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Will your idea make money quickly? Can you go all-in? 5 considerations for potential bootstrappers

Will your idea make money quickly? Can you go all-in? 5 considerations for potential bootstrappers | Pitch it! | Scoop.it

The odds of raising venture capital for a startup are low, but there are a few requirements for bootstrapping success, according to this entrepreneur advice.

Dreams of starting your own business are often filled with fantasies of coming up with a great idea, and venture capital firms fighting to fund it for you.

But as Bill Reichert of Garage Technology Ventures puts it: “The odds of raising venture capital are equal to the odds of getting struck by lightning while standing on the bottom of a swimming pool on a sunny day.”

Nearly every company has a bit of bootstrap in its past. Gawker, TechCrunch, GoPro and Github all found success as entirely bootstrapped companies before accepting a dollar of outside funding. The decision to go long on bootstrapping and create a self-funding business doesn’t garner as many headlines as millions being sunk into a plucky startup, but the rewards can be both immediate and lasting.

Is bootstrapping right for you? Here are five questions to consider:

To read the full article, click on the title or image.




Get your Free Business Plan Template here: http://bit.ly/1aKy7km

Marc Kneepkens's insight:

Bootstrapping is part of the process of starting a business. Look at it this way: if your company is growing too fast at some point, consider outside funding. What does that mean? You have to be successful before any investor wants to put money in your idea.

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10 Myths about Startups

10 Myths about Startups | Pitch it! | Scoop.it
There are some prevalent myths and preconceived notions about startups that are simply not true. Here's 10 of them.
Marc Kneepkens's insight:

Great article, every startup should read this, it will at least make you think.


Hint: need a little help getting your thoughts and ideas organized? Get a free business plan template. It'll get you going: http://www.business-funding-insider.com/free-sample-business-plan.html

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20 Reasons Why You Need a Business Plan

20 Reasons Why You Need a Business Plan | Pitch it! | Scoop.it
From www.growhtink.com

20 Reasons Why You Need a Business Plan

Written by Pete Kennedy on Wednesday, April 9, 2008

1. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business.

2. To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you'd certainly share the news that you launched your new website or reached $1M in annual revenues.


Get your Free Business Plan Template here:

https://growthink.infusionsoft.com/go/freebptemplate/gt4045/


3. To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages.

4. To better understand your customer. Why do they buy when they buy? Why don’t they when they don't? An in-depth customer analysis is essential to an effective business plan and to a successful business.

5. To enunciate previously unstated assumptions.
The process of actually writing the business plan helps to bring previously "hidden" assumptions to the foreground. By writing them down and assessing them, you can test them and analyze their validity.

6. To assess the feasibility of your venture. How good is this opportunity? The business plan process involves researching your target market, as well as the competitive landscape, and serves as a feasibility study for the success of your venture.


Get your Free Business Plan Template here:

https://growthink.infusionsoft.com/go/freebptemplate/gt4045/

7. To document your revenue model. How exactly will your business make money? This is a critical question to answer in writing, for yourself and your investors. Documenting the revenue model helps to address challenges and assumptions associated with the model.

8. To determine your financial needs. Does your business need to raise capital? How much? The business plan creation process helps you to determine exactly how much capital you need and what you will use it for. This process is essential for raising capital for business and for effectively employing the capital.

9. To attract investors. A formal business plan is the basis for financing proposals. The business plan answers investors' questions such as: Is there a need for this product/service? What are the financial projections? What is the company's exit strategy?

10. To reduce the risk of pursuing the wrong opportunity. The process of creating the business plan helps to minimize opportunity costs. Writing the business plan helps you assess the attractiveness of this particular opportunity, versus other opportunities.

11. To force you to research and really know your market. What are the most important trends in your industry? What are the greatest threats to your industry? Is the market growing or shrinking? What is the size of the target market for your product/service? Creating the business plan will help you to gain a wider, deeper, and more nuanced understanding of your marketplace.


Get your Free Business Plan Template here:

https://growthink.infusionsoft.com/go/freebptemplate/gt4045/

12. To attract employees and a management team. To attract and retain top quality talent, a business plan is necessary. The business plan inspires employees and management that the idea is sound and that the business is poised to achieve its strategic goals.

13. To plot your course and focus your efforts. The business plan provides a roadmap from which to operate, and to look to for direction in times of doubt. Without a business plan, you may shift your short-term strategies constantly without a view to your long-term milestones.

14. To attract partners. Partners also want to see a business plan, in order to determine whether it is worth partnering with your business. Establishing partnerships often requires time and capital, and companies will be more likely to partner with your venture if they can read a detailed explanation of your company.

15. To position your brand. Creating the business plan helps to define your company's role in the marketplace. This definition allows you to succinctly describe the business and position the brand to customers, investors, and partners.

16. To judge the success of your business. A formal business plan allows you to compare actual operational results versus the business plan itself. In this way, it allows you to clearly see whether you have achieved your strategic, financing, and operational goals (and why you have or have not).

17. To reposition your business to deal with changing conditions. For example, during difficult economic conditions, if your current sales and operational models aren’t working, you can rewrite your business plan to define, try, and validate new ideas and strategies.

18. To document your marketing plan. How are you going to reach your customers? How will you retain them? What is your advertising budget? What price will you charge? A well-documented marketing plan is essential to the growth of a business.

19. To understand and forecast your company’s staffing needs. After completing your business plan, you will not be surprised when you are suddenly short-handed. Rather, your business plan provides a roadmap for your staffing needs, and thus helps to ensure smoother expansion.

20. To uncover new opportunities. Through the process of brainstorming, white-boarding and creative interviewing, you will likely see your business in a different light. As a result, you will often come up with new ideas for marketing your product/service and running your business.

 

 

Get your Free Business Plan Template here:

https://growthink.infusionsoft.com/go/freebptemplate/gt4045/ 



About Growthink

Since 1999, Growthink's business plan experts have assisted more than 1,500 clients in launching and growing their businesses, and raising more than $2 billion in growth financing.

Need help with your business plan? 

  • Speak with a professional business plan writer today.

  • Or, if you're creating your own PPM, you can save time and money with Growthink's new private placement memorandum template.

 

Dj Baker says

I find this a very simple, yet effective, breakdown of the reasons why a business plan is absolutely essential. From personal experience these 20 reasons our very much the truth. It is also very reassuring to know that there are trustworthy sites out there who do contain valuable information. Much appreciated, Dj
Posted at 5:24 pm
dan says

thanks for the news letter, we are in the air cooling business. using air conditioners. we supply LG units. our major challanges has for the last 6 months been reliable suppliers of LG products at a competitives price. we do not have enough money to qualify as dealers hence we depend on thers, when i read the 20 reasons , i reflected to find out why our clients buy from us , and why others do not. thank you.
Posted at 5:19 am
Sindi says

Thanks for this article. It is indeed a great eye opener for me. Didn't realise there's so much a business plan can reveal about any enterprise.
Posted at 1:49 pm
Mohammed Ajmal says

Thanks for the all this valuable info free of cost.
Posted at 11:22 am
manas says

hi all this site such a wonder full i would like to thanks to all of u those who operating this website
Posted at 1:53 am
Suzanne Muusers says

Just found this post. What a great list of reasons to write a business plan. I particularly like: 13. To plot your course and focus your efforts. All too often I meet entrepreneurs who have been running their business for years without a business plan, and their business shows it. Writing a business plan creates the INTENTIONS and structure for success. Thank you, Suzanne
Posted at 11:41 am
private placement memorandum says

Wow Its a awesome article.It was very interesting for me to read the blog. Thanx for it. I like such topics and everything that is connected to this matter. I would like to read more on that blog soon.
Posted at 5:10 am
moronica says

me too likey but too much muni. i very happy you write me.
Posted at 4:33 pm
moncler shop says

I'm preparing on opening a flavored coffee bar in San Diego and my company companion is heading to leave his work and operate the business, even though I ongoing to operate my day time job. Would it be much better for each of us to leave our careers in dive in mind first? Or mainly because I possess a company companion prepared to operate it entire time to remain at my present work and never arrive right up until the company is established?
Posted at 8:45 pm
Samantha says

I think if you are looking forward to have a business then you must have a very well structured plan otherwise your business might not bring any good to you. Sam from Calgary Listings
Posted at 2:35 pm
Mia says

A good plan is a must for everyone who is going to make some mark in the business. It should be implemented too. I'm currently finding out some herniated disc treatments and I think I'll get some help soon
Posted at 4:18 pm
Samantha says

Sometimes I wonder how can someone start a business without a plan but there are people who actually do that but I'm sure their business doesn't last for long. The things that you mentioned above are absolutely necessary. Thanks - hemorrojder
Posted at 6:42 am
Samantha says

That is a great post! I missed few of the points that you have mentioned above but I'm going to be a little more watchful next time. Thanks! Samantha from Cat Health Tips
Posted at 6:14 am
jenny says

I would like to thank you for bringing this forward as this information is gold - fastighetsmäklare
Posted at 12:45 pm
Joyce says

Wouldn't it be nice if everybody knew all this before they start out. nikon d3100 review
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Phillipa says

You have brought forward a very good explanation for the things and I would like tyo thank you for that - diatomaceous earth food grade
Posted at 8:30 pm
Eva says

I like the first 5 ones. This article is a good insight for people related to this field. video clips online
Posted at 5:20 am

Get your Free Business Plan Template here:

https://growthink.infusionsoft.com/go/freebptemplate/gt4045/
Marc Kneepkens's insight:

Excellent reasons for writing a Business Plan

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Marc Kneepkens's curator insight, July 21, 2013 8:07 AM

Check this "Review of Growthink's Business Plan Template":

 http://www.business-funding-insider.com/business-plan-template.html



Get your Free Business Plan Template here: http://www.business-funding-insider.com/free-business-plan-template.html

Jose Gonzalez's curator insight, July 21, 2013 6:31 PM

Very true !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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35 Tips on How Not to Offend Your International Business Partners (Infographic)

35 Tips on How Not to Offend Your International Business Partners (Infographic) | Pitch it! | Scoop.it
From how you eat to how you dress, a look at how your behavior could be interpreted by your customers, colleagues and clients in different countries.

The popular catchphrase, “beauty is in the eye of the beholder,” is also true of offensive behavior.

In France, it is common for a man to greet a lady with a quick kiss on the cheek, even in a business setting. In China and India, that sort of familiar contact with business associates is frowned upon. And in Germany, if a business associate nods upon shaking your hand, then it is considered good form to return the nod.  

San Francisco-based customer service software company Zendesk generated the infographic below, with 35 tips for how to behave in international business settings to avoid an embarrassing faux pas that could put your business relationships on ice.


Via Official AndreasCY
Marc Kneepkens's insight:

Doing business Internationally is immensely more complicated than this, but the infographic gives an idea of how different cultures tend to be. Looking into it before you head out is highly recommended.

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Official AndreasCY's curator insight, June 13, 12:10 AM

Converting customers to loyal followers will amplify returns.

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Startup Professionals Musings: 5 Startup Concepts That are Not the Next Big Thing

Startup Professionals Musings: 5 Startup Concepts That are Not the Next Big Thing | Pitch it! | Scoop.it
Marc Kneepkens's insight:

I choose to spread this article, real innovation is what is needed.

Get some good advice on funding for startups here: www.Business-Funding-Insider.com


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Growthink Products for Capital Raising and Business Planning

Growthink Products for Capital Raising and Business Planning | Pitch it! | Scoop.it
Introduction and Review of Growthink Products to help you raise all the capital you need, and plan your business to grow into 8 figures, and exit profitably!
Marc Kneepkens's insight:

Reviewed and recommended by Business Funding Insisder

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