How to Start a company with $101

How to Start a company with $101

How to Start a company with $101

“How can I get my company started if I don’t have any money?” If you are asking this question, you are not alone.

The solution is Bootstrapping.

Bootstrapping is starting a business with little resources; this includes, money, skills, and a vast array of knowledge. Businesses are starting all around the world and succeeding with very little money. Here are some ideas for you to consider and some guidelines to follow.
Reduce cost for things that don’t matter to your customers. The internet has given everyone the ability to compete in business. You no longer have to fight your way into stores to compete. Reduce the cost of a work-space by starting in a garage or home office. Your customers only care about the product or service you deliver them.
Use affordable service options and potentially trade services. One pitfall that companies fall for is overspending for services. This even causes many businesses to never gets off the ground. You don’t need the best website or packaging on the market. You need a good product or service and you need customers. Some bootstrap companies trade their product for services such as web design or accounting.
Find partners that work for equity. At this point, your company does not have money to pay employees.
Use crowd funding. Crowd funding is a great way to get going without losing equity in your business. New companies have found a lot of success in sites like Kickstarterand IndieGoGo. One great example of success from Kickstarter is Nomatic.
Guidelines for Bootstrapping
Stay focused. Focus on what you are good at. It is easy to distracted with all the different aspects of business. Often you will be working on a product and discover new opportunities for your business. Instead of long Business statement, I would recommend following Guy Kawasaki advice by creating a business mantra. This is a short statement that your business should revolve around daily. Create weekly goals and follow out daily plans to achieve those goals.
Avoid being overwhelmed by focusing on small steps. Starting a business is tough. There are a lot of steps needed to get your business off the ground. Figure out milestones and reach for those milestones. Find a mentor that will help guide you along your entrepreneurial journey.
Have fun. I believe we are best at what we a passionate about. Your customers will know if you enjoy the services you render them. This will create a good environment as you begin hiring your first employees and create a culture of care.
Recommended Reading
I highly recommend those starting up a business with little money to read The $100 Startup by Chris Guillebeau. Chris gives lots of examples of companies that bootstrapped and can give you ideas as you begin your business.

We hope you found this article about “How to Start a company with $101” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

/GROCO
Posted in

Who Really Qualifies as a Dependent for Taxes?

How many dependents do you really have? Who can really be counted as a dependent? These are some of the most common questions that all taxpayers have. Can you count all of your children, live-in help, or perhaps a dog or other family pet? What about a friend who decides to crash at your place…

Obama Looking to Stick the Wealthy With Even More Taxes

His second term in office is winding down, but President Obama would still like to raise taxes on high net worth individuals before he checks out of the White House at the beginning of next year. Although the president has already taken several measures to raise the effective tax rate on the wealthy, he is…

7 Leadership Traits

Which Tax Breaks Help High Net Worth Taxpayers the Most?

It’s no secret that the United States government generally taxes high net worth individuals at a much higher clip than those in the lower- and middle-income brackets. However, despite that fact, there are still many provisions in the tax system, if used properly, can help wealthy earners save on their taxes. So what are some…

Tax Preparers Get Busted for Fraudulent Practices

Every tax season is full of stories and tales of people who go to great lengths to avoid paying taxes. In addition there are dozens of reports of unscrupulous tax preparers that get caught trying to cheat the system: either their clients or the IRS, or both. We want to share a few of those…