Standard Operating Procedures: Managing Your Future Self

Delegation is most effective if there is an Operations Manual for the company. Michael E. Gerber calls this the "Turnkey Revolution" in his book The E-Myth Revisited: the idea of documenting your business like a franchise. Build your business in a way that you could hand it over to someone else, and it would still … Continue reading Standard Operating Procedures: Managing Your Future Self

Customer Exploration: Seeing Through Your Customer’s Eyes

At this stage of your business, you have a mostly mature product that is used by many customers. You can expect that for most of their use cases, it is good enough. But instead of guessing, I recommend setting aside some time every few months to do some customer exploration.  Consider it to be continuous … Continue reading Customer Exploration: Seeing Through Your Customer’s Eyes

Spreading the Word: How to Do Marketing on a Shoestring Budget

One beautiful thing about a niche is that there is a certain similarity between the people in it. They are likely to frequent the same social media, read the same blogs, visit the same websites. They often are organized in communities where word of mouth spreads quickly. You can leverage the density of these networks … Continue reading Spreading the Word: How to Do Marketing on a Shoestring Budget

Seller Beware: Pricing Models That Can Break Your Business

There are a lot of great ideas when it comes to optimizing your pricing to attract more customers or keep them retained. Two pricing models can be hazardous if not implemented carefully: freemium accounts and lifetime accounts. The Risks of Freemium Accounts A freemium pricing model can be great to get people to use your product, integrating … Continue reading Seller Beware: Pricing Models That Can Break Your Business

Not All Subscriptions Are Equal: Offer Yearly Plans from the Start

Most bootstrapped businesses offer monthly subscription plans. The revenue that is generated from your customers that way is incredibly reliable. If you know how many customers you have, you know exactly how much money will come in this month, next month, and the future, provided you keep your customers or replace the ones that quit … Continue reading Not All Subscriptions Are Equal: Offer Yearly Plans from the Start

Not All Subscribers Are Equal: How to Deal with Plans That No Longer Work

You may have started with subscription plans that turn out to be problematic. At FeedbackPanda, we had started with a $5/month plan. After a few months of offering that, we sunset that plan because we noticed that it attracted a kind of customer we did not want to serve: bargain shoppers. The customers on that … Continue reading Not All Subscribers Are Equal: How to Deal with Plans That No Longer Work

Profit-Sharing as Employee Compensation for Bootstrappers

We don't often talk about employee compensation in the bootstrapped space, as many businesses have few employees, and only start hiring when it's absolutely necessary. So making sure our employees are properly compensated for their work beyond their regular salary isn't one of the most prominent themes we have to think about. In a recent … Continue reading Profit-Sharing as Employee Compensation for Bootstrappers