Bootstrapping

I’ve mentioned previously that I am, at least currently, a one-woman operation here at List Central. I am positive that I can build List Central into something that can sustain itself. The initial costs are are coming out of my pocket, thus, I am keeping the costs to a minimum until the point comes when List Central can afford more with the income it generates. In time, I want to see List Central grow into a larger business that employs talented people, until then, I’m bootstrapping it!

What is bootstrapping you ask? Bootstrapping is a “self-sustaining process that proceeds without external help” [Wikipedia April 20th, 2009]

In The Bootstrapper’s Bible Seth Godin outlines The Bootstrapper’s Manifesto and provides a road map for first time bootstrappers. Ready Godin’s e-book was a real turning point for me and List Central, as I got real excitement and motivation from it’s digital pages. The Bootstrapper’s Bible helped me by:

• Showed me that I was far from alone in my quest
• Gave me valuable tools to help me meet my goals
• Inspired me with confidence
• Convinced me to be persistent through the many challenges of bootstrapping a new business
• Told me the name for what I was doing: Bootstrapping!

Free copies of Seth Godin’s e-book “The Bootstrapper’s Bible” are still available, so grab yourself a copy while you still can!

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The Business Plan

It took me a good long time to diligently put together a business plan for List Central. I’ve been stubborn about wanting to Bootstrap this project, and have no intention of look for funding. The initial costs are coming out of my pocket, and I’m keeping them as low as I can until List Central starts earning it’s keep.

The fact that I will not be approaching potential investors does not negate the need for a business plan, it does, however, change the role of the document. In many ways writing my business plan, without investors in mind, made the task much easier. I was free to focus on the conponents of the document that are integral to planning and executing the business, rather than worry about what will impress. There was no need for me to follow some externally established standard on what a business plan should be. It was just me writing out the parameters of my business.

I recommend all other entreprenuers put in the time to put together a business plan. It really does help in organizing your thoughts and outlining a direction.  The process of writing a business plan forces you to face some big questions, mainly ‘How will the whole money thing work?’. A sometimes daungting questions, which needs to be addressed nonetheless. The end product serves as a valuable point of reference to return to when you need reminders. I find it useful to reread the plan every few weeks to ensure I’m still on track, and to make any adjustments to the plan that are required as a result of change… you can always bet on change!

In writing the business plan for List Central I knew that I had to include certain components in order to write something that would be valuable to me, but beyond that, I did really know how to proceede. So I went to the Small Business BC website and perused their sample business plans. From that I was able to come up with a suitable outline of the sections I needed for my plan. After that, all I had to do was fill in the sections.

Every business plan is different, as each represents it’s own business in a particular phase. It may be tempting to copy another business plan to get it out of the way, but really, doing this robs the entreprenuer of a valuable opportunity to really delve into the aims of his or her business, and bring the tough questions up to the surface. Every business would only benefit from it’s entreprenuer devoting time to write a business plan devoted to it, no matter the size or industry of the business, nor the intended audience of the plan.

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