Making your First Dollar as a Flexer

_{Mike Bank is an early-stage startup founder, former investment banker, and a visiting lecturer and career coach at some of Europe’s leading business schools.}

_{At Citigroup, he was one of the bank’s youngest team staffers, assisted with graduate and MBA assessment centres in the London office, and ran numerous lateral hire processes.}

_{Over the past ten years, he has built and led teams at his own ventures as well as consulting with VC-backed startups on talent acquisition.}

The First Dollar is the Hardest

Stepping out on your own account is a massive step to take. Particularly if you have spent your entire career as an employee.

Winning that first sale, getting that first dollar, is the toughest step on your journey.

(In)famous entrepreneur Noah Kagan promotes the $1 challenge.

Simply go out and ask your friends & family to support you in your new endeavour.

This may seem strange, but the benefits are multifold:

1. You start to put the feelers out there that you are in business. This will lead to serendipitous connections and potential clients hearing about your new venture (see below for a real world example of this in action).

2. You get used to pitching yourself amongst friendlies. The more you speak about your new business, the more natural it will sound when it matters most.

3. You get used to asking, even when it is uncomfortable. And especially when you expect to be rejected. This will be essential when knocking on doors and pitching for real business.

4. You start to build an action-taking mentality. Business will not come to your door (at least at first). You’ll need to be going out there and building your book from day one.

Are you ready? Let’s go!

Templates for you to use

Here’s a template to use for email:

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Send To: [Friend or family member]

Subject Line: [Please support my new business!]

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Hey [insert their first name],

I have finally taken the leap and decided to start my own business. I will be [insert elevator pitch]. As part of this journey, I have been tasked with making my first £1 / $1.

I know it sounds strange, but this is my first step in getting started.

Would you mind becoming my first customer and contributing £1 / $1 to my business? In return, if you’re interested I’d be happy to keep you updated on my progress.

Thanks so much in advance,

[Your name]

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Here’s a template for Whatsapp/SMS

Hey, I am finally starting my own business and my first task is to make £1 / $1 by asking a friend. Would you help me out?

Not yet convinced? Maybe this will help.

Does it work for real?

One of our Flexers made a sale in his very first week by using this challenge.

Tim threw himself in at the deep end and spoke with a number of his contacts, explaining his new consulting business.

One ended up referring him to his first client,
who paid him £750 for a half-day workshop.

Of course, it helped that Tim was well-networked and highly respected in his industry. His contacts were therefore opportunity rich.

But hopefully yours are, too!

Learn More

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