MBA2603 Q&A Wednesday: I'm dead broke! What do I sell?

Feeling stuck, wondering what you can possibly sell with zero cash? Ever thought about how people go from having nothing to building profitable businesses from scratch? Hank had the same question, and in this Q&A episode, Omar dives in to share some answers. Omar talks about his own experience of being flat broke and explains how selling your skills, time, and expertise can be the way out. From freelancing and consulting to leveraging your existing network to land that first paying client, he breaks down practical steps that cost nothing to get started. Curious to learn how to start making money with no capital? Just hit that play button at the top of the page and let Omar guide you through turning what you already have into real income. It’s time to take action, one customer at a time! To submit your questions, visit 100mba.net/q. Watch the episodes on YouTube: https://lm.fm/GgRPPHiSUBSCRIBEYouTube | Apple Podcast | Spotify | Podcast Feed

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  Ever invest in something that seemed incredible at first, but didn't live up to the hype? For example, I really wanted to love the show Mad Men. I really tried to watch it and love it, but it just didn't do anything for me. As a marketer and businessperson, the show was a little bit of a disappointment. Marketers know that feeling. They optimize for the numbers that look great, like impressions, but then we don't see revenue. LinkedIn has a word for that: bullspend. Instead, you can get the highest ROAS of major ad networks with LinkedIn Ads. Cut the bullspend, advertise on LinkedIn. Spend $250 and get a $250 credit. Go to linkedin.com/mba show. Terms apply. You're dead broke.

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  No savings, no capital, no backup plan. So what do you sell? You sell what you already have: your skills, your experience, and your time. Because as they say, when you have no money, the only way to make money is to trade your time for it, at least in the beginning. That's exactly what I did when I had nothing. And in today's episode, I'm going to show you how exactly you could start making money with zero capital, starting today. This question comes from Hank for Q&A Wednesday. If you've got a question you want me to answer, head on over to 100mba.net q and submit yours. Welcome back to the $100 MBA Show. I'm your host, Omar Zenhome, where I deliver practical business lessons three times a

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  week, Monday, Wednesday, and Friday, to help you start, grow, and scale your business.

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  Most people think that they need money to make money. That's simply not true, especially in today's day and age. Yes, starting a business with money makes things easier, but it's not a requirement. The real requirement is a skill that others are willing to pay for. When I left my teaching career to start my first business, I had no savings, I had no investors, I had no money to burn. What did I sell? I sold my knowledge. I started helping people build their websites, a skill I had picked up on the side years before. That turned into a full business because there were people willing to pay for it. That's simple. The easiest way I have found to make money when you're broke is to sell a service.

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  No inventory, no upfront costs, just your time, skill, and effort. If you have no money, sell your time. If you have no skills, learn one. My business partner and partner in life Nicole Baldinu, when she started her entrepreneurial journey, the first thing she did is she went to New York Film Academy. She took a program there that was four weeks and it taught her how to be a videographer. And shortly after those four weeks, she got her first paid gig. No excuses. She just picked up a skill to learn so that she can get paid for it. And today, it's so easy to learn with all the available content online. I mean, you're consuming this content right now. Perfect example. But I want to make this super simple, so let me give you some steps.

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  Step one, identify what you can sell. Ask yourself, what do you already know how to do? What problems can you solve for others? And what do people already ask you for help with? For example, I already knew how to create websites with WordPress. I can solve the problem for new business owners to create their websites and blogs. People were already asking me for advice, like my friends and family, on how to create a website and start a business. If you can answer those three questions, you have a business idea. Let me give you some examples of service-based businesses you could start like today. Number one, freelancing. I'm talking about writing, graphic design, video editing, social media management, consulting. There could be business consulting, career consulting, fitness, productivity, whatever you have experience in.

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  What do you do right now in your job that you can consult with privately? Tutoring or coaching, teaching a skill, test prep, online learning, local services. You can start a cleaning company, handyman work, personal training, event planning. I have a friend of mine, Matt Givinisi, amazing person, has an incredible business today, but when he was first getting started, he used his existing skills as a musician. He was great at creating catchy tunes. In fact, he created the theme music for this podcast. So you have existing skills that you can leverage and start making money with. And if you don't have existing skills, learn one. It doesn't take that long. The bottom line is, is you don't need to invent something new. Just solve a problem people already have.

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  Step two is to get your first paying customer. Once you know what you can offer, it's time to get paid. Here's how to do it with zero marketing budget. Number one, tap into your existing network. Tell everybody you know what you're offering, that this is what you're doing now. Post it on Facebook, LinkedIn, Instagram, DM people who might need your help and might benefit from your service. Another tip is to offer a few of your services for a discounted rate just to get started. Not forever, but just so you can get some portfolio work and some testimonials or reviews on Google reviews. Number three, use freelance platforms. These platforms are great if you just want to get started and get your first paying gigs.

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  Platforms like Upwork, Fiverr, Contra, TaskRabbit, they're all easy to use and get started. It doesn't actually cost you anything to put your profile out there. The holidays are the season business owners get pulled in six directions. More calls, more requests, more chances for things to slip through the cracks. Hoping you catch it all isn't a plan. That's why today's episode is brought to you by QUO, spelled Q-U-O. The business phone built so you never miss a call or a customer. Ever have a lead call or text at 10:00 PM? QUO's AI agent handles both 24/7. It answers questions, gets the details. And can text them a link to book an appointment. By morning, you've got the summary and can jump right in. And nobody should have to ask customers to repeat themselves.

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  In QUO, every call, text, and voicemail lives in one thread. So anyone on the team can jump in already knowing the whole story. If you have a business where your customers call or text you, this is a no brainer. You must have QUO. Money is on the line. Always say hello with QUO. Try QUO for free plus get 20% off your first six months when you go to quo.com/mba. That's Q U O dot com slash M B A. Small business owners, listen up. You started your business, but you can't do it alone. And that means you have to hire people to help. That's where Justworks comes in. Justworks is the payroll, benefits, and global hiring platform to unburden your brain from all the complicated small business stuff.

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  They handle the things you can't afford to get wrong, so you don't have to worry. So you can focus on the parts of running a business that you enjoy, knowing everything else is running smoothly. You don't have to worry when it just works. Another tip is to leverage Facebook groups and Reddit. Answer questions, give value, and then offer your service if they're interested. The crazy thing is when I started building websites, I got my first client in a free local meetup. I wasn't pitching, I was just talking about my business and what I'm doing, and someone overheard me and asked for help. And they paid me $500 to fix their website. Chaching. Your first customer is probably somebody you already know or in your network, or somebody you know knows.

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  You just need to make sure everybody knows what you do now. Step three, improve what you have and start raising your prices and scaling your business. Once you have your first three to five paying clients, here's what's next. You want to start raising your prices. Why? Because you are getting better and your product's getting better. That means what you offer is more valuable and therefore it deserves to have a higher price. As soon as demand increases, start charging more. Next, get more referrals. Ask the clients that you just served, those first three to five clients that are happy to send. Do more clients, ask them, who do you know that would benefit from my service? And then you want to start thinking about how you could scale your business and turn what

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  you have into a product, package your expertise into something that is consumable, whether it's an online course or a paid membership, or even a monthly recurring service that you provide or somebody on your team provides. Like I mentioned, I started charging $500 for a website. Then it was 1500, then it was 5,000 because I got better and my clients started to get results and I was able to command higher prices. I believe that your first hundred dollars is the hardest, your first client. But once you get over the hump, it gets so much easier. You get confident, you learn and you grow. So what's the fastest way to make money when you're broke? Hank, here's your answer. Sell a service, tell everyone you know. Get the first three to five paying customers.

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  Once you have some customers, get some testimonials, get some reviews, get some referrals from them, raise your prices and start scaling. If you're broke, don't waste time trying to chase this mythical beast called passive income, okay? Just get started by trading your time, your expertise for profits and then you can start scaling. And listen, right now you're using your time, but eventually you're going to start leveraging other people's time, technology, other resources to be able to grow your business. But right now, you need to just get started and make your first few dollars. If you want more strategies to start, grow and scale your business, then you're going to want to sign up for my three things newsletter. Every week I send you three things.

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  One, something to think about, something that will allow you to shift your mindset and grow. The second thing I provide in the newsletter is something to do, an actual step so that you can see your business take that next leap. And number three, something to learn, a valuable resource to keep you ahead. It's completely free and it's my way to coach you from afar. Just go to 100mba.net and sign up for any of our free guides and you'll be automatically added to our newsletter.

• 10:23Speaker 01

  If you found today's episode helpful and you want more practical business lessons to help you start, grow, and scale your business, the best thing you could do is subscribe to this podcast. Hit subscribe or follow on your favorite podcast app, the one that you're using right now, whether it's Apple or Spotify, or wherever you listen to podcasts. By hitting subscribe, you get our next episode automatically, and it's the best way to support the show. It's absolutely free, and it's a way for you to commit to growing your business. And now that you've subscribed, I'll check you in the next episode.

• 10:59Speaker 01

  Today's episode is supported by Rosetta Stone. I absolutely love Rosetta Stone because it's helping me learn Italian faster than I can ever imagine. Why do I want to learn Italian? Well, who doesn't love Italy? But of course, Nicole's family is Italian, and I'd love to have some quick Italian conversations with her mom. And Rosetta Stone just came out with Rosetta Stone Sapphire, their biggest launch in over a decade. One of the coolest features is chat missions, which turns conversation practice into a game. With chat missions, you're put in interactive scenarios and given three objectives: a mission to accomplish, like asking how much something costs, ordering a cold brew coffee, or getting a Wi-Fi password. Along the way, you get real-time corrections and feedback to help you sound more natural

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  and confident. It's a supportive way to build confidence before putting your language skills to use in real life. I've been using Rosetta Stone for over two years, and I actually can have some small Italian conversations with Nicole's mom now. Just the other day, she asked me, "When are you traveling?" And I said, "Dopo domani mattina," which means "after tomorrow morning." She was incredibly impressed I was able to answer in Italian. How could you put a price tag on a happy mother-in-law? If you want to take your language skills to the next level, don't wait to try Rosetta Stone Sapphire. The $100 rate show listeners can get 20% off their Rosetta Stone Sapphire subscription when they sign up today. This gets you access to Rosetta Stone Sapphire in 25 languages.