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

Summary

Podcast Summary: The $100 MBA Show - Episode MBA2603 Q&A Wednesday: I'm Dead Broke! What Do I Sell?

Host: Omar Zenhom
Release Date: March 26, 2025
Episode Title: MBA2603 Q&A Wednesday: I'm Dead Broke! What Do I Sell?
Podcast Description: Awarded Best of Apple Podcasts, The $100 MBA Show delivers practical business lessons for the real world. Hosted by Omar Zenhom, the show provides actionable insights from over two decades of entrepreneurship, focusing on building and scaling businesses with minimal resources.

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Introduction: Overcoming Financial Hurdles

Timestamp: [01:02]

Omar Zenhom opens the episode addressing a common dilemma faced by aspiring entrepreneurs: "You're dead broke. No savings, no capital, no backup plan. So what do you sell?" He emphasizes the importance of leveraging existing resources—**skills, experience, and time—as the primary assets when starting a business without capital.

Key Insight:
“When you have no money, the only way to make money is to trade your time for it.”

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Selling What You Already Have

Timestamp: [01:40]

Omar shares his personal journey of leaving a teaching career with no savings or investors to start a business by selling his knowledge. He began by helping others build websites, a skill he had acquired over the years, highlighting that solving existing problems with your current skills is a viable pathway to generating income.

Notable Quote:
“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.”
— Omar Zenhom [02:10]

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Step-by-Step Guide to Making Money with Zero Capital

Step 1: Identify What You Can Sell

Timestamp: [03:00]

Omar outlines the first step as identifying services you can offer based on your existing knowledge and the problems you can solve for others.

Key Points:

• Assess Your Skills: Determine what you already know how to do.
• Problem-Solving: Identify the issues you can address for potential clients.
• Demand Validation: Consider what people frequently ask you for help with.

Example:
Omar leveraged his WordPress expertise to create websites for new business owners, fulfilling a demand within his network.

Notable Quote:
“If you can answer those three questions, you have a business idea.”
— Omar Zenhom [03:45]

Step 2: Get Your First Paying Customer

Timestamp: [04:15]

With a clear service offering, the next step is securing your initial customer without a marketing budget.

Strategies:

1. Leverage Your Network: Inform friends, family, and professional contacts about your services.
2. Social Media Outreach: Use platforms like Facebook, LinkedIn, and Instagram to announce your offerings.
3. Offer Discounts: Provide services at a reduced rate initially to build a portfolio and gather testimonials.
4. Freelance Platforms: Utilize sites like Upwork, Fiverr, and TaskRabbit to find your first gigs.

Example:
Omar recounts how his first client approached him at a local meetup without any formal pitching, resulting in a $500 website project.

Notable Quote:
“Your first customer is probably somebody you already know or in your network or somebody you know knows.”
— Omar Zenhom [04:50]

Step 3: Improve and Scale Your Business

Timestamp: [05:15]

After securing the first few clients, focus on enhancing your services and expanding your business.

Steps to Scale:

1. Raise Your Prices: As your skills and service quality improve, increase your rates to reflect higher value.
2. Seek Referrals: Encourage satisfied clients to refer others to your services.
3. Develop Product Packages: Transform your expertise into consumable products like online courses, memberships, or recurring services.

Personal Growth:
Omar describes how his website services evolved from charging $500 to $5,000 as his proficiency and client results improved.

Notable Quote:
“The easiest way I have found to make money when you're Broke is to sell a service. No inventory, no upfront cost, just your time, skill and effort.”
— Omar Zenhom [05:25]

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Real-World Examples and Testimonials

Timestamp: [03:50 - 06:42]

Omar shares inspiring stories of entrepreneurs who successfully started with minimal resources:

• Nicole Baldinho: Omar’s business partner who attended the New York Film Academy for four weeks, learned videography, and quickly landed her first paid gig.

  Quote:
  “No excuses, she just picked up a skill to learn so that she can get paid for it.”
  — Omar Zenhom [04:25]

• Matt Giovanisi: A musician who utilized his talent to create catchy tunes, eventually composing the theme music for The $100 MBA Show.

  Quote:
  “You have existing skills that you can leverage and start making money with.”
  — Omar Zenhom [05:00]

These examples illustrate that acquiring and applying new skills can lead to immediate income opportunities.

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Additional Tips for Success

Timestamp: [06:42]

Omar provides advanced strategies to further enhance and sustain business growth:

• Leverage Online Communities: Participate in Facebook groups and Reddit to offer value and promote your services organically.

• Networking Events: Attend local meetups and industry events to connect with potential clients without aggressive pitching.

  Example:
  Omar received his first $500 client by casually discussing his website services at a meetup, demonstrating the power of passive networking.

Notable Quote:
“Don't waste time trying to chase this mythical beast called passive income. Just get started by trading your time, your expertise for profits, and then you can start scaling.”
— Omar Zenhom [07:15]

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Conclusion and Call to Action

Timestamp: [09:00]

Omar wraps up the episode by summarizing the actionable steps for listeners facing financial constraints:

1. Sell a Service: Utilize your existing skills and offer solutions.
2. Reach Out: Inform your network and use social platforms to find clients.
3. Build Momentum: Secure your initial clients, gather testimonials, and scale your offerings.

He encourages listeners to subscribe to The $100 MBA Show for continuous learning and growth, emphasizing the importance of commitment and proactive effort in building a successful business.

Call to Action:
“If you want more strategies to start, grow and scale your business, then you're gonna wanna sign up for my three Things newsletter. Every week, I send you three things... It’s completely free and it’s my way to coach you from afar.”
— Omar Zenhom [09:30]

Listeners are invited to subscribe to the podcast on platforms like Apple Podcasts or Spotify to receive future episodes automatically, ensuring they stay engaged with ongoing business lessons.

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Key Takeaways

• Leverage Existing Resources: When funds are limited, your skills and time are your most valuable assets.
• Start Small and Scale: Begin with a service-based business, secure initial clients, and gradually expand your offerings and pricing.
• Networking is Crucial: Utilize your existing network and engage in communities to find opportunities organically.
• Continuous Learning: Invest in developing new skills to diversify your service offerings and increase your market value.

By following Omar Zenhom’s structured approach, even those starting with no capital can effectively build and scale a profitable business.

Transcript

[LinkedIn Representative]

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[Jim]

And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts.

[Team Member]

His next meeting is in two minutes. The team is asking, can he get through his expenses in that time?

[Jim]

He's going for it. Is that his phone? He's snapping a pic. He's texting Ramp.

[Team Member]

Jim is fast, but this is unheard of.

[Jim]

That's it. He's done it. It's unbelievable.

[Ramp Representative]

On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.

[Omar Zenhom]

Youm'Re dead broke. 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 and A Wednesday. If you got a question you want me to answer, head on over to 100mba.netq and submit yours. Welcome back to the $100 MBA Show. I'm your host, Omar Zenholm, where I deliver practical business lessons three times a week, Monday, Wednesday, and Friday to help you start, grow and scale your business. 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 simple. The easiest way I have found to make money when you're Broke is to sell a service. No inventory, no upfront cost, 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 Baldinho. When she started her entrepreneurial journey, the first thing she did is that 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. 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. It could be business consulting, career consulting, fitness, productivity, whatever you have experience in. 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 Giovanisi, 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 you don't need to invent something new. Just solve a problem people already have. 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 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. Platforms like Upwork, Fiverr, Contra TaskRabbit, they're all easy to use and get started and it doesn't actually cost you anything to put your profile out there.

[Captain]

Race the rudders.

[Jim]

Race the sails. Race the sails.

[Omar Zenhom]

Captain, an unidentified ship is approaching. Over.

[Jim]

Roger, wait. Is that an enterprise sales solution?

[LinkedIn Representative]

Reach sales professionals, not professional sailors. With LinkedIn ads, you can target the right people by industry, job title, and more. We'll even give you a $100 credit on your next campaign. Get started today at LinkedIn.com results, terms and conditions apply.

[Jim]

And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts.

[Team Member]

His next meeting is in two minutes. The team is asking, can he get through his expenses in that time?

[Jim]

He's going for it. Is that his phone? He's snapping a pick. He's texting round.

[Team Member]

Jim is fast, but this is unheard of.

[Jim]

That's it. He's done it. It's unbelievable.

[Ramp Representative]

On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.

[Omar Zenhom]

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 and asked for help and they paid me $500 to fix their website. Cha Ching. Your first customer is probably somebody you already know or in your network or somebody you know knows. 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 you 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 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 5000. Because I got better and my clients started to get results and I was able to command higher prices. I believe that your first $100 is the hardest, your first client. But once you get over that hump, it gets so much easier. You get confident, you learn, and. 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. 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 gonna 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 gonna wanna sign up for my three Things newsletter. Every week, I send you three things. One, something to think about, something. 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 100- MBA-NET and sign up for any of our free guides and you'll be automatically added to our newsletter. 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 ever 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 subscribed, I'll check you in the next episode.

[Captain]

Got a 7am meeting on a Monday Expensing breakfast because it's in policy, wasting all afternoon submitting an expense report for that breakfast. If your company used Ramp, you could submit expenses with just a text.

[Omar Zenhom]

Yay.

[Ramp Representative]

Free your team from expense reports today. Switch your business to ramp.com.