Today’s post is a guest post submission from Hamza Hashim. Hamza is a blog writer and he does some freelance writing on Legiit. You can check out Hamza’s services here.
How To Start A Business Without Money
Most entrepreneurs have the same problem. They have no money but want to set up a project and want to start their own business. Bootstrapping can be a solution.
Condos are not necessarily — the best example of doing things 100% well from the beginning. I will not lie to you, as in any other project, things have not always gone as they should, but in part, it is normal because the plans never come out.
As a regular reader, you know that on many occasions, I refer to my own projects to deepen on some topics that I usually touch on my blog. You have ideas but don’t have money to start a business. So read this blog post because this is for you.
Let’s get to the point of the post. If I wanted to talk about developments that go like silk, it really wouldn’t help me as a great example, but as a reference to touch on the issue, Bootstrapping is a fantastic example. Some will now say. “What about the but strap in, what is it?” Thank you for asking me the question because I imagined you were going to ask me.
Bootstrapping is launching a business without financing covering the needs of the project with its own resources and the money flows that it generates over time.
How to apply Bootstrapping successfully
You have to live for something, so applying to bootstraping is not the easiest task in the world. If you fail to attract customers from day one, it is very likely that you will not succeed. Apart from having an idea and putting it into practice, you have an obligation to test it from scratch.
If you overcome this milestone, you have to plan a previous release. It is what I am doing in practically all my projects (the last one is this ). Let’s go by parts. These are the different milestones a bootstrapping project needs :
1. Ask everyone you know and tell them to give their honest opinions about your ideas and project.
2. Publish content on your blog, social networks, or other media that allows you to get visibility to get more feedback from outsiders.
3. Develop a launch plan that allows you to launch in conditions to capture the first potential customers.
4. Set up one or several landing pages to capture leads offering attractive hooks in the form of exclusive content (e.g., online seminars or e-books ).
5. Launch promotional offers to encourage the contracting of services and products even before the official launch.
6. Invest these resources in the platform by hiring outside professionals to help you make the first minimum viable product.
7. Loyalty the first customer. Reinvest your income in your customers instead of marketing. They will give you valuable feedback to improve the product.
If you do not have financial resources, you have to set up the business little by little and live on the cash flow. For this, it is essential to have customers from day one. If the type of project does not allow it and your bank account already shows red figures, this model does not work for you. In that case, you need investment, or you change projects.
The history of bootstrapping Quondos – A Brief Summary
Imagine two friends who have an idea (without having a clue where they were about to get) and look forward to doing it. Well, that was Hamza and me. Without being aware of this, we apply some of the Lean Start-Up principles by designing the minimum viable product. I would love to tell you that we have done it consciously, but it would be to lie to you. Looking back, we can simply say that we have some good things without practically realizing it.
● Let’s see what happens (phase 1): well, that. We had an idea, and we got to work — postpaid videos on a platform. We set up something very simple that was functional. We realized from the beginning we realized that it fell short for what people asked us.
● This must be improved (phase 2): without a doubt, the second version was a step back rather than a step forward. We are committed to external development, managing a start-up from a laptop. We had to accept for months some important deficiencies.
● Now it is necessary to do it well (phase 3): after having done in part a small fudge that also came out very expensive in every way, we had an obligation to solve the pending problems. We bet this time for an internal team managing our start-up from our own offices.
We have always reinvested every cent of the project in content and resources. It has not always been enough to live up to what we demanded. Since yesterday I can say that with the beginning of phase 3, we are finally where we wanted to be more than one year ago.
We have followed a strategy of slight growth to this point because we did not want to make too much noise when you know yourself that you can improve a lot. Now it is time to reward all those who have opted for the model “despite …”.
This we have implemented through a gamification system that takes into account the past (days of registration, comments, etc.) that through a system of points and level (we call it “Karma”) gives access to tools, plugins, and other payment offers.
To achieve these rewards we have contacted about 100 companies in the sector nationally and internationally (including Aweber, Kissmetrics, Social Bro, Pirendo, Themeforest, Templatemonster, Webempresa, PAN, etc.) so that a new user receives about 1,000 euros in free trials and gifts as soon as you register in Condos.
In the first paragraph, I have shown you possible steps and milestones that you have to achieve to set up a project with the help of Bootstrapping. To end with a more reliable source (than myself) I summarize the most important points “The Art of Bootstrapping” that I have rediscovered.
1. Obsess with cash flow, not with ROI.
2. Plan your goals based on your available resources.
3. Launch and then test.
4. Prioritize enthusiasm and desire to learn from experience.
5. It offers services at the beginning to generate income.
6. Focus on product functionality, not aesthetics.
7. Focus on a few things, and don’t get in too much trouble.
8. Do not hire many people.
9. Look for direct contact with your client.
10. Position yourself against the leader as the best alternative.
11. Do not deny a possible failure but fight against it.
So I just follow these steps to set up my own business. I also suggest you follow these steps because these are actionable techniques which I have followed to get success. Do you like it? Then don’t forget to share it and stay tuned for more amazing information.