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Bootstrapping Your Way to Success
Now it’s time to figure out how much money you have, how much you need and how much you’ll need to raise to start your business. Complete the following planning sheets…
1. What are your expected business expenses?
Here you’ll want to brainstorm both your fixed and variable expenses, including your startup expenses (such as buying office equipment) as well as your ongoing expenses (such as advertising expenses).
We’ll get you started by listing some of the more common business expenses, but you’ll need to list the expenses that are specific to the type of business you’re starting. Also, you’ll want to be as detailed as possible, meaning you break down the following expenses. For example, don’t just list “staff expenses” – instead, make a specific list of the staff or freelancers you’ll hire, along with how much it will cost to retain each person.
Utility, Service and Other Ongoing Expenses
Other office utilities (heat, water, etc)
Other service fees
List all the tools you need to purchase (e.g., a word processing program, accounting
software, Dragon Naturally Speaking, research software, etc)
Employee and Freelancer Expenses
Customer service representatives
Other content creators
People to create your product or deliver your service (again, be specific as to how
many, and what each person will do)
Other part-time or full-time employees
Pay per click campaigns
Other media buys
Other online advertising
Press release distribution
Other offline advertising
Other advertising (be specific)
2. How much money do you currently have to apply towards these expenses?
A. How much money do you have set aside for startup expenses?
B. How much money will you be able to apply to your business on an ongoing monthly basis.
3. How much money do you need to raise?
A. How much money do you need to raise for startup expenses?
B. How much money do you need to raise to cover your ongoing
4. Where can you save money?
A. Look at your household budget and determine where you can save money every month to apply to your business instead. For example, perhaps you can downgrade your cable TV package. Or perhaps you can trim your entertainment expenses.
B. List all the ways you can save money on your proposed advertising budget. This includes:
Asking for deals (e.g., buy in bulk to save money on everything from office supplies to advertising).
Bartering for needed products and services.
Buying used equipment.
…And any other ways you can think of to decrease your expenses.
5. Finally, prioritize your business expenses according to importance (placing the greatest importance on those that are absolutely necessary, followed by those that are most likely to lead you to your first customer). This will tell you how to allocate your available cash, by investing in high-priority items first.
Ingenious Funding ideas for Financing Your Start Up
This planning sheet is to help you determine how much money you can raise or acquire using the strategies listed above. Please complete the following questions…
How much money do you have available from your savings accounts to apply toward your business? Be sure to include any available funds through 401k savings and similar accounts.
Tapping Friends and Family
List all the people in your circle of family and friends. Then list how much money you may be able to ask to borrow from each of these people. Finally, rate how likely it is that each of these people will lend you the money (on a scale of 1-5, with 5 being “very likely” and 1 being “very unlikely”).
What type of reward could you offer people who helped you raise money using crowdfunding? For example, can you offer recognition? A copy of the finished product or ability to use the service? Some sort of prize?
Selling Unwanted Items
Next, make a list of all the items that you no longer use, use very rarely, or otherwise don’t want or need. Don’t just make this list off the top of your head, however.
Instead, go through your closets, attic, drawers, garage and other storage spaces to uncover items you’ve forgotten about. Then commit to selling these items on eBay, CraigsList or even to a local antiques dealer (where applicable).
Getting a Business Partner
First off, ask yourself if you’re willing to give up some control in order to get a business partner. If so, then ask yourself what all you’d expect your business partner to contribute. Finally, make a list of possible business partners.
Are you currently sitting on any money, or do you expect to be receiving money soon (such as from an inheritance, settlement or even a tax refund)? List all your windfalls here, along with how much you can allocate to your business.
How much money do you estimate is available to you through loans?
What interest rate do you expect to pay on these loans?
How much will it cost you to borrow this money? (In other words, how much money will you pay in interest over the life of the loan?)
Finally, consider low-cost options such as borrowing against your life insurance.
List all the skills you have that you could offer for cash. This includes everything from yard maintenance to high-dollar consulting. Then list the per-hour or per-job fee you could charge for each of these services. If you’re not sure of the going rate, check CraigsList in your local area as well as freelancing sites like elance.com.Other Details
- 2 Ebooks (PDF), 24 Pages
- Videos (MP4)
- Year Released/Circulated: 2017
- File Size: 123,059 KB
[YES] Can learn from
[NO] RESELL OR GIVEAWAY