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Bootstrap Startup
Business is an extension of that question you are called to answer.
1© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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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.
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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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.
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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The Bootstrap Startup Model
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.
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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The Bootstrap Startup Model
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The Bootstrap Startup Model
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
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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.
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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.
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Business Setup
5. Get EIN
http://www.irs.gov/businesses/small/article/0,,id=97860,00.html
http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
http://www.irsvideos.gov/virtualworkshop/ © 2012 Keno R. Mullings.
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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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12. Website & Social Media
Landing page Products Services Pricing
FAQ Blog About us Contact
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12. Website & Social Media
SEO meta keywords meta description Submit sitemap
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12. Website & Social Media
Add affiliate links, copyright, privacy policy and legal disclaimer to website
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12. Website & Social Media
Email marketing Setup email campaign account Add email campaign web form to website
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12. Website & Social Media
Social Media Marketing (SMM) Add AddThis/ShareThis to website Add Twitter badge Add Facebook badge Add LinkedIn badge
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12. Website & Social Media
User feedback Setup account for user feedback Add user feedback capability
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12. Website & Social Media
Distribute blog via FeedBurner, Hootsuite & Twitterfeed
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12. Website & Social Media
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.
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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Market Types & Their Consequences
New market Existing market
Cheaper, better faster Niche
Hybrid
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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
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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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
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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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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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.
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
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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
© 2012 Keno R. Mullings. http://TheMullingsGroup.com