How to Bootstrap an Online Startup

What kind of startup am I talking about?

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The Bootstrapped Startup

Bootstrapped on your time, talent and treasure

Online only

No physical location or goods

Digital Product

Software

File (i.e. Templates)

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Our Startup Formula

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The product

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Products must be solutions to people’s problems

Find the pain points and common problems

Real pain = real need

Champion a cause and compelling vision

The cause and vision is a ‘better way’

What the product really does ...

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What do you possess that people would willingly pay you for? (Skills, knowledge, etc.)

What is the core irritation? The deep pain?

What could be substantially improved?

What is the “secret sauce” that would be remarkable, maybe even life changing?

What offers freedom, saves times, makes someone more money, look better or do more?

It’s all about the solution ...

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Build a laser beam

Aim it at a narrowly defined problem within a niche

Pick a ripe existing market w/ easily reachable customers

Find an easy win FIRST to prove the concept

Don’t eat an elephant - Try a monkey instead

Narrowing in on THE solution ...

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Everything will change.

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Ultimately, go with your gut.

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Launch and improve

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Dusty products are failures and suck

Shelved products are fancy narcissistic art sculputures

Perfectionism is evil poison to startups

Get something ‘good’ out

Give them the opportunity to react and respond

Let them mold it for you - and ultimately pay the bills

Launch and improve

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The champion, you

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You are champion of the cause

Products champion the cause too - they are the CURE

Champions are storytellers

Need to be crystal clear and be able to communicate

Champions know the story, the characters, plot

Champions bleed the brand

Champion the cause

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Marketing it

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No money, no worries

Use your time, energy, skills and knowledge aggressively

Start where you are .... start now

Build an email list for launch YESTERDAY

Blogging, Videos, Webinars, Social Media

Buy Content Rules book today - soak up & do it

Guerrilla marketing

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Don’t underestimate the value of email marketing

Email is still king

Email is not dead; we launched with 400 people or less

Write emails like you write personal replies

Think of a person; Build a relationship (ref. the cause)

Email news features, new launches, new tips

Email marketing

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Customer service and support IS marketing

Your first customers become your raving fans

Ravings fans are the best marketing (word-of-mouth)

Underpromise and overdeliver

Be personal and human

Build and foster community

Service is marketing

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Selling it

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Contact form is THE primary sales tool

Reply fast

Use questions to improve sales pages

Create a cheatsheet to copy and paste

Start a FAQ page and build it over time

On sales emails

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Sales pages help people make informed decisions

Give the right information most buyers would need

Better sales pages cut down on emails

Use good product images, videos, demos

SHOW them the product they are buying

Instill confidence

On sales pages

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Focus on benefits over features

What does the product do for them?

Use FAQs and list product specs somewhere

Test and refine - see what works

Go to your sales pages once a week (I don’t do this enough)

On sales pages

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On pricing

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More art than science

Review and compare what others are charging & how

Ponder what your ideal client would pay for it

What time do you have in development & supporting it?

Don’t underprice yourself!

Unless you’re iTunes, you’re not making money on $1

Build biz on higher priced items & those custmoers

How do you price it?

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Supporting it

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There is ALWAYS support - no matter how good your widget is

People have questions - sometimes obvious ones

Passive income biz don’t exist - SORRY!

Being responsive & helpful builds fans

Taking care of customers

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Forums are most efficient way to support

Not always liked but realistic in digital products

Answering questions for everybody’s benefit

Leveraging community - find ambassadors

Our best moderators came as customers

Repost common questions as blog posts & documentation

Supporting your community

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Always be improving and innovating

One last thought ...

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