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Cory Miller, founder of iThemes.com and StartupSofa.com, shares lessons he's learned starting an online, digital product company.
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How to Bootstrap an Online Startup
What kind of startup am I talking about?
@corymiller303#startupsofa
The Bootstrapped Startup
Bootstrapped on your time, talent and treasure
Online only
No physical location or goods
Digital Product
Software
File (i.e. Templates)
@corymiller303#startupsofa
Our Startup Formula
@corymiller303#startupsofa
The product
@corymiller303#startupsofa
Products must be solutions to people’s problems
Find the pain points and common problems
Real pain = real need
Champion a cause and compelling vision
The cause and vision is a ‘better way’
What the product really does ...
@corymiller303#startupsofa
What do you possess that people would willingly pay you for? (Skills, knowledge, etc.)
What is the core irritation? The deep pain?
What could be substantially improved?
What is the “secret sauce” that would be remarkable, maybe even life changing?
What offers freedom, saves times, makes someone more money, look better or do more?
It’s all about the solution ...
@corymiller303#startupsofa
Build a laser beam
Aim it at a narrowly defined problem within a niche
Pick a ripe existing market w/ easily reachable customers
Find an easy win FIRST to prove the concept
Don’t eat an elephant - Try a monkey instead
Narrowing in on THE solution ...
@corymiller303#startupsofa
Everything will change.
@corymiller303#startupsofa
Ultimately, go with your gut.
@corymiller303#startupsofa
Launch and improve
@corymiller303#startupsofa
Dusty products are failures and suck
Shelved products are fancy narcissistic art sculputures
Perfectionism is evil poison to startups
Get something ‘good’ out
Give them the opportunity to react and respond
Let them mold it for you - and ultimately pay the bills
Launch and improve
@corymiller303#startupsofa
The champion, you
@corymiller303#startupsofa
You are champion of the cause
Products champion the cause too - they are the CURE
Champions are storytellers
Need to be crystal clear and be able to communicate
Champions know the story, the characters, plot
Champions bleed the brand
Champion the cause
@corymiller303#startupsofa
Marketing it
@corymiller303#startupsofa
No money, no worries
Use your time, energy, skills and knowledge aggressively
Start where you are .... start now
Build an email list for launch YESTERDAY
Blogging, Videos, Webinars, Social Media
Buy Content Rules book today - soak up & do it
Guerrilla marketing
@corymiller303#startupsofa
Don’t underestimate the value of email marketing
Email is still king
Email is not dead; we launched with 400 people or less
Write emails like you write personal replies
Think of a person; Build a relationship (ref. the cause)
Email news features, new launches, new tips
Email marketing
@corymiller303#startupsofa
Customer service and support IS marketing
Your first customers become your raving fans
Ravings fans are the best marketing (word-of-mouth)
Underpromise and overdeliver
Be personal and human
Build and foster community
Service is marketing
@corymiller303#startupsofa
Selling it
@corymiller303#startupsofa
Contact form is THE primary sales tool
Reply fast
Use questions to improve sales pages
Create a cheatsheet to copy and paste
Start a FAQ page and build it over time
On sales emails
@corymiller303#startupsofa
Sales pages help people make informed decisions
Give the right information most buyers would need
Better sales pages cut down on emails
Use good product images, videos, demos
SHOW them the product they are buying
Instill confidence
On sales pages
@corymiller303#startupsofa
Focus on benefits over features
What does the product do for them?
Use FAQs and list product specs somewhere
Test and refine - see what works
Go to your sales pages once a week (I don’t do this enough)
On sales pages
@corymiller303#startupsofa
On pricing
@corymiller303#startupsofa
More art than science
Review and compare what others are charging & how
Ponder what your ideal client would pay for it
What time do you have in development & supporting it?
Don’t underprice yourself!
Unless you’re iTunes, you’re not making money on $1
Build biz on higher priced items & those custmoers
How do you price it?
@corymiller303#startupsofa
Supporting it
@corymiller303#startupsofa
There is ALWAYS support - no matter how good your widget is
People have questions - sometimes obvious ones
Passive income biz don’t exist - SORRY!
Being responsive & helpful builds fans
Taking care of customers
@corymiller303#startupsofa
Forums are most efficient way to support
Not always liked but realistic in digital products
Answering questions for everybody’s benefit
Leveraging community - find ambassadors
Our best moderators came as customers
Repost common questions as blog posts & documentation
Supporting your community
@corymiller303#startupsofa
Always be improving and innovating
One last thought ...
@corymiller303#startupsofa
@corymiller303
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