Myths that shouldn’t scare you, but do

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Bootstrappers are faced with a million people who all want to tell them something different. Friends and family who have never owned their own business want to tell you that you are crazy, you shouldn’t be going into business, go get a job somewhere else, and so on, because they don’t know what its like to do anything other then work for someone else. While the big business exec’s want to tell you to get a job at their company, the market is saturated and you won’t make it, and so on, simply because they don’t want you as competition. Here are 6 myths that bootstrappers are faced with and a simple answer to each of them. Enjoy.

Myth #1: “I need an office to impress my clients”

Lets be serious about the situation at hand for a moment. Are you opening a business as a banker or a law firm? Well, then odds are your clients won’t even see your office (or lack thereof), so why bother? Most start-ups come from a spare bedroom with a desk and computer, a filing cabinet (maybe), and a phone. The wallpaper could be falling off the walls, the carpet could be stained, and there might not be any windows, but guess what? Nobody will see it! Great bootstrapping comes in knowing where your money is best spent. Forking out thousands of dollars to rent an office that you MIGHT have one client come to per month is a serious waste of money, when you could be spending that on sales associates paychecks to do the thing you need most, SELL!

Myth #2: “I need an expensive IT system.”

WRONG! Most companies function better with a cheap PC and a fast internet connection rather then a fast PC and a slow internet connection. Also, you do not need a $30,000 software package for your business to manage time tasking, to do lists and money management. There is a wonderful thing out there in the internet world called “open source”. Learn the term and use it well, and it will save you thousands of dollars. The company “RightNow” started their business around eMachines PC’s (which I am writing on right now, by the way). By the way, did I forget to mention that RightNow is a multi-million dollar company now? Exactly. You can also call up small/medium sized local businesses and let them know that if they have any office furniture (desks, chairs, tables, ect) or old PC’s/Phones, that you would gladly take them off their hands for them. Most companies have these lying around the office, and sometimes you will be saving them the trouble, and money, for disposing of all of their “junk”.

Myth #3: “I have to pay full price for phone bills”

A lot of phone companies do not offer “unlimited minutes” each month, which is what a good bootstrapper is looking for in the first place, since they will be making thousands of calls to find prospective clients. There is a lot of VOIP companies coming out now (Vonage) that offers unlimited local and long distance phone calls for only $24.99 per month! There’s no need to pay $19.99 per month at another company who only offers 5,000 minutes/calls per month and NO long distance, when you can get a VOIP company like Vonage who will give you all you need for only $5.00 more per month.

Myth #4: “I need an expensive phone system.”

If you are just starting your business, and you have no sales team yet besides yourself and your husband/wife or boyfriend/girlfriend, then you can use a simple $10.00 phone from Wal-Mart/Best Buy. Why do you need a phone that costs $100.00+ when a dial-tone always sounds the same on either phone? If and when you do get a sales team working, and you need a 5-10 line phone system, go ahead and get each sales team member their own 1-800 number, and if a client asks to be patched through, simply have your sales team member let them know “Each of our sales team members here at ____ have our own 1-800 number for your convenience. Here is his/her number”. This gives the client a feeling of importance, like their needs are being looked after first so they don’t have to go through a 10 minute phone forwarding session. They can dial right to the customer rep they need. And, 1-800 numbers are fairly cheap as well. Read more about them in our 5 tips to appear large on a small budget.

Myth #5: “I need a salesperson but I cannot afford to pay someone”

So, you are expanding and you need a second person on the team besides yourself and none of your friends and family care to help you out? The solution can be a hard one to come to, but also easy when you look at the bigger picture. So, you can’t pay someone a top-notch salary to become a salesperson for your company? So what! You have options: You could offer them an aggressive commission on all sales they make, higher then the average in your market. Or, you can let them know if they meet a goal (say, $1,000,000 in sales in one year) then you will lease them a Porsche or Ferrari for one year. Once they get those million in sales, leasing a car like this will be no problem. And, they will be happy and not feel like an employee, but a partner in your business.

Myth #6: “I’m too small to ask for a discount.”

Sean Murpy says that the universal rule for all businesses should be that you ask for three quotes. Do not become “happy” with the first number you hear. You need to push yourself to always think ahead of your time. Everyone should be entitled to a discount, and you should never expect NOT to get one. The worst they can say is “no” right? Well, if they do, ask them what you need to do in order to get the discounts they offer. Odds are, its not that far away from where you are, and this also gives you a goal to work towards.