Barebones Business: The Secret Guide to Building a Badass Business on a Limited Budget

By Brian Shanaway

Do you dream of starting your own business but feel daunted by limited funds? "Barebones Business: The Secret Guide to Building a Badass Business on a Limited Budget" is your key to unlocking the world of entrepreneurship, proving that success knows no financial bounds.

This comprehensive guide takes you on a transformative jou

• Language: English
• Publisher: Brian Shanaway
• Release date: Oct 30, 2023
• ISBN: 9798868956102

Book preview

One

Is It Even Possible to Start a Business with Very Little Money?

I, first and foremost, want to thank you for taking a look at the real-world, practical words that will be laid out before you in Bare Bones Business: The Secret Guide for Building a Badass Business on a Limited Budget. If you're reading this, you're likely an entrepreneur with limited resources, but a big dream to create a successful business, but something has stopped you from pursuing that dream. Perhaps you have a family that relies on you (and your steady paycheck) and that has held you back from taking any kind of risk to follow your own dreams. It’s possible that you feel like you were meant for more, but are unsure how to start a successful business, or even what kind of business that you should start. I understand the fear of the unknown and the frustration that comes from the influence of those around you that will tell you that there are too many ways that you can fail, and that you will never make the money doing that one thing that you are passionate about because there is just too much competition.

If any of that rings true for you, I implore you to read this entire book. Don’t start it and then let it rest on a shelf until you get back to it. Start the book, take it with you wherever you are going, and keep reading until you’ve finished it. (I won’t be offended if this book rests on a countertop in the bathroom. At least I know it will be read that way.) You may not have the luxury of a big budget or a team of experts, but that doesn't mean your journey can't be just as rewarding as that of a well-funded startup, and this book will walk you through it step-by-step in easily manageable bite-sized pieces.

You may be asking yourself, Who the hell is this Brian guy, and why should it matter what he has to say? The best, most honest answer to that is --- it doesn’t matter what I have to say! What matters is how you interpret it and apply it in your daily life. I can tell you all about how I have helped multiple small businesses in a variety of categories (retail, food & beverage, ecommerce, service-based businesses, etc.) over the past 20 years to increase their profits. Or even that I have been in the online space, mastering the unique challenges that come with digital marketing, for the last 8 years, as of the writing of this book. I could even tell you all about how I have overseen dozens of startups for entrepreneurs and have helped each one of them turn a profit faster than they thought would be possible. But that probably doesn’t mean a lot to you as an entrepreneur, aspiring entrepreneur, or small business owner. So, we’ll skip that. This book isn’t some online guru superhero origin story. This book focuses on the basic principles for opening and running any business, regardless of niche or location. This book provides you with real-world examples of small businesses that became everything that their owners wanted them to be AND how they grew to dominate their industries.

Starting a business is a journey, and like any journey, it has its highs and lows, twists and turns, and unexpected challenges. No matter where you are in your entrepreneurial journey, if you're willing to persevere and stay resourceful, the rewards can be well worth the effort. Throughout this book, we'll explore the ins and outs of the entrepreneurial journey, focusing specifically on strategies that work, and have worked, for entrepreneurs with limited resources.

When starting a business on a shoestring budget, it's essential to make every resource count. But, even with limited resources, it's still possible to create a thriving business that captures the world’s attention. Take the example of Spanx, a company founded by Sara Blakely with just $5,000 of savings. Founded in the year 2000, Spanx answered a powerful need (at least according to every woman I’ve met) for something more comfortable than your common pantyhose. Sara Blakely was selling fax machines door-to-door in the Florida heat and this does something to pantyhose (again, according to the ladies) that I will never understand… There’s some sort of rolling that occurs, something uncomfortable in the toe area, and the waistline of every pantyhose created since their invention is apparently made for only one woman ever, not considering that people come in all sorts of shapes and sizes. She turned her frustration with uncomfortable pantyhose into a business empire that solved those issues and now generates over $1 billion in revenue. Because of this, she was named by Forbes Magazine, in 2012, as the youngest self-made female billionaire. Not bad for $5,000 and dream.

Or consider Airbnb, a startup that began with an air mattress on the living room floor, and an idea had by a couple of roommates to rent the space to anyone unable to book a hotel room in the busy San Francisco area. That air mattress (and the promise of breakfast) has since grown into a multi-billion dollar company since its inception in 2008. (Does anyone want to rent a spot on my couch?)

The point is that starting a business on a limited budget is not only possible, but it can also lead to tremendous success. To get there, you'll need to be resourceful, adaptable, and willing to take calculated risks. You'll need to think outside the box, find simple solutions to some sort of irritation (I’m still glad that I don’t wear pantyhose), and be willing to pivot when necessary. But, with the right mindset and a solid plan, you can turn your bare bones business into a thriving enterprise.

Throughout this book, we'll cover topics such as idea generation, market research, financing, marketing, and scaling your business, all with a focus on resourcefulness and actionable advice. I'll share real-world examples of entrepreneurs who have successfully built businesses on a shoestring budget and provide practical strategies and tips to help you do the same.

So, let’s dive into your entrepreneurial journey! Buckle in, because we are starting where every success story should start… the BEGINNING. Whether you have an idea for a business or not, having a strategy for generating and validating the business ideas that will fit your limited resources is the perfect launch point! But, first! Let’s talk about some of those excuses you’ve had for not starting already!

Two

It’ll Never Work, and Other Excuses You Tell Yourself

Fear is a natural reaction to a perceived challenge. In the world of entrepreneurship, the path to success is often paved with uncertainty and sprinkled with multiple challenges. While the prospect of launching and building a business on a limited budget may seem daunting, it's crucial to remember that many of the most successful entrepreneurs faced similar fears and obstacles at the outset. However, with proper planning, creativity, and the flexibility to pivot if necessary, you can unleash your entrepreneurial potential and reap the rewards that come with it.

I want to share with you some of the common fears that can paralyze aspiring entrepreneurs and provide some insights into how to overcome them.

Fear of Failure: What Others Think Doesn't Matter

One of the most significant fears that hold people back from taking the leap into entrepreneurship is the fear of failure. We often worry about what others will think if our business doesn't succeed. It's essential to recognize that failure is a natural part of the entrepreneurial journey. Every successful entrepreneur has faced setbacks, and it's through those setbacks that they learn and grow.

Bill Gates' first company, Traf-O-Data, was created in 1968 with his friend Paul Allen. The company failed to sell its product and had to be shut down. The two of them were able to learn from their mistakes and went on to create Microsoft, one of the most profitable software companies in the world.

In reality, what others think about your business is far less important than your own belief in your vision and your commitment to making it a reality. Don't let the fear of failure paralyze you. Instead, embrace it as a teacher and a stepping stone toward success.

Fear of Not Having a Guaranteed Salary: Risk vs. Reward

The fear of not having a guaranteed salary can be particularly daunting, especially if you