Thinking about starting a side hustle or going out on your own? Whether you're a seasoned entrepreneur or a first-timer, this insightful episode with author and business expert David Barnett is packed with valuable advice.
David returns to Debt Free in 30 to delve into 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) 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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Episode Resources:
David Barnett YouTube
Hoyes Michalos YouTube
David’s New Book: “Starting or Buying a Business”
David Barnett’s Website
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.
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