As a person that is considering to start your own business (such as a bookie operation), you probably have heard a number of false aphorisms, including “it takes money to make money.” In fact, this statement is wrong, and very misleading.
When you decide that you really want to follow the entrepreneurial path by starting your own bookie business, at first you won’t need any cash at all.
This is because before you even get your first client, you need to take your time to get prepared with the necessary knowledge. This is the learning period, when you need to truly apply yourself in order to learn the skills that can allow you to become the best sports betting services provider that you can be.
Once you have acquired this necessary knowledge, you can also opt for asking an angel investor to put cash into your new bookie venture. This means that at this point you are more than ready to start adding clients to your bookmaking portfolio, and you haven’t spent a single penny out of your own pocket yet!
Now, it is important to mention that you should consider asking for funds once you feel ready to actually open the doors of your bookie business and not before that because doing so can really stunt your growth. In other words, the investment that was first intended to help can actually turn out to be harmful.
For example, you can start burning through money without really needing to do so by acquiring products or services that you could have otherwise obtained free of charge.
The secret is to save as much cash as possible and avoid wasting the funds that were so difficult for you to obtain for your bookie business.
With that said, it is important to consider that in your case as a bookmaking entrepreneur, you will need to spend cash when you have to pay winners as you need to maintain a positive reputation amongst your clients, but on the positive side, you profits are going to be definitely higher than your expenditures.
In sum, it is no good to believe the hype about needing cash to start a bookie operation. This type of thinking is quite deceiving, and if you remain in this state of mind, you are, indirectly, delaying or even ruining your chances of obtaining success.
In reality, the people that repeat this type of false aphorisms are just trying to sound smart and learned, or they are also trying to make excuses about why their businesses failed.
Remember this: Having no cash at first doesn’t mean that you don’t have any resources!
So, we can actually rephrase the line mentioned above as: “It doesn’t take money at first to make a whole lot of money in the future.”