The Art of Starting Small: Five Steps

We each find ourselves at some point with a business idea and often times dream about becoming our own bosses. Sara Blakely, CEO and founder of Spanks (a leading American intimate apparel company) says “People have million-dollar and billion-dollar ideas daily . . .” Very few of us, however, get around to acting on these ideas. In fact, up to 80% of us end up backing out of our own dreams. In this blog, we’ll share a few practical ways to take action on your ideas.


“Great Things Are Not Done By Impulse, but By a Series of Small Things Brought Together.”

Vincent Van Gogh

Behind every successful business is a dream, and a dreamer who took action. So, if you are looking for ways to actualize that idea in small simple steps, here are some tips to consider.

Put It On Paper!

Have you really thought about the idea? Have you written it down? Research shows that there are numerous benefits to writing down your goals and ideas.

Writing things down sets the intention and is the first practical step. Written ideas are clearer and more tangible than mere thoughts. Moreover, writing or typing out your ideas clears your mind. This begins the organization process and clarifies your random thoughts. Slowly, your ideas begin to connect and a plan comes together.

Did you know that you are more likely to stay motivated when you have a visible reminder of your goals? In a week, a month or a year from now, you can look back to see the progress you have made at the written-down plans. So, go ahead and jot it down!


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Do The Essentials List!

Once written down, don’t stop there, go beyond the writing, capture the things that you need. For instance:

  • What kind of business am I starting?
  • What do I need to kick start?
  • What products will I be offering?
  • What is the industry like in this line of business? Is it competitive? Am I alone? What are other sellers like me doing?
  • What is my uniqueness as a business? (The niche)
  • Where do I see my business in fifteen years?

You may find yourself not having the answers to all these questions at the beginning, and this is okay. This brings us to the third thing…

Do A Recon!

Do a research, find out what other businesses in your industry are doing. What successes and failures are they experiencing? How are the businesses coping with these challenges? What kind of questions should you expect from customers? Which common mistakes should you avoid?

This exercise will give you a clear idea of what to expect and plan for, your timelines, where to source supplies, price estimates, and much much more.

You know what’s awesome? You can do a Recon on your way to work, or your way home. Remember, you are starting small and doing everything a small step at a time. It may take time, but it’s all worth it.


Before we proceed, did you know that every month we hold free webinars just to grow you as an entrepreneur? This month we have 5 Marketing Tips to Grow Your Business with James Macharia! See you there.


Draft A Pre-Budget

Now that you have done a recon and a list of the essentials, draft what your expenditure might look like. At this point, don’t jump to a cumbersome company budget servicing million customers. Hold your brakes, you are not there yet!

Bearing in mind it might take some time to gain customers and establish a regular cash flow, draft a simple day-to-day budget of the costs you anticipate. So, be specific. Draft down the little you need to produce just for the first batch of products. Remember, entrepreneurs that break this secret have higher chance of success that those that don’t.

The Taste-Test

With the budget out of the way, it’s time to test and taste the waters. The only way to know if people want your product is to give them an opportunity to interact with it. Sell to family and friends, get their feedback, and use it to improve the product.

Another way you can test the idea is through crowdfunding. This opens your business and products to customers beyond your network. This means:

  • More awareness- crowdfunding is a marketing tool
  • More feedback about your product
  • Possibly, more funding


You can learn more about crowdfunding here.


Track Progress

Check your progress regularly against your plan to see whether you are moving in the right direction. Remember to always celebrate each milestone no matter how small!

Congratulations on taking the first steps towards bringing your ideas to life. Which step resonated with you the most? Tell us on the feedback.

Remember to Join us for our Free Webinar: 5 Marketing Tips to Grow Your Business on 1st July, 2021. Register Here.

The Importance of a Funding Strategy for your Thundafund Campaign

Why you need a funding strategy:

A funding strategy helps you identify possible backers and how to get through to them. Crowdfunding starts with your crowd, it’s these people that will comprise of your core funding. Here is the outline for constructing your own funding strategy, this is purely a template so customise it to your own situation. Crowdfunding is hard work, it requires persistence and perseverance. A funding strategy can help you stay focused and directed so you don’t end up wasting your time trying to reach the wrong people.

 

Backers Inventory: list

Here you list all of your potential backers from your third cousin Nelson to your oldest friend Justene. This helps you identify and prioritise who you need to target for your campaign. Here are some examples:

  • Immediate Family 
  • Extended Family
  • Friends
  • Fans/followers
  • Communities – Shul, Church, soccer club, etc

 

Potential Fundscash

Working out how much you will be able to raise helps prioritise how much time and effort needs to be expended on certain potential backers. It also reduces the risk of setting your tipping point too high.

  • How much can be raised from immediate family?
  • How much can be raised from extended family?
  • How much can be raised from friends?
  • How much can be raised from passionate fans?
  • How much can be generated from an event?
  • How much can be raised from your communities?

 

Channels to best reach these potential backers:communication.png

 

Phone Call:

A call provides a direct communication with the potential backer, increasing the chance of them funding you. A phone call is personal and shows initiative on your behalf. It is also important when contacting someone that doesn’t have a strong online presence such as Great Aunt who hardly uses her computer.

 

Email:

This is a great way to reach out to a large amount of your potential backers. An email allows you to communicate why their support is needed. This is a quick way of spreading the word about your campaign and is more direct than posting on your social media feeds. Make sure to always include the link to your project page to ensure it’s easy for the recipient to support you.

 

Social Media:

This is an easy way to spread awareness around your campaign to your friends and followers. It’s a powerful tool in keeping everyone updated as well as reminding them of your campaign.

 

Here’s to a successfully funded campaign,

The Thundafund Team

A Step-by-Step Guide to Startup Customer Acquistion

The road to startup customer acquisition (also known as “The Island of Greatness”) is a long one! You’re in the process of crowdfunding or you’ve got some funding, you’ve got a product hundreds of people love and you’ve got a great story to tell. Now what…? How do you take it to the next level and scale?

Well, the answer is simple (but takes a lot of work)! A combination of content marketing, PR and social media will take your startup to new heights. You’ll reach your target audience, build thought leadership, foster a strong community, position yourself in front of industry influencers – the whole nine yards.

If you’ve ever wondered how we help our clients acquire new customers and scale to the next level, you won’t want to miss this. You can start right here and right now. So, without further ado, here’s OnBoardly’s step-by-step guide to startup customer acquisition…

Thundafund Startup Adventure

Via Onboardly

Your Crowdfunding Outline: A Checklist To Success!

Thundafund Crowdfunding Checklist Post

Preparing a detailed crowdfunding outline will not only help you organize your thoughts, but evaluate and fine tune them. It will help you keep track of your ideas, acting as your blueprint for a perfect crowdfunding campaign.

Without a proper outline for a crowdfunding project, one can become overwhelmed by the sheer amount of information that requires your attention. So with that said; can you write answers to the following questions?  Continue reading

The Crowdfunding Life Cycle

Crowdfunding LifeCycle

Successful crowdfunders realize that there is much more to crowdfunding than just creating a crowdfunding campaign and promoting it on social media. There are 3 distinct phases of a crowdfunding campaign. Each phase requires proper planning, execution, and management. To take advantage of your unique crowdfunding opportunity, you need to understand each phase, and develop an action plan for each one.  Continue reading