pre-publication - apart from
the contents page, not a single word of the book had been
written.
The response to my mailing was incredible. Over 100
people sent money, over $1,000 in total. This was a small
fortune in those days more than I had ever earned in
one week at my highest paying job. A printer agreed to
print up 2,000 copies for $2,000, and after mailing costs of
$1,000, I stood to make a profit of over $12,000.
I completed the book in less than a month. Every single
one of the 2,000 copies was sold with the first mailing.
Of course, buoyed by my great success, I promptly forgot
everything I had learned. I hired a graduate student to
write similar books for hardware stores and florists. We
sent out 15,000 mailings and sold next to nothing. It
seemed a similar book had recently been marketed in
both industries.
I lost half my profits from the first book but learned a valuable
lesson every market is different. Always test the market.
HOW TO SELL SOMETHING THAT DOESNT
EXIST - YET
The best new business ideas come when you find a
problem with no known solution
Sometimes if you want something done, you have to do
it yourself. I needed a book that didnt exist, so I wrote it.
All I had to do to make a success out of it was to know
that enough other equipment rental dealers had the same
need.
Trust your intuition
Every good business decision I have ever made has felt
right. Sometimes that didnt seem like a good enough
reason to go ahead, but I have always trusted my gut
instincts.
Do your market research with an order form
Dont ask people what they want ask them what they
will buy.
Dont believe that something has to exist before you can
take orders for it
You dont need a prototype, you dont need a photograph.
All you need is a hand-sketched drawing or a verbal
description of what its going to be. If youre lucky,
you may generate enough advance orders to pay for
manufacturing the real product.
Every market and market segment is different test
them all
If you encounter success in one market, dont assume you
can duplicate it in any other industry. The new market
must be tested with an order form.
THE INFORMATION INDUSTRY HOW TO SELL YOUR
PRODUCT AND STILL HAVE IT TO SELL
Six months after starting an ambitious new venture, we
were nearly out of cash. We needed to sell something
and fast.
But what could we sell to make some quick cash? It
occurred to me that there might be a market for the list of
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real estate sales on our records. No one at our company
had particularly high hopes for this idea, but I was
determined to give it a shot.
We got a list of all the real estate brokerages in Massachusetts
and sent out 5,000 packages. For $50 a year we offered a
monthly list of all the real estate sales by county.
To everyones astonishment, we got 500 orders with
$50 cheques enclosed. That was enough to finance the
new business - the Real Estate Transfer Directory. It also
opened our eyes to the magic of selling information.
A second mailing signed up another 500 customers and
within a year we had over 1300 subscribers. We marketed
a weekly list of sales, which went mainly to insurance
agents and fuel oil dealers. This company grew to become
Auto-Data Systems.
HOW TO GET YOUR CUSTOMERS TO FINANCE YOUR BUSINESS
Collecting deposits from your customers is the very best
source of start-up capital
There is no interest to pay on this money and there is
no need to give away stock. You return the capital by
providing the product or service preferably with a large
profit margin.
When on an elephant hunt, dont chase after the rabbits
Its essential to understand your companys dominant
mission and focus your energies on that specific business.
There will always be exciting new opportunities to tempt
you. Only pursue those that are in line with your company
mission.
An entrepreneur works 24 hours a day
The only good news is that the entrepreneur has the
freedom to decide which hours she or he works!
When you fail in business, dont take it personally
Even though I have learned this lesson many times, I have
never been able to do it. I still feel business failure deeply.
No matter how many times I tell myself there is no failure,
there are only learning experiences, it still hurts.
HOW TO START A BUSINESS WITH $2000 AND MAKE
A $15,000 PROFIT IN THE FIRST WEEK
A combination of bad luck, bad timing and bad
management had finally taken my real-estate data supply
business beneath the red line for good. I had discovered
that I was a good entrepreneur but a lousy manager.
After years of sailing close to the wind, we had finally
sunk. Bankruptcy was my only option.
I felt like a terrible failure. I was still selling the Merchants
Welcome Service, another of my ventures, at trade shows,
and pretty soon something caught my eye. There was
enormous interest in one of the earliest video games,
Pong. I found a new Pong game that was superior to the
product selling at the trade shows.
I bought one game as a sample. Without any sales
literature or brochures, I turned up to the trade shows.
The Pong booths were always staffed by fast-talking
hustlers who convinced everyone who came in that the
video game business was a potential gold mine.
Then, people came to my booth and found that I was
selling a better game for 30% less. I didnt have to say
anything, just write up the orders. At the first trade show
weekend, I took deposits on 27 units and made a profit of
$15,000.
The cash profits were cheering me up and making me feel
less like a failure. But soon things started to go wrong. My
video game competitors didnt take kindly to my success.
Before I knew it, I had been ousted from the trade shows.
After some pretty hairy incidents trying to break the
blockade, I gave up. Pretty soon the video game industry
moved on too.
START A BUSINESS WITH A CASH ADVANCE FROM
YOUR CREDIT CARD AND SELL IT FOR A $350,000
PROFIT IN THE FIRST YEAR
In January 1980 I found myself in a sticky financial
situation. I had lost my entire net worth trading options
on the stock market, and owed over $11,000 to a
clearinghouse in Chicago.
I decided to run some seminars on the stock market to
make some quick cash. One of the men I approached
for a loan to set up the seminars was all fired up about a
game called All About Town. The game layout was based
on the streets of the town and it included vouchers from
local merchants. I caught his enthusiasm, and once again I
was excited about the prospect of starting a new business.
My adventures with All About Town provided some of
the most difficult moments of my entrepreneurial career. I
had artists working in my living room until my wife nearly
threw me out. I hired alcoholics and kids from a juvenile
corrections program to assemble games. I probably broke
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child labour laws by putting my kids and stepkids on the
production line.
I fought with the county about permits for my building. I
worked like a demon to have my games placed in Macys
stores only to have Macys hide them in the stationery
department. And to add insult to injury they never paid
me for the games. I had my credit cards stolen by an
employee, who used them to buy an expensive guitar,
bifocals and a trip to Vegas.
And after all that, All About Town never really made
any money while I was running it. Sure I paid off my
considerable debts and the credit cards that I had used
to finance the purchase. But I only really made money
when I sold the business. Over the next three years I
collected $350,000.
But in the end, I was proud of myself I had moved into
a strange town, penniless, and had made over $100,000 in
one year.
FUN & GAMES WHAT I LEARNED FROM ALL ABOUT
TOWN
Starting your own business can result in truly
staggering profits
I started All About Town with cash advances from my
credit cards and an unsecured loan at 100% plus interest.
In less than a year, I had started a business and sold it for
$350,000.
Having your own business will inevitably result in
experiencing the ecstasy of victory and the agony
of defeat
My experiences with All About Town ranged from the
sublime to the ridiculous.
The business jungle is crawling with snakes
Not everyone is as honest as you are. If you find that
someone has been less than honest with you, forever treat
what they say with scepticism.
Large retail department stores are the most ruthless
and difficult of any business organisations
You may need their help to succeed, but dont count on
it being easy. They will drive a very hard bargain, and if
they ever pay you at all, it will be very late. They will take
a cash discount whether you offer it or not. If you feel a
sense of pride in having your product for sale at one of
these prestigious outlets, you will pay a high price for
the privilege.
HOW TO SURVIVE BANKRUPTCY AND PROSPER THE
SECOND TIME AROUND
One day an appointment was cancelled and I had two
hours to kill. My thoughts turned to my old company
Auto-Data Systems. I called their offices and spoke to my
former office manager. We arranged to have lunch.
We discussed the company and how it was doing these
days. Suzanne was dissatisfied with the way the new
owners were running the company. They wouldnt give
her the small resources she needed to improve the service.
They had not paid me as promised so I had no love for
them either. We casually suggested that we should go into
business together in competition with them.
Before we knew what had happened, she had given one
months notice and I was once again setting up shop in
the real-estate data business. By providing a better service
than the competition, and through aggressive marketing,
we were relatively successful.
After a year or so in business, we had taken over 40%
of our main competitors business. Even though our
competitors were better financed and had more clout in
the market, we outfoxed them. We found a way because
we wanted it more.
We did it by:
1. keeping our prices lower than theirs
2. guaranteeing faster delivery of the information
3. offering better statistical information
4. offering extended payment terms
5. offering a freecall number
6. providing higher-quality data
7. delivering more than we promised, and
8. maintaining close contact with our customers, sending
personal thank you notes, Christmas and birthday cards.
Eventually we moved into a range of new services and
took over a major competitor. This new venture was
so successful that by 1996 we had a $5 million dollar
company and 100 great team members. But I was
unhappy. The company had grown too large for me.
It was time to sell. We negotiated for a company called
ABI to buy us out for $10 million.
90% OF EVERYTHING YOU WILL EVER NEED TO
KNOW ABOUT SELLING BY DIRECT MAIL
The list is king
Probably 70% of success in direct mail campaigns is due to
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the list, 20% is due to the offer and 10% can be put down
to the copy.
Every list should be segmented for higher returns
Our lists were segmented into current and former clients,
respondents to our earlier mailings, respondents to our
competitors mailings, and newly established and qualified
accountants. Careful targeting to segmented lists brings
higher returns.
A good list should be used over and over
You may get a better response from each successive
mailing. Each time you contact your prospects, your
credibility increases.
Your customer is the absolute best prospect for
additional sales
Some successful direct mail marketers send mailings
to their list up to 20 times a year and they often make
increased profits on each mailing.
Test, test, test and test some more!
Direct mail can be a very scientific marketing tool. Each
mailing should be coded so that response rate and
profitability can be calculated. Keep testing, and save the
big dollars for the methods that tested best.
Never underestimate the importance of the offer
Your prospects will be looking at your mailing and
thinking Whats in it for me? Answer them quickly and
effectively.
Include testimonials
Testimonials sell. Testimonials are pure gold in any direct
marketing campaign.
Offer a money-back guarantee
Few people will take advantage of it, but the increased
response rate will easily cover the cost.
Always include a Post Script (PS)
The most read sentence, after the first sentence, is the PS.
It should repeat the major emotional appeal or offer of
the mailing.
HOW TO GIVE IT ALL AWAY WITHOUT DYING FIRST
Now that I was finally wealthy and successful, I wanted
to give something back to the community. My accountant
suggested I set up a charitable remainder trust so that I
could live in luxury and money would be given to my
selected charities when I died.
I told him I thought that sounded like the most boring thing
imaginable. Whats the fun of giving your money away if
you dont get to enjoy it? I set up a charitable trust. The
trust is required to give away 5% of its assets each year.
My goal is to give away much, much more. I want to give
away $1,000 each day for the rest of my life - $365,000
each year - and to create a base so that the same amount
could continue to be given away by the trust forever.
Giving money away is more fun than making it. There is
something deeply satisfying about giving money to worthy
causes while youre still alive.
I hope my story has communicated the spirit of an
entrepreneurs life. I have always lived life on the edge
and Ive never been able to stop.
An entrepreneurs life is an adventure sometimes
terrifying, sometimes magical, sometimes fun, but always
exciting. Whether this is the life for you, is something only
you can decide.
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