This Week’s Problem

This week, I'm asking my own question, and this time, it's not me answering it but ChatGPT. Don't get me wrong, I'm giving you my own answer based on the results, but this week I'm roping in AI. Because if you aren't using it, you're missing a HUGE trick, and as I’m sailing around the stunning Croatian island of Hvar, let me share my insights and responses to these burning questions.

What are the three most commonly asked questions by new business owners?

Matt’s *No Bollocks* Fix

1. How Do I Secure Funding for My Business?

First off, many new business owners make the mistake of seeking an unrealistic amount of funding. Dream big, yes, but be realistic. If you're just starting out, aiming for millions when you’ve never raised a penny or run a business is impractical. Instead, focus on businesses requiring limited capital that you can start with your current skills.

If you're 25, broke, and inexperienced, a plan to build a theme park with its own fleet of jumbo jets might need to be parked for the future. Start with something manageable.

Take the Easy Wins: If friends and family are willing to invest, let them. Don’t let pride get in the way of securing necessary funds.

Exhaust Personal Resources: Use your savings, credit cards, and loans before seeking external funds. If you're not willing to put your own money on the line, why should anyone else?

2. How Do I Ensure I’m Complying with Legal and Regulatory Requirements?

This depends greatly on your country and industry. While some businesses like plastic surgery or running a bar require specific licenses, many regulations can be navigated more flexibly. Often, it's about asking for forgiveness rather than permission. However, know the potential downsides and have a good lawyer specialized in your field.

Borrow Licenses: If obtaining a license takes too long, consider partnering with someone who already has one. In finance, for example, leveraging an existing FCA license can save time and hassle.

3. How Do I Attract and Retain Customers?

You need to get good at marketing. Business owners should learn all necessary skills, especially marketing and finance. You might outsource these tasks, but without understanding them yourself, you won't know if you’re being overcharged or misled.

Focus on One Marketing Channel: Find one effective channel and master it before branching out. Whether it's Facebook ads or your personal network, go deep rather than wide.

Retention: Deliver exceptional service and value. Stand out by going above and beyond, especially in a crowded market. Be available and responsive to your customers' needs even outside regular hours.

Guest Of The Week

Our next guest has nearly 1 million followers and has built a fitness empire from the ground up. Join me to learn Rob Lipsett’s secrets on running a successful fitness business, staying in shape, and achieving those washboard abs. Get insights on marketing in a saturated market and converting social media followings into a money making machine. Rob also shares tips from his book “Game Plan” and juicy Love Island behind-the-scenes secrets.

Do you want to find out the future of your business? Stream it now, listen here or watch below!