Bootstrap Startup

Bootstrap Startup

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

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

Objectives

1. The Bootstrap Startup Model

2. Business Foundation

3. Business Setup

4. Marketing

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

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THE BOOTSTRAP STARTUP MODEL

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


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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.


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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.


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1. Business Foundation

2. Business Setup

3. Marketing

4. Sales

5. Customer Development

6. Product Development


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BUSINESS FOUNDATION

1. Purpose Summary

2. Concept

3. The Pitch

4. Business Plan


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Purpose Summary

What is your personal mission/purpose statement?

What is your business' mission/purpose statement?

What will your business do?


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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?


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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?


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Concept

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


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Concept

Define target market Create Buyer Persona document Create User Persona document


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Concept

Where will customers find your product or service?

How will customers buy your product or service?


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Concept

Develop business model using the “Business Model Canvas”


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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?


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The Pitch

Title Problem Solution Business Model Underlying Magic

Marketing & Sales Competition Team Projections Status &Timeline


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

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

Copyright 2010 The Mullings Group. http://TheMullingsGroup.com

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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.

http://web.sba.gov/busplantemplate/BizPlanStart.cfm

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


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BUSINESS SETUPGet started in 12 steps…


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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


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Business Setup

3. Form company C-Corporation S-Corporation LLC LLP Limited Partnership General Partnership Sole Proprietorship

4. Get DBA© 2012 Keno R. Mullings.

http://TheMullingsGroup.com22

Business Setup

5. Get EIN

http://www.irs.gov/businesses/small/article/0,,id=97860,00.html


http://www.irsvideos.gov/virtualworkshop/ © 2012 Keno R. Mullings.

http://TheMullingsGroup.com23





http://www.irsvideos.gov/virtualworkshop/

Business Setup

6. Open business bank account

7. Create logo

8. Create business cards


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Business Setup

9. Setup bookkeeping tool

10. Create accounts for other business tools

11. Get necessary licensing


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12. Website & Social Media

Develop corporate website using a CMS

Add Google Analytics to your website


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Landing page Products Services Pricing

FAQ Blog About us Contact


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SEO meta keywords meta description Submit sitemap


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


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


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


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User feedback Setup account for user feedback Add user feedback capability


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Distribute blog via FeedBurner, Hootsuite & Twitterfeed


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

account


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MARKETING

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


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What is a Market?

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


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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?


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What is Marketing?

Marketing is not… Sales Advertising


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What is Marketing?

Marketing is… Making people aware of your product

or service Getting & keeping customers Marketing includes sales and

advertising


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The 4 P’s of Marketing (Marketing Mix)

Product Price Placement (Channel) Promotion


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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


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Marketing: Channels

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


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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


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http://www.merriam-webster.com/dictionary/social%20media

Social Media Presence

Blog Comment on

forums Twitter Facebook LinkedIn Email Campaign

Podcasts Online videos Webinars Slideshows eBooks Press releases Whitepapers


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Social Media Setup

ShareThis/AddThis Twitter Facebook page LinkedIn Hootsuite SocialMadeSimple

or Roost

FeedBurner Twitterfeed Digg StumbleUpon Email Marketing

MailChimp Aweber


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RESOURCES

1. Books

2. Marketing

3. Market Research

4. Website

5. Google


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Resources: Books

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


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Resources: Books

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


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Resources: Books

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


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Resources: Books

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


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Resources: Marketing

Tweetgrid Hootsuite Knowem MailChimp AWeber

Twitter LinkedIn Facebook grader.com


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Resource: Market Research

Surveys surveymonkey.com Google Docs

Market data Internet


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Resources: Website

SquareSpace Weebly WordPress LightCMS Google Sites Wix


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Resources: Google

Gmail Voice AdWords Webmaster Website Optimizer

Docs Analytics FeedBurner Sites Groups


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Invite Us to Teach for You

Call us at 617-299-6871 or email us at [email protected] to have us come teach a workshop for you.


mailto:[email protected]

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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


http://www.linkedin.com/in/kmullings

http://www.linkedin.com/in/kmullings

http://twitter.com/KenoMullings

http://twitter.com/KenoMullings

http://themullingsgroup.com/

http://themullingsgroup.com/

http://themmullingsuniversity.org/

http://strategiclifeplansystem.com/