[Reader Note: This thread has been merged with another ... some posts appear to be duplicates]
I have participated in more than a few startups where money was limited or nonexistent. IT IS ENTIRELY POSSIBLE TO SUCCEED IN STARTING YOUR OWN BUSINESS WITH LITTLE OR NO MONEY! How is this possible when it takes money to make money? You trade your time for the money you would spend. How is this possible? You get your customers before you open the doors or create any overhead!
This thread is about Fastlaners challenging each other with scenarios where they think it might not be possible to "Get customers 1st." I will answer said challenges with strategies on how to accomplish this. Stories welcome too.
To kick things off I will offer this true scenario from my past:
In the beginning of 2005 I was asked by a few people I knew in the Health Insurance business how I as a Web Marketing Consultant would recommend they generate leads because they were agents. I gave them a recommendation assuring them how easy it would be. They scoffed at my recommendation so I told them I would prove it. I made a deal with 3 large health insurance companies to get 100 agents subscribed to my service if I could prove results based on their criteria. They gave me their criteria and I did them one better, I told them I could develop premium leads from people ready to purchase health care from them, pre-screened by their medical data without having to worry about HIPPA compliance issues.
One month later I finished a website designed to collect private medical information from people looking to get health insurance. I setup the service to be free for anyone or small businesses to seek reputable health insurance agents (we rated the agents). The agents would subscribe to our service and pay even more for premium leads. After the second month the article I had written about a great new free program like 1-800 dentist but online much like LoanTree.com had been released across the wire services generating over 10,000 visitors with a 52% conversion rate. Over 5,820 leads were generated and the 3 large companies had 300 total agents subscribe to our service. In 5 months from the day I finished the website, we grossed $2,500 per day. Total investment to get started was $300 for website, $200 for phones, and $600 for press release. We eventually staffed 22+ employees at the end of 6 months.
We all can make similar scenarios like this happen, probably even better. Does anyone else have a scenario they would like to post? I will be happy to meet the challenge.
So who really needs investment capital?
I have participated in more than a few startups where money was limited or nonexistent. IT IS ENTIRELY POSSIBLE TO SUCCEED IN STARTING YOUR OWN BUSINESS WITH LITTLE OR NO MONEY! How is this possible when it takes money to make money? You trade your time for the money you would spend. How is this possible? You get your customers before you open the doors or create any overhead!
This thread is about Fastlaners challenging each other with scenarios where they think it might not be possible to "Get customers 1st." I will answer said challenges with strategies on how to accomplish this. Stories welcome too.
To kick things off I will offer this true scenario from my past:
In the beginning of 2005 I was asked by a few people I knew in the Health Insurance business how I as a Web Marketing Consultant would recommend they generate leads because they were agents. I gave them a recommendation assuring them how easy it would be. They scoffed at my recommendation so I told them I would prove it. I made a deal with 3 large health insurance companies to get 100 agents subscribed to my service if I could prove results based on their criteria. They gave me their criteria and I did them one better, I told them I could develop premium leads from people ready to purchase health care from them, pre-screened by their medical data without having to worry about HIPPA compliance issues.
One month later I finished a website designed to collect private medical information from people looking to get health insurance. I setup the service to be free for anyone or small businesses to seek reputable health insurance agents (we rated the agents). The agents would subscribe to our service and pay even more for premium leads. After the second month the article I had written about a great new free program like 1-800 dentist but online much like LoanTree.com had been released across the wire services generating over 10,000 visitors with a 52% conversion rate. Over 5,820 leads were generated and the 3 large companies had 300 total agents subscribe to our service. In 5 months from the day I finished the website, we grossed $2,500 per day. Total investment to get started was $300 for website, $200 for phones, and $600 for press release. We eventually staffed 22+ employees at the end of 6 months.
We all can make similar scenarios like this happen, probably even better. Does anyone else have a scenario they would like to post? I will be happy to meet the challenge.
So who really needs investment capital?
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