WEBVTT - 4 Ways To Fund A Business 0:00:04.840 --> 0:00:08.920 It's time for the b a q a A b 0:00:09.039 --> 0:00:11.880 a q A what you say the b a q 0:00:12.400 --> 0:00:15.080 tip the day to b a q o no man 0:00:15.200 --> 0:00:19.040 Dad the b a q a A. It's time for 0:00:19.120 --> 0:00:22.840 Branni Vision question to answer. But you have questions myself 0:00:22.840 --> 0:00:25.720 and Mandy when she's here, has answers. Mandy's baby is 0:00:25.760 --> 0:00:28.160 not feeling so well. He was if you want to see, 0:00:28.160 --> 0:00:31.560 he made a little debut on our Wednesday show, but 0:00:32.080 --> 0:00:33.720 he just could not make it for the Friday show. 0:00:33.720 --> 0:00:34.760 So it's just me today. 0:00:35.880 --> 0:00:40.640 But if you have questions about personal finance, about career, 0:00:41.440 --> 0:00:43.879 about money, about business, entrepreneurship, just. 0:00:43.840 --> 0:00:47.159 A life even, go ahead a slide in the d MS. 0:00:47.040 --> 0:00:50.040 On our Ig Brown and Vision podcast, or email us 0:00:50.040 --> 0:00:55.080 at Brandavision Podcasts at gmail dot com. Because Mandy's not here, 0:00:55.080 --> 0:00:57.440 you know, I love Mandy's I don't love Mandy's out here, 0:00:57.440 --> 0:00:59.120 but I love when she is not here to do 0:00:59.200 --> 0:01:02.040 questions about this because y'all don't be asking enough business 0:01:02.080 --> 0:01:04.480 questions and I love to talk about business, and so 0:01:04.720 --> 0:01:08.640 I pulled some questions for my mentees. So y'all know, 0:01:08.680 --> 0:01:12.559 like I teach mentees, well, I have a MENTI program. 0:01:12.600 --> 0:01:14.280 Let me see how many people are my mentees right now? 0:01:14.640 --> 0:01:16.800 I could tell you real quick, I could tell you 0:01:16.800 --> 0:01:18.480 about it, I could show you I think I want 0:01:18.520 --> 0:01:18.680 to say. 0:01:18.680 --> 0:01:19.800 It's about four thousand. 0:01:21.920 --> 0:01:26.640 Yes, yet four thousand, four hundred mentees currently signed up 0:01:26.680 --> 0:01:29.920 under my Patreon, mymntor Tiffany dot com. Most of them 0:01:29.920 --> 0:01:32.360 are women, especially women of color, especially black women, although 0:01:32.360 --> 0:01:35.920 I don't turn anyone away. And every month I teach 0:01:35.920 --> 0:01:39.319 a class, but every week they have meetups, they get them. 0:01:39.360 --> 0:01:41.880 I give them tips and tools and lessons. It's been awesome. 0:01:42.080 --> 0:01:44.720 So, like I said, it's about four thousand mentees currently 0:01:44.720 --> 0:01:45.600 as I'm taping, it's. 0:01:45.440 --> 0:01:46.160 Twenty bucks a month. 0:01:46.200 --> 0:01:47.800 It will not be twenty bucks a month by the 0:01:47.880 --> 0:01:50.320 end of this year, I promise you that. But if 0:01:50.320 --> 0:01:53.400 you lock in, you luck in se Yeah, my mentor Tiffany, 0:01:53.400 --> 0:01:54.760 if you want to be one of my mentees. And 0:01:54.800 --> 0:01:57.120 so questions get up. Get asked me about money all 0:01:57.120 --> 0:01:59.240 the time, so I felt like, you know what. 0:02:00.120 --> 0:02:01.360 Let's talk about it. 0:02:01.800 --> 0:02:06.680 So one question that comes up a lot is how 0:02:07.120 --> 0:02:09.880 do you fund a business, especially when you first start out. 0:02:10.040 --> 0:02:12.880 I actually talked this lesson to my mentee. Last month's 0:02:12.960 --> 0:02:16.160 lesson was literally how do you fund a business, and 0:02:16.240 --> 0:02:20.040 I identified four ways to fund business. So if you 0:02:20.080 --> 0:02:22.799 have a pen and pat pad, this would be great 0:02:22.840 --> 0:02:25.440 for you to start writing down. Okay, so let's talk 0:02:25.440 --> 0:02:28.519 about the four ways to self fund your dream business. 0:02:28.600 --> 0:02:34.040 Okay. So number one is to generate revenue early. So 0:02:34.040 --> 0:02:34.840 what do I mean by that? 0:02:35.560 --> 0:02:39.639 So you're going to focus on building a minimum viable 0:02:39.680 --> 0:02:42.120 product MVP. So one of my friends, daniell Leslie, always 0:02:42.120 --> 0:02:44.280 talks about this or like a basic version of your 0:02:44.320 --> 0:02:45.080 product or service. 0:02:45.320 --> 0:02:47.000 So this is going to allow you to test the 0:02:47.040 --> 0:02:49.839 market with minimal investments. So what do I mean? 0:02:50.200 --> 0:02:52.040 Lots of people will say like, oh my gosh, this 0:02:52.080 --> 0:02:53.840 is dressed. Everyone tells me the dress I'm wearing is 0:02:53.840 --> 0:02:56.640 so cute. I Am going to manufacture this dress. You know, 0:02:56.680 --> 0:03:00.400 you scrounge together some money, maybe you work over time 0:03:00.480 --> 0:03:02.160 and you scrounge. You get for five thousand and ten 0:03:02.200 --> 0:03:06.360 thousand dollars to you know, get the dress made. And 0:03:06.360 --> 0:03:07.800 now you have all these dresses and now you have 0:03:07.880 --> 0:03:10.519 to sell them. You don't want to do that. You 0:03:10.560 --> 0:03:12.560 want to think of a marketer. A marketer will say 0:03:12.600 --> 0:03:14.600 I'm going to make one dress. I'm going to pick 0:03:14.680 --> 0:03:17.640 my pick my cutest friend and say, girl, put this 0:03:17.720 --> 0:03:19.440 dress on so I could post you on the socials, 0:03:19.639 --> 0:03:24.000 and I'm going to take pre orders for this dress 0:03:24.639 --> 0:03:27.680 because it's in the pre ordering. So let's just say, 0:03:27.760 --> 0:03:29.640 you know, I don't know a thousand people pre order 0:03:29.720 --> 0:03:34.520 the dress and the dresses ten, you know, ten dollars. 0:03:34.680 --> 0:03:37.400 So now you've made ten thousand dollars, and now you 0:03:37.440 --> 0:03:39.600 can use that money. That is, this is a way 0:03:39.600 --> 0:03:42.080 to self fund. You print in that dress, use that 0:03:42.160 --> 0:03:43.840 money to go make the dresses, and you don't have 0:03:43.920 --> 0:03:46.480 to make any more any less because you know exactly how. 0:03:46.320 --> 0:03:49.240 Many people want them. So generating early revenue is a 0:03:49.240 --> 0:03:51.200 great way to do pre orders or pre sales in 0:03:51.240 --> 0:03:53.400 your product. I did that for my book Happy Birthday 0:03:53.400 --> 0:03:53.920 Molly Moore. 0:03:54.120 --> 0:03:55.960 So some of y'all know I wrote a children's book, 0:03:56.280 --> 0:03:58.520 and I remember, like I want to say, it costs 0:03:58.560 --> 0:04:02.680 me like four or five dollars to print each book 0:04:03.360 --> 0:04:06.840 and also maybe like another three dollars to mail them. 0:04:07.200 --> 0:04:08.560 And I was like, oh, child, it's gonna be a 0:04:08.600 --> 0:04:10.960 lot of money. And so what I did was a kickstarter, 0:04:11.840 --> 0:04:14.120 you know, to kind of like to do that early. 0:04:14.920 --> 0:04:18.000 And so we made seventy thousand dollars in Kickstarter and 0:04:18.040 --> 0:04:19.919 I was able to print and ship books as a 0:04:19.920 --> 0:04:23.480 result of that. So Number one to self fund your 0:04:23.520 --> 0:04:28.320 own business is to generate revenue early by creating whatever 0:04:28.520 --> 0:04:32.520 the cheapest way to create a product or service and 0:04:32.680 --> 0:04:36.080 to create a pre order, pre sales, wait list, something 0:04:36.120 --> 0:04:39.640 that's going to generate some revenue before fully launching the business. Right, 0:04:40.000 --> 0:04:41.440 this is going to not only provide you with like 0:04:41.480 --> 0:04:44.920 early validation of your business idea, but generate some cash 0:04:44.960 --> 0:04:46.600 flow to fund your. 0:04:46.520 --> 0:04:49.040 Future development and growth. Okay, does that make sense? 0:04:49.360 --> 0:04:50.680 Like I said, some of the things you can use 0:04:50.680 --> 0:04:52.840 like a tool for that as like a kickstarter, or 0:04:52.880 --> 0:04:55.800 there's also these like you know, there's these gofundmeeds or 0:04:55.880 --> 0:04:59.160 like Indiegogo is one, or just take like I said, 0:04:59.160 --> 0:05:01.760 take pre orders of whatever the product or services you know, 0:05:01.800 --> 0:05:02.560 get people excited. 0:05:02.600 --> 0:05:04.880 You have to create a landing page. 0:05:05.279 --> 0:05:09.920 Yeah, So generate revenue early by saying here's something I'm creating. 0:05:10.600 --> 0:05:12.360 And a really great book for that is this book 0:05:12.360 --> 0:05:15.120 called Launch l A n U l A U n 0:05:15.200 --> 0:05:17.760 c H by Jeff Walker, because he is really the 0:05:17.839 --> 0:05:20.800 king of kind of like this, like generating buzz and 0:05:20.920 --> 0:05:24.320 excitement beforehand. Making money and then delivering that service or 0:05:24.320 --> 0:05:27.080 product later. Hey ba fan, we're going to take a 0:05:27.160 --> 0:05:29.440 quick break and we'll be right back. 0:05:33.120 --> 0:05:36.840 Number two of self funding your own business is to. 0:05:36.960 --> 0:05:42.000 Be your own bank via investing, and so investing in 0:05:42.040 --> 0:05:45.400 the stock market in particular you could fund your business 0:05:45.440 --> 0:05:46.880 can honestly be a viable strategy. 0:05:46.920 --> 0:05:47.920 I've seen people do this. 0:05:48.480 --> 0:05:51.640 It's important to approach it with careful consideration though and planning, 0:05:51.880 --> 0:05:54.800 because it's not something that you can just like, you know, 0:05:54.920 --> 0:05:57.400 jump out the window and do. Stock market investing can 0:05:57.440 --> 0:06:01.080 be key to generating business capital you need. So there 0:06:01.080 --> 0:06:03.520 are many ways to invest, but few as passively than 0:06:03.560 --> 0:06:07.600 the small stock market. So for example, one of my friends, 0:06:08.279 --> 0:06:11.360 she first started investing because she wanted to pay for vacations. 0:06:11.600 --> 0:06:13.880 So while she was a vice principal of a school, 0:06:14.000 --> 0:06:16.440 my friend Terry, she would say, okay, I want to 0:06:16.440 --> 0:06:17.840 want on this vacation. It's going to cost me a 0:06:17.880 --> 0:06:20.159 thousand dollars. And she had learned to invest from her 0:06:20.160 --> 0:06:23.240 grandmother when she was in high school. So she would invest, 0:06:23.640 --> 0:06:26.400 buy something, watch it, sell it, and be like, oh 0:06:26.400 --> 0:06:27.520 my gosh, I made one thousand dollars. 0:06:27.600 --> 0:06:29.920 Now I can go on vacation, but. 0:06:29.920 --> 0:06:32.240 She quickly realized through that she could also use that 0:06:32.320 --> 0:06:36.960 to fund her business. And so Terry is currently my 0:06:37.000 --> 0:06:39.160 investing coach. What I love about Terry's at once she 0:06:39.160 --> 0:06:42.279 went to MIT, so she's super smart, but also too 0:06:42.279 --> 0:06:45.720 that she was a vice principal in education for ten 0:06:45.839 --> 0:06:50.000 years and she's been investing for over twenty years. And 0:06:50.040 --> 0:06:52.280 thus far she's taught about thirty five thousand students have 0:06:52.360 --> 0:06:54.400 to invest. Some of them have made one thousand dollars 0:06:54.440 --> 0:06:56.839 in a day, ten thousand dollars in a day, some 0:06:56.880 --> 0:06:58.640 of her students not every day, but in a day. 0:06:59.040 --> 0:07:01.240 And I have seen Terry herself. She did it publicly. 0:07:01.360 --> 0:07:04.480 She did like a live once where she actually made twice, 0:07:04.520 --> 0:07:06.440 two or three times she's done this. That she made 0:07:06.440 --> 0:07:08.640 a trade that made her a million dollars. With that 0:07:08.720 --> 0:07:11.120 one trade she took three hundred thousand. I think that 0:07:11.320 --> 0:07:13.920 was with Disney or Amazon. She took three hundred thousand, 0:07:14.240 --> 0:07:16.320 made a trade which is when you buy a stock 0:07:16.400 --> 0:07:18.760 and then you sell it, and made a million dollars 0:07:18.800 --> 0:07:19.760 from that three hundred thousand. 0:07:19.800 --> 0:07:20.679 I was like sold. 0:07:21.400 --> 0:07:25.080 And so I know that the Budgetista has made me 0:07:25.120 --> 0:07:27.400 a significant amount of money y'all know, I've grown. 0:07:27.200 --> 0:07:30.040 Wealth for myself, but it's been quite the grind. 0:07:30.600 --> 0:07:32.680 And so what happens when I no longer want to 0:07:32.680 --> 0:07:34.880 do the business part of business? I asked my friend 0:07:34.920 --> 0:07:37.560 who was investing in real estate the same, and he 0:07:37.640 --> 0:07:40.600 was like, essentially he would have to sell his properties 0:07:40.760 --> 0:07:42.560 and then put his money to work in the market. 0:07:42.960 --> 0:07:45.240 And so what I want to do is before I 0:07:45.280 --> 0:07:48.440 get overworked and overwhelmed with the budgetistam and I want 0:07:48.480 --> 0:07:53.600 to learn how to navigate the market now so I 0:07:53.640 --> 0:07:56.040 can fund the things I want to fund, the business 0:07:56.040 --> 0:07:58.000 being one of them. Last year was a really, really, 0:07:58.080 --> 0:08:01.440 really hard year. I want from you know, making multiple 0:08:01.480 --> 0:08:04.600 six figures to basically middle was seven figures in one business, 0:08:04.600 --> 0:08:07.240 to barely making like I think I made like eight 0:08:07.360 --> 0:08:08.560 hundred thousand in one of my businesses. 0:08:08.600 --> 0:08:11.520 We're normally made multiple six, multiple seven. I'm sorry. And 0:08:11.560 --> 0:08:12.080 so I. 0:08:12.160 --> 0:08:16.840 Imagine if I was proficient and investing in the marketplace, 0:08:17.000 --> 0:08:20.600 because last year the marketplace generated I think twenty was 0:08:20.680 --> 0:08:23.920 up twenty four to twenty six percent, so business was down, 0:08:23.960 --> 0:08:26.560 market was up. So imagine if I was proficient in that, 0:08:26.720 --> 0:08:28.840 I could have said, even though business is down, we 0:08:29.000 --> 0:08:32.360 gonna be all right because I'm in the market intentionally 0:08:32.640 --> 0:08:35.400 to fund my business. And so that's why I told 0:08:35.480 --> 0:08:37.880 myself this is the year, because last year, quite honestly, 0:08:37.960 --> 0:08:38.200 was scared. 0:08:38.200 --> 0:08:39.719 I didn't know if I was gonna make it. So 0:08:39.800 --> 0:08:42.240 about the whole budget Liisa, I wasn't show if I 0:08:42.280 --> 0:08:42.880 was gonna make it. 0:08:43.600 --> 0:08:46.240 And so we did. But a lot of my friends 0:08:46.280 --> 0:08:49.360 didn't make it. And I thought to myself, Okay, investing 0:08:49.800 --> 0:08:52.160 is a way to be my own bank, you know, 0:08:52.200 --> 0:08:54.600 because I'm not getting external funding, but I could be 0:08:54.679 --> 0:08:57.000 my own bank. And so one of the resources I 0:08:57.040 --> 0:08:58.360 offer up to you is that if you want to 0:08:58.360 --> 0:09:01.280 be your own bank, this is actually like this opportunity 0:09:01.280 --> 0:09:03.720 closes in like just a couple of days, because today's Friday, 0:09:04.040 --> 0:09:07.520 and I think Sunday the door's closed. I partnered with Terry, 0:09:07.559 --> 0:09:10.400 my investment coach. She has this five day live investing 0:09:10.480 --> 0:09:12.840 master class. So I'm excited about it. And these five 0:09:12.880 --> 0:09:15.120 days you're going to learn how to understand the stock market. 0:09:15.200 --> 0:09:18.120 Day one all about indexes. Day two, this is what 0:09:18.200 --> 0:09:21.200 allows you to invest more passively. Day three, how to 0:09:21.240 --> 0:09:23.960 open a brokerage account, the exact exact account that you're 0:09:23.960 --> 0:09:26.160 going to need to invest. Day four to buy your 0:09:26.160 --> 0:09:28.400 first stock. We're going to buy our first stock. We 0:09:28.400 --> 0:09:29.760 don't have any money to buy your first stock. 0:09:29.800 --> 0:09:30.200 That's okay. 0:09:30.440 --> 0:09:32.560 We could do it paper with them, you can do simulation. 0:09:32.920 --> 0:09:34.520 And day five we're going to sell our first stock. 0:09:34.920 --> 0:09:37.800 And so this this five day investing master class. And 0:09:38.160 --> 0:09:41.360 what I decided to do is because I want company 0:09:41.400 --> 0:09:44.640 in doing this five day master class, that I added 0:09:44.679 --> 0:09:48.240 bonuses on top of Terry. So Terry has like, if 0:09:48.240 --> 0:09:50.880 you just want to do the live class April fifteenth 0:09:50.920 --> 0:09:54.440 to the nineteenth, Monday through Friday, two hours every day, 0:09:54.559 --> 0:09:57.440 eight pm to ten pm Eastern Standard time, it's ninety 0:09:57.440 --> 0:10:00.160 seven dollars. If you want the replay and to get 0:10:00.160 --> 0:10:03.640 an extra bonus day with extra interviews as well, then 0:10:03.840 --> 0:10:07.360 it's two ninety four, I believe, and that gives you 0:10:07.400 --> 0:10:10.360 the replay access for six months and all these other bonuses. 0:10:10.440 --> 0:10:13.440 I'm stacking bonuses on top of those bonuses, and because 0:10:13.440 --> 0:10:15.120 I really want people to do it alongside with me, 0:10:15.480 --> 0:10:18.280 and that budget needs to stockbonuses dot com if you 0:10:18.320 --> 0:10:20.360 sign up for the class there, I'm going to give 0:10:20.360 --> 0:10:22.120 you an ebook. 0:10:22.120 --> 0:10:24.280 If you sign up for the ninety seven dollars version. 0:10:24.360 --> 0:10:26.800 So general admission, I'm going to give you two ebooks, 0:10:26.960 --> 0:10:29.880 one on learning to Earn, one on investing. I'm going 0:10:29.920 --> 0:10:31.839 to give you one month free to my online school, 0:10:31.920 --> 0:10:34.480 the Livature Academy. I'm going to give you access to 0:10:34.559 --> 0:10:36.280 a pop up Facebook group that we're all going to 0:10:36.320 --> 0:10:40.360 work together while Terry is teaching, and I'm also going 0:10:40.440 --> 0:10:43.120 to do a live class learn to Earn class that's 0:10:43.120 --> 0:10:45.559 like a thousand dollars worth of value for anybody who 0:10:45.559 --> 0:10:47.840 does VIP that we will do it together because I'm 0:10:47.840 --> 0:10:49.360 trying to bribe you all to do it alongside me. 0:10:49.640 --> 0:10:52.040 And so that's at budget needs to stock bonuses dot com. 0:10:52.080 --> 0:10:55.200 The link will be in the show notes. But yeah, 0:10:55.240 --> 0:10:57.080 that's so one of the ways if you if you 0:10:57.120 --> 0:10:59.400 have been thinking about what are the ways can I 0:11:00.000 --> 0:11:03.600 fund my business? One of them is through investing because 0:11:03.600 --> 0:11:06.360 it allows you to have access to money outside of 0:11:06.360 --> 0:11:07.320 what your business generates. 0:11:07.320 --> 0:11:07.920 So that's two. 0:11:08.679 --> 0:11:15.000 Third way to fund your business yourself is part time entrepreneur. Yes, 0:11:15.120 --> 0:11:17.200 you have to explore creative ways to bootstrap your business, 0:11:17.640 --> 0:11:20.280 like you know, offer your skills or expertise as a 0:11:20.280 --> 0:11:23.880 freelancer or consultant to generate additional income while building your 0:11:23.880 --> 0:11:26.880 business on the side. This is what I did when 0:11:26.880 --> 0:11:29.120 I used to when I started a budgetista, I also 0:11:29.240 --> 0:11:33.040 taught and I tutored, you know, and so that helped 0:11:33.240 --> 0:11:36.960 provide some fundamental base to pour into my business. 0:11:37.240 --> 0:11:37.400 You know. 0:11:37.520 --> 0:11:39.720 Look for flexible job opportunities that allow you to devote 0:11:39.720 --> 0:11:43.080 time and energy to your business off hours, because here's 0:11:43.120 --> 0:11:47.400 the thing that full time entrepreneurship takes typically time to 0:11:47.440 --> 0:11:47.680 get to. 0:11:47.760 --> 0:11:48.439 Sometimes people are. 0:11:48.440 --> 0:11:51.480 Entrepreneurship snobs, and I'm like, no, girl, Like, there's nothing 0:11:51.520 --> 0:11:54.440 wrong with having like uber eating, you know, there's nothing 0:11:54.440 --> 0:11:55.479 wrong with instacarting. 0:11:55.840 --> 0:11:58.760 You know. Also to consider bortering goods and services. 0:11:58.960 --> 0:12:00.679 So in the beginning, I used to barter, like, hey, 0:12:00.720 --> 0:12:02.640 I'll teach you, you know, I'll help you with your 0:12:02.679 --> 0:12:05.920 finding your budget if you help build my website, you know. 0:12:06.000 --> 0:12:09.640 So bartering also too, in exchange for products and services 0:12:09.720 --> 0:12:12.400 to help you launch or grow your business, and so 0:12:12.840 --> 0:12:16.400 some of the part time business resources. So consider, like 0:12:16.440 --> 0:12:19.760 I said, looking for ways to make additional income. Kudos 0:12:19.840 --> 0:12:22.720 if you can actually make additional income on the side 0:12:23.000 --> 0:12:25.719 that helps to enhance your skill set. I'll give you 0:12:25.720 --> 0:12:28.080 an example. A friend of mine wanted to go into 0:12:28.080 --> 0:12:31.800 the retail space. She had like a clothing business, and 0:12:31.880 --> 0:12:33.800 she on the side used to work at T Mobile 0:12:33.800 --> 0:12:34.959 And at first I was like, girl, why are you 0:12:34.960 --> 0:12:36.040 working on a T mobile if you want to have 0:12:36.040 --> 0:12:36.760 this clothing brand. 0:12:36.920 --> 0:12:37.439 She's like, I. 0:12:37.400 --> 0:12:40.880 Wanted to work to understand retail, and so she worked 0:12:40.880 --> 0:12:42.480 on the retail side of T Mobile, like in the 0:12:42.520 --> 0:12:44.080 store selling products. 0:12:44.320 --> 0:12:45.720 She wanted to be on the floor. 0:12:45.880 --> 0:12:48.360 What does it look like to have employees that sell well, 0:12:48.520 --> 0:12:52.160 what does it look like to for merchandise to move? 0:12:52.360 --> 0:12:54.160 What does it look like to stock that? And she 0:12:54.200 --> 0:12:56.240 did that for two years. So she made extra money 0:12:56.240 --> 0:12:59.240 and she learned the retail side of a business, and 0:12:59.280 --> 0:13:00.960 I thought that was genius. 0:13:01.240 --> 0:13:04.560 So that part time like a business model. 0:13:05.040 --> 0:13:07.160 Like to make extra money on the side to fund 0:13:07.160 --> 0:13:09.679 your business while also learning something is like top tier. 0:13:09.920 --> 0:13:13.680 So look for examples and resources like upwork, freelancer five 0:13:13.760 --> 0:13:16.480 or Guru people per hour. These are places to make 0:13:16.480 --> 0:13:19.720 additional money on the side as you and you use 0:13:19.800 --> 0:13:22.840 that money to then fund your business. Okay, hey, ba fan, 0:13:22.880 --> 0:13:24.680 We're going to take a quick break and we'll be 0:13:24.920 --> 0:13:33.120 right back. So Number three ways to fund your Number 0:13:33.120 --> 0:13:38.040 four ways to fund your dream business, seek grants or contests. 0:13:38.120 --> 0:13:41.240 So you're going to want to explore opportunities to win grants, 0:13:41.400 --> 0:13:45.120 Participate in startup contests, apply for small business competitions that 0:13:45.200 --> 0:13:48.800 offer funding. Right, So I'll give an example. My grant 0:13:48.800 --> 0:13:51.320 person on my team just applied for this grant. It 0:13:51.360 --> 0:13:53.720 was a lot of work for like one week, and 0:13:53.800 --> 0:13:56.520 it will generate us about two hundred and fifty thousand 0:13:56.559 --> 0:13:58.640 dollars just in the summertime. 0:13:58.760 --> 0:14:01.000 And then in the fall aditional income. And it's a 0:14:01.000 --> 0:14:01.680 two year grand. 0:14:01.880 --> 0:14:04.240 So you're looking at on the low end, this grant 0:14:04.280 --> 0:14:05.960 will generate about maybe like half a million dollars. 0:14:06.000 --> 0:14:07.520 On a high end, maybe closer to a million. 0:14:07.640 --> 0:14:09.720 And she's working on another grant right now that will 0:14:09.720 --> 0:14:11.959 generate about two point five million if we get it. 0:14:12.000 --> 0:14:15.240 That's tremendous two point five million on top of the 0:14:15.280 --> 0:14:18.319 half a million she's already generated us from grants. Now, 0:14:18.360 --> 0:14:21.640 here's the thing. If you're going to look at grants, 0:14:21.800 --> 0:14:25.400 you have to have underlying business fundamentals. 0:14:25.720 --> 0:14:27.320 What's your P and L. If you don't know what 0:14:27.320 --> 0:14:28.160 that is, don't. 0:14:27.960 --> 0:14:30.400 Apply for a grant. Right your profit and law statement. 0:14:30.520 --> 0:14:34.360 Do you have an accountant? Are your financials well organized, 0:14:34.400 --> 0:14:35.680 because they're going to ask about that. 0:14:36.320 --> 0:14:37.960 What deliverables can you deliver? 0:14:38.240 --> 0:14:42.400 I have my online school Deliveratary Academy, I've got like courses, 0:14:42.640 --> 0:14:44.520 I've got so you know what I mean. So the 0:14:44.600 --> 0:14:48.160 thing about grants and even contests are you have to 0:14:48.280 --> 0:14:51.960 be have the fundamentals of your business solidified. So many 0:14:51.960 --> 0:14:55.760 people couldn't get ppe loans why because they had not 0:14:55.800 --> 0:14:57.800 done their taxes in a number of years. And so 0:14:57.880 --> 0:15:01.280 when it comes time to actually get funded, people are 0:15:01.280 --> 0:15:04.600 not funding businesses without the underlying fundamentals. 0:15:04.880 --> 0:15:07.680 There's fund and fundamentals. Does that make sense? 0:15:08.120 --> 0:15:10.080 So you need to get that together before you seek 0:15:10.080 --> 0:15:13.160 out these grants. Quite honestly, I feel pretty confident about them. 0:15:13.240 --> 0:15:16.760 Multimillion dollar grant because last year only one person applied 0:15:16.800 --> 0:15:18.560 for it because people didn't even know it existed and 0:15:18.600 --> 0:15:22.520 most people were not ready. That is an amazing way 0:15:22.520 --> 0:15:24.560 to fund your business because most people are not going 0:15:24.600 --> 0:15:26.840 to take the time to be ready. They think they 0:15:26.840 --> 0:15:29.040 have a business. They're just making money. It's not the 0:15:29.080 --> 0:15:32.320 same having a business. Is the fundamentals of your finances 0:15:32.320 --> 0:15:34.520 in order, your team structure, in order, do. 0:15:34.520 --> 0:15:36.440 You have an org chart, who does what? 0:15:36.600 --> 0:15:39.880 When you know, like that financial piece cannot be understated. 0:15:40.040 --> 0:15:42.600 Are you clear about your deliverables? What do you deliver 0:15:42.760 --> 0:15:45.280 to whom? Who is your audience? Sometimes it takes a 0:15:45.320 --> 0:15:48.440 couple of years to get together, but so but grants 0:15:48.440 --> 0:15:51.360 can be an excellent way, you know, and contexts can 0:15:51.400 --> 0:15:54.800 be an excellent way to make money for your business. 0:15:55.160 --> 0:15:58.040 And a lot of work to get it together. And 0:15:58.080 --> 0:16:01.440 then it doesn't mean that like the deliverable. So this 0:16:01.560 --> 0:16:03.800 is how tight I've gotten in business. We're like if 0:16:03.840 --> 0:16:06.200 we get so we got the grant for the two fifty, right, 0:16:07.080 --> 0:16:09.400 So what's so great about that is that I have 0:16:09.440 --> 0:16:12.280 to basically teach. But I already put the APB out 0:16:12.320 --> 0:16:14.400 there earlier in the year to say, hey, if I 0:16:14.440 --> 0:16:16.520 have to have someone teach financial education in the state 0:16:16.560 --> 0:16:18.880 of New Jersey, are there teachers that are already teaching 0:16:18.880 --> 0:16:21.400 financial education? Y'all know, I got that law pass making 0:16:21.400 --> 0:16:23.920 a mandatory for middle school students, So there's already financial 0:16:24.000 --> 0:16:27.320 education teachers. Seventy people submitted their resume, so YO were 0:16:27.360 --> 0:16:30.680 ready to go, depending on however many classrooms want to 0:16:30.760 --> 0:16:34.200 hire us. I have seventy teachers ready to go, and 0:16:34.360 --> 0:16:36.560 I know exactly what I'd pay them per classroom, and 0:16:36.600 --> 0:16:40.160 I know I'd be earning and the overhead is minimal 0:16:40.240 --> 0:16:42.000 at best. But do you see what happens when you're 0:16:42.080 --> 0:16:44.720 red D. You know you can apply for things that 0:16:44.760 --> 0:16:46.880 are going to be a fit. We can make a 0:16:46.920 --> 0:16:49.760 tremendous amount of money with relatively low lift if you're 0:16:49.840 --> 0:16:52.640 red D. And so here's some things you have to 0:16:52.640 --> 0:16:54.880 consider if you're going to apply for grant and contests. 0:16:55.160 --> 0:16:57.640 You want to find opportunities to buy, building strong networks, 0:16:57.800 --> 0:17:01.520 cultivate relationships with mentors, advisors, and other entrepreneurs who can 0:17:01.600 --> 0:17:05.639 provide guidance, support and potential opportunities. The opportunity that I 0:17:05.760 --> 0:17:07.520 just got for this is because a friend of a 0:17:07.520 --> 0:17:09.760 friend was like, girl, have you ever heard of such grant? 0:17:09.800 --> 0:17:11.720 I said no, and she said you should apply for 0:17:11.840 --> 0:17:13.560 We looked it up and we did and we got it. 0:17:14.520 --> 0:17:18.000 You know, so that networking is going to be important. Also, 0:17:18.119 --> 0:17:21.320 some resources to consider grants dot gov. This is a 0:17:21.359 --> 0:17:26.000 comprehensive database of grants are offered by various federal agencies 0:17:26.040 --> 0:17:28.280 in the United States. You can search for grants by 0:17:28.359 --> 0:17:33.840 keyword agency eligibility criteria and so it can be competitive, 0:17:33.880 --> 0:17:37.119 but it's worth exploring, right. So also, there are many 0:17:37.200 --> 0:17:40.439 state and local government websites. Many state and local governments 0:17:40.440 --> 0:17:43.000 they're going to offer grant and financial assistance programs too 0:17:43.040 --> 0:17:47.199 small to support small businesses within their jurisdiction, so google 0:17:47.240 --> 0:17:50.399 to look up these websites. So I would google like 0:17:50.440 --> 0:17:54.240 New Jersey's Economic Development Agency, you know, or local Chamber 0:17:54.280 --> 0:17:59.280 of convince converse for of commerce, sorry for like Tennessee, 0:17:59.600 --> 0:18:02.120 you know, and city government websites to learn about available 0:18:02.160 --> 0:18:04.720 grant programs and LA's but not least, you cannot sleep 0:18:04.720 --> 0:18:08.160 on your SVA. That is a Small Business Administration. They 0:18:08.200 --> 0:18:11.879 provide resources and assistanms for small businesses for stuff like 0:18:11.880 --> 0:18:15.880 information about grants funding opportunities. The SBA doesn't usually offer 0:18:15.920 --> 0:18:21.000 grants themselves, but they do provide grants to It does 0:18:21.040 --> 0:18:25.240 provide way while well, it will provide grants to organizations 0:18:25.320 --> 0:18:28.040 that do support small businesses, if that makes sense, Like 0:18:28.080 --> 0:18:30.040 so a small build you want to look up like 0:18:30.080 --> 0:18:33.560 a small Business Development Center and a wiment's Business Development 0:18:33.600 --> 0:18:36.720 Center like though, the SBA will provide grants for those 0:18:36.880 --> 0:18:38.639 organizations if too, will in turn help you. 0:18:39.359 --> 0:18:42.320