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Myth 3: It Takes a Long Time
Technology has changed everything: Look at low-cost technologies you can employ to run your business. In the old days you’d advertise a business; now an email blast can accomplish the same thing for nothing. You can reduce costs by outsourcing website design, graphic design, programming, bookkeeping and other services you need for your business overseas. On sites like elance.com, guru.com, professionals bid to do your job; or rentacoder.com, and concierge services like GetFriday.com or Global Solutions.com.
Build an Audience by Blogging: If you have a specific expertise, build an audience first by blogging; the people who register with your site will become the first customers for your product – whether it’s a book, seminar, piece of equipment, etc.
Strategic Partnerships: If you have a large venture that you want to get up and running quickly, consider a strategic partnership. Bill Gates invented the Windows operating system just as IBM was looking to introduce a PC that would compete with Apple. IBM invested in his product at the early stage, allowing the company to get a competitive product to market faster and in a more cost-effective way.
Research companies that need your product; that would help them achieve some sort of competitive advantage and allow them to provide a product or service that leverages off your success. Example: A specific company provides worldwide technical support for products like yours. You agree to give them a worldwide exclusive on the servicing of your product in exchange for an investment that gets you to market.
Sales and Marketing Partnership: Let’s say your product fits with the product offering of a large distributor. The distributor offering the latest hot product will reap a bundle of “tag along” sales from customers who want one-stop shopping. You offer the company a three-year exclusive sales contract (subject to meeting certain milestones) in exchange for a non-equity investment.
Buy an existing business that reflects your passion. Matt Rivers became owner of the Pump House Surf Shop in Massachusetts at age 17 – he was an ardent surfer who had worked in the shop, and bought it with money he made as a dishwasher. Now it’s one of the best known on the East Coast.
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