Guerrilla Tactics: Magician Joel Breen, Guitarist Steve Grisham
Funding the start-up of your small business with almost no money
Perhaps you’re considering taking your skills or hobby to a profitable level after a sudden layoff. Or, you’ve decided to follow a long-held dream, but are unable to secure traditional credit to start your business. You have to be smart with your funding and spending, so take some tips from several successful small business owners across the country.
JB’s Furniture
Sometimes, throwing caution to the wind has a way of working out. Milwaukee’s JB’s Furniture was financed by owner Joel Breen’s savings, a 401K from another job, a small business loan, and to his charging, some high-interest credit card debt. Breen says he should have been “scared to death,” but had a “build it and they will come,” mindset. They did. Customers come from as far as Chicago to his new and used furniture store. He also works with the State of Wisconsin to provide furniture for its transitional housing.
Mira Vista Studio
Florida’s Steve Grisham tapped into fame, credit cards, and his brother-in-law’s garage to create Mira Vista Studio. As former guitarist with the Southern rock band, The Outlaws, and leader of Ghost Riders Band, Grisham’s contact list from years of touring is extensive. He also scouts potential clients while he’s playing. Grisham offers promising musicians a discount to record at his studio. He quickly learned to buy office equipment with a generous return policy, in case it doesn’t meet his needs.
Nutty Steph
A great way to immediate create a client/customer base is to approach other local businesses. They already know you from the neighborhood or you can easily introduce yourself. In this economy, some businesses won’t have cash to spare, but they can barter their excess inventory or services with you. Jacquelyn Rieke, owner of the Vermont granola and chocolate company Nutty Steph, started bartering after running up a $50,000 credit card debt. In fact, she advises to “barter shamelessly!” Rieke has scored food, website work, auto repairs, and massages.
I, too, funded a business with bartering. When starting out my law practice, I bartered legal advice for Hawaiian dinners, office supplies, and a vintage fur coat. I also bartered for advertising: I contacted small, freebie magazines, trading legal advice columns for ad space. I didn’t come up with the idea on my own… I saw one of my law school competitors doing the same thing and beat him at his own game! [GI]
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