Tuesday, June 8, 2010

Bootstrap StartUp Secret #1

Do you want to start a business of your own? Many people do. The most common reason I hear for this not working out is a person’s financial status. Fortunately, you don’t have to be limited by this in most cases. I have personal, repeat experience starting businesses on a Bootstrap Budget™ with success and income as a result..

You see, a lot of the advice out there is all about telling you how to spend your money. I believe it’s more important to find ways to avoid spending money—you want a thriving business not a money monster eating up your cash and savings.

So how do you create a BootStrap Start-Up? A BootStrap Start-Up uses your existing resources and abilities as the pivot point for a powerful beginning. Instead of requiring lots of new equipment and skills, your best bet for your first business is to start with the thing you already know best.

I’d like to share a person example to illustrate. A number of years ago I started my goofiest business so far. I wanted a business that didn’t involve spending hours at my computer and on the phone.

This new business had to get me out of the house and outdoors. After considering some options, I realized there was no professional pooper scooper business in the county where I lived. So I went for it. Most of my friends thought I was a crazy. I already had a successful consulting practice.

The business was crazy in some ways: how many people will actually volunteer to pick up puppy poo for money? For me, however, specific factors existed to make in perfect and not crazy:

· I had real-world experience as the daughter of a breeder and cleaning up after the dogs was one of my jobs at home until I left for college.

· I needed very little specialized equipment: $25 for the little box shovel and rake, a $2 plastic bucket for bleach water, and a couple bucks for bleach.

· I spent $50 for an introductory membership to an international associate of pooper scoopers

· I knew that I needed and how to get the individual regulations on my own

· I already owned a small pickup truck

· I knew people on the HOA of very expensive neighborhoods who were likely clients

Happily, this kind of slightly off-the-wall business is just the kind of thing you can easily bootstrap into surprising success. The risk is pretty low and the potential is often surprising.

What happened--Are you curious what can be accomplished scooping puppy poo? In three months I had enough clients to make $3,000 extra a month and was interviewing high school kids to help out during the busy summer months.

Best of all in less than a year my only competitor who worked in a couple other counties decided to expand her business and bought out my client list for over 300% of the cost to start the business.

This is a great BootStrap Start-Up Success. I highly recommend this type of business for your maiden voyage into professional independence. Many people find there is a lot to learn along the way. Why not start with something possible, accessible, and with as little risk as possible?

The key to a success BootStrap Start-Up is looking at your existing resources and experience with a different perspective.

What have you done in your life that you’re really good at that might never have been a profession or business for you before?

What physical resources or equipment do you already own that could also serve you in a business capacity?

Do you have unique connections (like mine with the HOAs) that can open doors for you ahead of others?

Most of the people I’ve met have at least two of the three factors. Don’t let your BootStrap Success Factors go unrecognized. Tap them for a business that’s well designed for you and success.

Wishing you Success & Heart,

Heidi Sue

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