“The Power of Broke” is a title of a book by Daymond John, one of the Sharks on Shark Tank in the US.
I wanted to write about it that conceptand share a personal story on how I apply this concept, and how you can too.
This concept has helped me increase my bottom line. (i.e. my cash in hand, after expenses)
When I started my journey as an entrepreneur, I was completely broke and started with nothing.
Pretty much every entrepreneur starts with nothing.
One of the biggest points that helped me in my first year, is the fact that I started with absolutely nothing.
It was an advantage.
I had no choice but to succeed.
I had to be frugal.
I had to be resourceful.
I had to figure things out on my own.
With that attitude, I had the privilege of making 6-figures in my first year. I got to travel, go to conference, make some great connections, work from home, set my own schedule, and all that good stuff.
But I also had the misfortune of losing that income stream overnight after just over year.
And looking back, I lost “the power of broke” mentality. I was “comfortable”.
Now, all of a sudden I was back to being “broke”.
And so, the power of broke came back to life.
I went back to the roots of online success, got any books I could lay my hands on, and work the trenches of affiliate marketing.
I have been at it for just over 3 months and I learned so much.
No magic tricks.
Just learn, apply, fail, tweak, try again, learn, apply, fail, tweak, try again – and being consistent about it.
I blog every week.
I email my list daily.
I buy paid traffic.
I utilize free traffic.
In my journey in recent months I decided to play a much more frugal game this some, and do things with limited budget. I will remain “broke” while on this journey, even if I am not actually broke.
This has taught me that being patient on purchases.
Where as most people spend over $100 on different software tools to run their online business, my monthly expenses on tools does not exceed $20.
I try to avoid the monthly subscriptions like the plague, and I find tools that are a ONE-TIME payment options to do what I need.
I still have all the tools I need, and I can scale up. Without the monthly overheads.
With that mentality, I managed to make less money these last 3 months than I did in similar 3 months when I worked online previously, but I kept a lot more of it.
And so, the power of broke is a gift.
I recommend you review the economics of your online business and by putting yourself in a “broke” mindset.
I will bet that most people reading this will find a few leaks in their business that would help increase the bottom line.
If you are not sure what to do or how to do, I’m always here to help and you’re welcome to reach out.
PS – Quick joke before it’s a wrap: “Entrepreneur’s Motto: I started out with nothing and still have most of it left.” 🙂