Thread by @thedankoe

For those in there 20s and 30s that have skills, interests, or expertise

Here are 7 of the biggest lies you were told about building a business

(and how you can tap into the infinite potential of the internet)

— Thread —

1) You Need Upfront Capital

With the infinite potential that the internet provides, the is utterly false.

There are a plethora of zero-cost business models.

- Coaching
- Freelancing
- Consulting
- Content creation
- Digital products
- Affiliate marketing

To name a few.

These business models work because they rely on self-education and self-competition.

Acquiring new skills, keeping up with the industry, and continuously making your product better.

You are in the business of curiosity, persistence, and iteration.

2) You Need To Hire Employees

There are one-person businesses pulling in 7-8 figures in digital product sales.

There are consultants that charge $20,000 a year for access to a Facebook group.

There are people charging $5,000 for a call.

You are a one-person business. You have control over what you offer and what you charge.

You will need immense experience and results to get to this level, but that's the fun. It's self-competition.

The only thing in your way is the fear of failure & the potential of quitting.

3) You Need A Logo, Website, and LLC

Biggest lie out there.

Freelancers and coaches need a calendar, an offer, and a good DM strategy (followers not required, but a bonus).

Digital product sellers need a course platform, a following, and authoritative personal brand.

Stop worrying about the LLC formation until you are profitable. It's not necessary but is a "good to have" once you start actually making money.

Lesson: Focus all of your energy on lever moving tasks. Building a website and designing a logo are not those.

4) You Need To Pay For Ads

Ads are awesome. They serve their purpose.

But in under 2 years of growing this account I get 5-10 million impressions per month.

That's $35,000-$70,000 in ad spend. I get it for free.

I paid with consistency, practice, and iteration of my craft.

My advice, pick a platform that:

1. Is where your ideal customer hangs out

2. Plays to your talents

Twitter > writing and ideas
Instagram > sexiness and visuals
YouTube > speaking and storytelling

Master one, systemize, then branch out and take over other platforms.

5) You Need To Be An Expert

No, the best teachers are those that can speak as if they were one step ahead of you.

If you want to stay motivated and make progress, the challenge must slightly exceed your skill level.

This means...

That it is more effective for you to teach the person directly under you than it is the person far behind you.

If you have improved your health, wealth, or relationships (eternal markets where burning, lucrative problems exist)

Then you are qualified to teach.

There is also the build in public route. You document *how* you are improving in those areas and teach the lessons you are learning.

You learn and earn your way to more learnings and earnings. It is a very fulfilling path and business model for growth-minded individuals.

6) ThE MarKeT iS saTuRAtEd

Stop. The only people saying this are the ones that haven't started.

Anyone that runs a successful business will tell you that saturation doesn't exist. Especially where I specialize, one person businesses.

You are your own niche. Your unique viewpoints, ways of getting results, and personal experiences are what set you apart.

The world is going personal. People crave authenticity.

If a big brand and personal brand sell the same product - the personal brand can charge more...

and their followers are more likely to buy from them. The connection and trust is there.

On the topic of saturation: if something is selling, that means it works. Money is flowing.

All you need is decent marketing and a unique mechanism to beat the competition.

7) You Need To Learn A Lot Before You Start

This is partially true. You need to understand the fundamentals and lever-moving actions in whatever skill / business model you choose to go into.

However, you can easily get trapped in "tutorial hell."

Endlessly learning for 6 months when you could have replaced your income already.

Learn the fundamentals.

Build real-world projects.

Teach by creating content.

Offer free help in the DMs with high leverage individuals.

The teacher learns more than the student.

Those were the 7 biggest lies, now here are 4 things you can do:

1. Retweet the first tweet of this thread.
2. Comment a big business lie you've heard.
3. Check out my last thread breaking down the one-person business model

https://twitter.com/thedankoe/status/1462742923846594567?s=20

4. Join Modern Mastery HQ

join.modernmastery.co

once again i am reminding those that are serious about growth that there are 5 days left

https://twitter.com/thedankoe/status/1463154664749285395