from Blog of Dr Shannon Reece 3/13 enhanced by Peter/CXO Wiz4biz 3/14
23. Best Tips For Bootstrapping
a) Solidify a Revenue Model first – figure out who is giving you money. Sounds easy, but it’s one of the most overlooked concepts of many tech startups.
b) Get Clients, even if you’re not 100% ready – If your customers believe in you and your product/service, they will grow with you.
c) Have a Unique Value Proposition (UVP) – Competition in any industry is fierce. Give customers a reason why you are better/different/more popular. *Dont use the “I’m looking for the high-end consumer” line, especially if you do not have a product that warrants high-prices.
24. How I Bootstrapped My Way To Success
I started my business with $70 to register my company name and $100 for a SW program. Just 9 months later, I had hired my first employee to help me grow my editing, writing & consulting firm. We specialize in writing Business Plans for Start-up companies. My single best tip is to take advantage of free advertising methods – Social Media, Craigslist, & your own Network – and learn how these elements inter-act to help you succeed. I post free ads on Craigslist that point to my web site, Twitter & Facebook pages – then update Twitter through Facebook and post updates that encourage people to connect to all my pages. I always encourage people I meet, to learn about me Online – it’s a great way to drum up ongoing interest in my business!
25. The Startup Sale
I like to offer something I call “the Startup Sale. The purpose is to get as many Customers & Sales quickly. What I do is call on everyone I know and tell them about my new company. Then I ask if I could provide the service at a reduced rate “in order to build my portfolio”. The result is generally a few immediate sales – which can be immediately leveraged to acquire more customers. Generally people want to see some proof that you will do what you say you will. By quickly getting a couple portfolio pieces under your belt you can look more credible faster, which makes it easier to make future sales.
26. Slow & Steady Wins the Race!
It’s possible to bootstrap a company, and develop the concept without a lot of money which is why they call it Boot-Strapping. But you have to be willing to spend the time to work out your concept and business model on the side, while you put the pieces together. But that’s a good thing. Too much money gets thrown into a lot of untested and poorly conceived ideas. Boot-strapping is great, because you can really go through all the necessary growing pains and learn from the “bottom up” what to do and what not to do. And because it’s usually your own money in the beginning, you can choose to invest it as you wish without people pushing you into directions that might have diluted your brand. In the long run you end up in the same place.
[ Slow & Steady continued, The Task Mistress, Look For An Under-Served Niche in next Premium Content ]