Bootstrap Startup

Bootstrap Startup

Business is an extension of that question you are called to answer.

© 2012 Keno R. Mullings. 1
http://TheMullingsGroup.com

Objectives

1. The Bootstrap Startup Model
2. Business Foundation
3. Business Setup
4. Marketing


A step-by-step process by which entrepreneurs can start a
business without borrowing money.

THE BOOTSTRAP STARTUP
MODEL

The Bootstrap Startup Model

Businesses exist for two reasons only: to
solve problems and provide a platform for
individuals to walk out their purpose.
The better you are at accomplishing
these goals and letting the right people
know about it, the more money you will
make.



Business is an extension of that question
you are called to answer.

Making money is a consequence of doing
good business and not the reason.



1. Business Foundation
2. Business Setup
3. Marketing
4. Sales
5. Customer Development
6. Product Development


1. Purpose Summary
2. Concept
3. The Pitch
4. Business Plan

BUSINESS FOUNDATION


Purpose Summary

 What is your personal mission/purpose
statement?
 What is your business'
mission/purpose statement?
 What will your business do?


Purpose Summary

 What is your business passionate
about?
 What can your business do better than
anyone else in the world?
 How does your business make
money?


Purpose Summary

 What products and services do you
intend to sell?
 Who will you be selling your products
or services to?
 How much money are you willing to
spend starting or expanding your
business?


Concept

 What market problems and being
solved and what are your solutions?


Concept

 Define target market
 Create Buyer Persona document
 Create User Persona document


Concept

 Where will customers find your product
or service?
 How will customers buy your product
or service?


Concept

 Develop business model using the
“Business Model Canvas”


Concept

 Financials
 Develop pricing model
 Create startup balance sheet
 Create potential profit and loss statement
 Create potential cash flow
 When will you break even?
 What is your potential ROI?


The Pitch

 Title  Marketing & Sales
 Problem  Competition
 Solution  Team
 Business Model  Projections
 Underlying Magic  Status &Timeline

http://www.guykawasaki.com/downloads/art/Art.pdf


What is a Business Plan?
According to the SBA
(http://web.sba.gov/busplantemplate/BizPlanStart.cfm)...

1. The business plan should tell a compelling story about your
business, explaining who, what, when, where, how and why.
2. Your plan should be focused and clear. It is not about the
number of pages or style of the cover.
3. The plan should define specific business objectives and goals
with general parameters to guide the organization.
4. Writing a business plan should force logic and discipline into
a business.
5. A good business plan is a living document. It should be
updated regularly.

Copyright 2010 The Mullings Group. 18

Business Plan

 All the questions answered so far and
all the documents you created will feed
into your business plan
 Create the right plan for your audience
 Use a business plan software or
template


Get started in 12 steps…

BUSINESS SETUP


Business Setup

1. Buy your business domain
2. Setup Google Business Apps for your
business domain
 Email
 Calendar
 Documents
 Phone
 You can also get a paid phone number

Business Setup

3. Form company
 C-Corporation
 S-Corporation
 LLC
 LLP
 Limited Partnership
 General Partnership
 Sole Proprietorship
4. Get DBA © 2012 Keno R. Mullings. 22

Business Setup

5. Get EIN
 http://www.irs.gov/businesses/small/articl
e/0,,id=97860,00.html
 http://www.irs.gov/businesses/small/articl
e/0,,id=98350,00.html
 http://www.irsvideos.gov/virtualworkshop/


Business Setup

6. Open business bank account
7. Create logo
8. Create business cards


Business Setup

9. Setup bookkeeping tool
10. Create accounts for other business
tools
11. Get necessary licensing


12. Website & Social Media

 Develop corporate website using a
CMS
 Add Google Analytics to your website



 Landing page  FAQ
 Products  Blog
 Services  About us
 Pricing  Contact



 SEO
 meta keywords
 meta description
 Submit sitemap



 Add affiliate links, copyright, privacy
policy and legal disclaimer to website



 Email marketing
 Setup email campaign account
 Add email campaign web form to website



 Social Media Marketing (SMM)
 Add AddThis/ShareThis to website
 Add Twitter badge
 Add Facebook badge
 Add LinkedIn badge



 User feedback
 Setup account for user feedback
 Add user feedback capability



 Distribute blog via FeedBurner,
Hootsuite & Twitterfeed



 Add online payment/purchase
capability
 Create PayPal account
 Create shopping cart or online store
account


1. What is a Market?
2. Market Types & Their Consequences
3. What is Marketing?
4. The 4 P’s of Marketing
5. Bootstrap Marketing Steps

MARKETING


What is a Market?

A group of consumers that are interested
in your product and are able to buy the
product.


Market Types & Their
Consequences

 New market
 Existing market
 Cheaper, better faster
 Niche
 Hybrid


What’s Your Market Type?

 Identify what market your business is
in
 How this will impact your marketing?

© 2012 Keno R. Mullings.

What is Marketing?

Marketing is not…
 Sales

 Advertising


What is Marketing?

Marketing is…
 Making people aware of your product
or service
 Getting & keeping customers

 Marketing includes sales and
advertising


The 4 P’s of Marketing
(Marketing Mix)

 Product
 Price
 Placement (Channel)
 Promotion


Marketing Strategy Examples
 Word of mouth marketing
 Online
 Search engine
 Social media marketing
 Direct
 Conventional
 Guerilla
 Blanket marketing

Bootstrap Marketing Steps

 Create a marketing plan
 Develop Marketing Channels


Marketing: Channels

 Social Media
 "Light“ Focused Direct Marketing
 Targeted Newspaper Ads
 Trade Association Involvement


Social Media

: forms of electronic communication (as
Web sites for social networking and
microblogging) through which users
create online communities to share
information, ideas, personal messages,
and other content (as videos)
http://www.merriam-webster.com/dictionary/social%20media


Social Media Presence

 Blog  Podcasts
 Comment on  Online videos
forums  Webinars
 Twitter  Slideshows
 Facebook  eBooks
 LinkedIn  Press releases
 Email Campaign  Whitepapers


Social Media Setup

 ShareThis/AddThis  FeedBurner
 Twitter  Twitterfeed
 Facebook page  Digg
 LinkedIn  StumbleUpon
 Hootsuite  Email Marketing
 SocialMadeSimple  MailChimp
or Roost  Aweber


1. Books
2. Marketing
3. Market Research
4. Website
5. Google

RESOURCES


Resources: Books

 Finding Your Purpose
 I Wrote this Book on Purpose
 Strengths Finder 2.0
 Who Moved My Cheese


Resources: Books

 Understanding Money
 The Millionaire Next Door
 Your Money Counts
 Financial Peace University


Resources: Books

 Launching Your Business
 The Art of the Start
 Business by the Book


Resources: Books

 Running Your Business
 The 4-Hour Workweek
 Built to Last
 Good to Great


Resources: Marketing

 Tweetgrid  Twitter
 Hootsuite  LinkedIn
 Knowem  Facebook
 MailChimp  grader.com
 AWeber


Resource: Market Research

 Surveys
 surveymonkey.com
 Google Docs
 Market data
 Internet


Resources: Website

 SquareSpace
 Weebly
 WordPress
 LightCMS
 Google Sites
 Wix


Resources: Google

 Gmail  Docs
 Voice  Analytics
 AdWords  FeedBurner
 Webmaster  Sites
 Website Optimizer  Groups


Invite Us to Teach for You

Call us at 617-299-6871 or email us at
workshops@themullingsgroup.com to
have us come teach a workshop for you.


Contact Info
 Connect: http://www.linkedin.com/in/kmullings
 Follow: http://twitter.com/KenoMullings
 Consult: http://TheMullingsGroup.com
 Learn: http://TheMullingsUniversity.org
 Discover: http://StrategicLifePlanSystem.com
 Call: (617) 299-6871


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