Episode 32 What are the keys to Bootstrapping a Successful Business? Every “how to start a business book” will tell you it’s about managing money…it’s certainly part of it, but not all. Most Small Businesses Fail Within Five Years In my experience, the difference between those who make it and those that don’t are three things. Find a Mentor Don’t assume you know it all because chances are you don’t. Find a mentor, join a group, get advice from people who have the skills and knowledge you need.

Imagine You are the Customer and Create Your Perfect Experience When you do this, the economic benefits to your business will be enormous and your chances of survival will be greatly enhanced.

Maintain Your Records Paperwork and Taxes is a pain for most entrepreneurs and to Bootstrappers particularly. But don’t let it get out of control. Keep your business and personal expenses separate.

Always Ask Your Customers for Testimonials, Referrals, and Guidance You will be surprised how powerful this is for a small business. Be Honest, Understanding, and Helpful The customer is not always right, but a poor experience with one, can cost you an initial experience with many.

Tags: Building a Business, Bootstrapping, Business Start-up, Choosing a Business, Business Brokers, Buying a Business, Transworld Business Advisors

Short Bio: Bill Kelly is a Senior Business Broker and Franchise Consultant for Transworld Business Advisors of Richmond, VA. He is also a Licensed Virginia Commercial Real Estate Agent. Bill has been a lifelong Entrepreneur and has personally started or purchased and then sold eleven businesses. He lives in Richmond, Virginia, with his wife Rebecca, and has two daughters, and one granddaughter. Contact links: bkelly@tworld.com