How to Set-Up Your Business for Under $1000

by Dan Fleyshman

In today's world, the media glamorizes start-ups that are able to raise tons of money in seed funding from investors. While this has helped inspire more people to launch businesses, I believe it has also fueled the notion that tons of funding is needed in order to actually start. Well, folks, I'm here to tell you that this is simply not true. This flawed belief is the exact reason why Branden Hampton and I wrote this book. We've structured this book to walk you through building and growing your business from start to finish. At the end we provide a list of resources to help you with execution. Our hope is that this book will save you time and money so you can focus on what's truly important in getting your company to the next level. So, without further ado, let's get started!

Genres: Business, Nonfiction

Audible Audio

Published May 11, 2016

Reviews

[Alina · Rating 3 out of 5]

Notes/ Spoilers:
- Launching & customers:
1. Research your competitors, market environment - will it work for you? will you like the scale? what can you offer differently
2. Make sure the name of a product/service is adjustable, check the trade mark, pattern search on idea/technology.
3. Plan a business plan
4. Research stimulations around different business structures in your region, as tax efficiency and legal restrictions different.
5. Determine who is your customer and learn how to find them (social media, amazon, conventions, e-commerce platforms). Do people care? Are you feeling a need? You can advertise on Etsy or Craigs list to see if someone cares... People need to see your product, they not always looking for it.... SCO - Google search when a customer is looking for you. Google search is optimised by trusted source of content & content creators.... Create organic content like videos and articles via Wordpress, Twitter, facebook and other trusted websites to earn a place on Google hierarchy. Talk to your friends & family -> they are the biggest ambassadors-> trusties... Go to live events (trade shows, conventions)-> if can't afford the event ask to volunteer or intern so you can at least attend -> Be in the game. Can't find event, through live event! Commission affiliates to promote your brand by giving a commission for a referral/ door to door contact. You should partner with anyone who targets same group but with different products.
- The executive summary: Who, What, Where, When, How? of your business plan
1. When creating a value proposition for your customer think about customers- time efficiency .
Over estimate expenses and underestimate Revenue.
2. Create competitive advantage through price point, product quality, shipment ( next day delivery)
3. Management Team: Create advisory board if you cant get talented management.
4. Financial Summary: make sure its detailed, list all expenses, assume no revenue for few months therefore have funds for those months (packaging, shipment, office supplies, staff, travel expenses)
- Finding help
1. Internship programs from college
2. Affiliates help to bring business -> commission 5%-10%... sometimes it worth to pay higher commission % in order to generate traffic and help to build a brand.
3. Equity- when partnering with friend have clear understanding what you do, % in a company-> Memorandum of Understanding (MOU)/ Scope of work
" Communication skills are key to prevent misunderstanding of equity, ownership and responsibilities"
When hiring friends: how to find a boundary -> nickname (friends) vs full name (work); be clear when working hours in work mode.
- SWOT -> do it all the time

[Dayton · Rating 4 out of 5]

Aside from the few typos here and there, I enjoyed the entrepreneurial insight that this book provides. The information is presented in a way as if you're just talking to a friend who has had success in the business world. I like how it is very specific, and although some of the tips didn't apply to me, I still found it all to be very useful. I also enjoyed the structure; Hard facts on what you need and how to do it, and then near the end motivational support and resources. I'm not sure if I can say I know exactly what to do from this point, but I know where to start, and this book gave me the confidence to just have those experiences, and learn from them.

[Dillon · Rating 3 out of 5]

Very interesting book about starting up a business. One big issue is it continued to reference clickable links as I’m sure this was originally a PDF. However, it never references some of those links and so you don’t know what resources they’re referring to in the early chapters.

However, the resource list at the back of the book is phenomenally broad and deep in tools I have never heard of as well as tried and true tools I’ve used for years. Definitely super valuable.

[Josh Cramer · Rating 5 out of 5]

I enjoyed this book and I plan to implement their strategies in starting my own business. I am a new entrepreneur and I've not been sure how to proceed. The strategies the authors lay out are clear and will help a lot. I recommend it.