The Smart Way To Bootstrap Your Business With Some Real World Examples

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In doing research for his book, Bootstrapping Your Business: Start and Grow a Successful Company With Almost No Money, Greg Gianforte found that less than 1 percent of startups raise money. A bootstrapper himself, Gianforte started RightNow Technologies in Bozeman, Montana, in 1997, went public in 2004 and had 2006 revenue of more than $110 million. He says having an open mind and experimenting are key. "Once you have scale and mass, you do things differently," Gianforte says. "In the early startup phase, you can throw things up against the wall and see what sticks."

That's what Amy James did. After selling her first company in 2000, the former teacher negotiated the right to retain a database of state learning standards that she had spent two years typing into a Microsoft Access file. In 2001, James decided to take advantage of that year's No Child Left Behind Act and put her database to work. "I made a flier saying I could align curriculum with learning standards and faxed it to publishers," she says. "Scholastic called immediately. Then LeapFrog. Then others."

For the cost of office supplies--about $100--James was in business, launching SixThings from her New York City apartment. She made $30,000 her first year, consulting with publishers, reviewing educational programs and curricula, and writing reports analyzing how these measured up to state and federal learning and testing requirements. James ramped up significantly in her second year, hiring two curriculum development employees and one computer programmer. In addition to analysis, the company now sells electronic databases of learning and testing requirements and licenses software that provides compliance reporting along state and federal guidelines.

But James was struggling to pay her rent and knew something had to give. Her mother was a retired teacher back in her hometown near Oklahoma City, and James could tap her mom's friends as workers. So she moved into the same apartment complex as her mother.

"It just made sense," says James, 40. "My mom's friends were starting to retire. My dad was a principal. They were all on state benefits and had a great work ethic." With her mother as her first Oklahoma employee and her father as a sounding board, she began to rebuild her business.

James used open source software and worked from home for the first three years of business, finally moving into a 6,000-square-foot Oklahoma City office space in 2004. She furnished that space, including the refrigerator, she says proudly, for a mere $1,900 by visiting vacated offices and offering cash for the abandoned furniture. She continues to pinch pennies, even after bringing in sales of more than $2.1 million last year. Of her 20 full-time and 43 part-time employees, the vast majority are her parents' retired friends. She has also re-established an office in New York City.

[Via - Entrepreneur]

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'Buy Locally' Business Idea With A Web Twist

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http://www.poptotheshops.net/

“Bought locally, ordered online and delivered to your door.” That sums up what Poptotheshops offers South Wales residents. Poptotheshops, which was launched late last year, currently serves four high street areas, who each sell between 3300 and 4500 products using the internet shopping service. 292 shoppers have registered so far, and 36 shops have signed up.

One shop actually left the system, because its owner didn’t want the ‘aggravation’ of extra work caused by extra sales. More stores will be joining soon, and Poptotheshops’ founder, Will Seward, hopes to expand beyond Wales as soon as possible.

Seward came up with the idea after being dismayed about being too busy to shop at local stores. Most local shops have shorter opening hours than the big chains like Tesco and Walmart, which can make it hard to support local retailers.

On Poptotheshops, customers can shop day or night, selecting products from the local butcher, baker, fish monger, green grocer and off-license, before checking out in one go. Similar to online shopping at supermarkets, customers can save favourite products and specify when they’d like delivery to take place. Delivery is free for customers. Poptotheshops covers its costs (and will hopefully generate a profit) by charging retailers 10-15% commission.

Besides supporting the local economy and keeping the high street alive, PTTS also sees other benefits: independent stores often offer great local products and produce that aren’t available in nationwide stores, consumers save time otherwise spent in supermarkets and helping small retailers thrive decreases the control that supermarkets have over pricing, produce and suppliers.

[Via - Springwise]

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http://www.poptotheshops.net/

“Bought locally, ordered online and delivered to your door.” That sums up what Poptotheshops offers South Wales residents. Poptotheshops, which was launched late last year, currently serves four high street areas, who each sell between 3300 and 4500 products using the internet shopping service. 292 shoppers have registered so far, and 36 shops have signed up.

One shop actually left the system, because its owner didn’t want the ‘aggravation’ of extra work caused by extra sales. More stores will be joining soon, and Poptotheshops’ founder, Will Seward, hopes to expand beyond Wales as soon as possible.

Seward came up with the idea after being dismayed about being too busy to shop at local stores. Most local shops have shorter opening hours than the big chains like Tesco and Walmart, which can make it hard to support local retailers.

On Poptotheshops, customers can shop day or night, selecting products from the local butcher, baker, fish monger, green grocer and off-license, before checking out in one go. Similar to online shopping at supermarkets, customers can save favourite products and specify when they’d like delivery to take place. Delivery is free for customers. Poptotheshops covers its costs (and will hopefully generate a profit) by charging retailers 10-15% commission.

Besides supporting the local economy and keeping the high street alive, PTTS also sees other benefits: independent stores often offer great local products and produce that aren’t available in nationwide stores, consumers save time otherwise spent in supermarkets and helping small retailers thrive decreases the control that supermarkets have over pricing, produce and suppliers.

[Via - Springwise]

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Collection Letter Secrets to Getting Paid

How To Make Wads Of Cash As An Online Dating Coach

Hate collecting your money? Join the crowd. Recent OPEN Small Business Network Polls from American Express shows accounts receivables is the top cash flow concern of small business owners. Learn the secrets of collection letters and other mastery tips to ensure your customers pay.

You started your business to make a difference, to delight a customer, to express your vision, not to become the bank of choice for your customers. Use the following collection letter and debt collection mastery tips:

Take a Positive Stance: Don't take it personal if your customers aren't paying the bills. Explore why the bill is late. It could be your client simply forgot. Provide a gentle reminder immediately following the due date.

Increase Directness Gradually: One of the secrets of collection letter mastery is to gradually increase the assertiveness of the letter over time.

Your first letter is positive and helpful, the third collection letter may show concern for their situation, and so it builds.

Use Multiple Channels: In today's electronic age, handling your entire invoicing and collection letter sending by email is simple and quick. It also can ensure your correspondence is buried in an overstuff inbox and low priority. Use additional means of sending out your collection letter correspondence including faxes, phone calls, regular mail, courier, and telegrams.

Empower the Right People: As a small business owner the temptation is great to have the sales people handle accounts receivables. It's better to assign one person to the task and provide proper support, training, and incentive.

Call the Heavy Hitters: After numerous calls and collection letter correspondence you'll reach a point where the account is long overdue. Bring in a collection agency to handle these delinquent clients. Spending too much time and resources can be draining on your operations.

Don't Ignore FDCPA: There are laws and regulations as to how collection agencies can go about collecting debt. Debt collectors cannot lie to, mislead, or harass your customers. Make sure the collection agency you select abides by the Fair Debt Collections & Practices Act (FDCPA).

Run a Credit Report: Reduce your overdue accounts by running a credit check on your potential business client before the deal is done. Expect to spend at least $30 on a Dun & Bradstreet report. D & B uses self reported data but adds credibility by including: banking data from company suppliers, bankruptcy filings, media sources, suits, liens, and judgments.

Always Check References: Any small business planning to sign a "big deal" would be advised to run trade and bank reference checks. Simply inquiring with your potential client's or partner's bank can reveal important banking relationship information and how they have maintained their accounts.

Change Industries: To improve your collection abilities, diversify your business into industries that have a tendency to pay bills on time and who have lower failure rates.

Handling the debt collection process is a responsibility of successful business ownership. Too many small businesses place aging receivables and collections as a low priority. It's important to monitor your cash flow and aging receivables on a monthly basis or more. It's ok to write off bad debt, but in the end, it's your business savvy to handle the matter that will impact your growth.

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