Boot-Strapping your Startup
A review of Greg Garnforte’s book 5/10 and enhanced by Peter/CXO Wiz4biz 1/14
Chapter 1. STARTING UP
A. Advantages of Boot-Stapping:
1. Fastest way of growing your biz. Why? You get closer to your Customer – faster. You ID & solve their problems. You meet their needs. They are more than happy to pay for the “value” they get.
2. Funding delays the face-to-face Customer Sales learning process.
3. Dont waste $$, cause you’re working with you own – lean & mean.
4. You don’t waste Time, because you’re working hard trying to please your Customer in order to get paid.
5. Start small and correct small problems as they come up, you don’t make big financial & other mistakes.
6. Keep it all, since you don’t have to give Investors a piece of the Action.
7. Do what “you” want, since you’re not controlled by Investors, you’re more independent & free thinking.
8. Be more Creative, since you have no extra money to get frivolous with.
B. You don’t need a Product to Sell it.
1) you have an Idea. 2) you talk to the right Customers and discuss how you’ll “tailor” it to their needs. 3) you negotiate a Contract, get a Down Payment. [NOTE: You’ve paid for part or all of your Develop-ment] 4) Customer tests your product & you refine it. 5) you sell it to them & other Customers.
C. Strategies 4 successful B/Srapg
1) have the right product – that Customers want & are willing to pay for it.
2) find a small Niche w/in a Niche
3) Target your Market by talking to lots of Prospects about your product. Do they like it as-is or would they like other features? If so, are they willing to pay for them?
4) become an Expert on your Customers. What are their needs, wants?
5) Pick Partners carefully. “Try before you buy”. Have a 3-6 mo Contract, to see if they really have the experience, passion for your product
6) Provide great / fast Service
7) Use free Publicity & Promos
(Chapt. 2 SALES, Obstacles, Focus, Chapt. 3. SELLING Process: the 9 Steps in Premium Content )