Have questions about starting a business from scratch? With some first hand experience (and quite a bit of success in the matter), I wanted to take some moment to share some lessons learned to help you on your journey…

Five months ago, I made a bold decision: I killed my business and started over from scratch. In this blog post, I will share why I did that, what changes I made, and the results we’ve achieved since then.

If you’re unfamiliar with me, my name is Dev Tracy, the CMO of Windfall Elite. We specialize in helping local businesses get found on Google, having served over 1,100 clients in the last six years.

Here’s a look at our journey and the incredible transformation we’ve experienced by starting our business over from scratch.

 

The Decision to Start Over (I knew I’d effectively be starting a business from scratch, and that’s a hefty decision to make)

Six years ago, we founded Windfall Elite with a single focus, which brought us moderate success.

However, we didn’t know what we were doing and we made a lot of mistakes.

The business lost money, my co-founder walked away, and I found myself juggling a nine-to-five job as a high school math teacher while trying to rebuild the business.

 

The Transformation Process

Analyzing the Past

The first step in starting over was a thorough analysis of our past mistakes and successes. We identified areas where we had spread ourselves too thin and where our focus had wavered. This analysis was crucial in deciding our new direction.

 

Defining a Clear Vision

With a fresh perspective, we defined a clear vision for Windfall Elite. We decided to concentrate on a single service: SEO for local businesses. This laser-focused approach allowed us to streamline our processes and offer exceptional value to our clients (we decided that instead of doing a dozen different things and being ok at all of them, we would be amazing at one, specific, service).

 

The Results

Since starting over, Windfall Elite has experienced significant growth.

Our streamlined services and targeted approach allowed us to break company revenue records in just 5 short months.

 

Let Us Help You Grow Too!

If you’re considering starting a business from scratch, starting over or need help with your current business strategy, Windfall Elite is here to help. Our expertise in SEO can transform your online presence and drive real results.

Contact us today to learn more about how we can help you achieve your business goals.

Starting over was a challenging but rewarding decision. It allowed us to redefine our vision, build a stronger team, and implement strategies that deliver results. If you’re ready to take your business to the next level, don’t hesitate to reach out to us at Windfall Elite.

FAQs:

 

Is $1,000 Enough to Start a Business From Scratch?

Absolutely, $1,000 can be enough to start a business, depending on the type of business you plan to start and how you manage your initial expenses. Many successful businesses have been launched on a shoestring budget, and with careful planning and strategic decisions, you can make starting a business from scratch, and just $1,000, work for you.

Here’s how I would consider maximizing your $1,000 startup budget:

  1. Choose a Low-Cost Business Model: Consider businesses that require minimal upfront investment. Service-based businesses like consulting, freelance writing, or virtual assistance typically have lower startup costs compared to product-based businesses. (This consideration is why we started with an Agency so many years ago… because the upfront cost of running an Agency is very close to $0) 
  2. Leverage Free and Low-Cost Tools: Utilize free and affordable tools for essential tasks. For instance, use social media platforms for marketing, open-source software for project management, and free website builders to establish an online presence.
  3. Start Small and Scale Gradually: Begin with a minimal viable product (MVP) or service offering. This approach allows you to test the market, gather feedback, and make improvements without significant upfront investment. As your business grows, reinvest your profits to expand and enhance your offerings.
  4. Network and Collaborate: Tap into your network for support and collaboration. Partnering with others can help you share resources and reduce costs. Attend industry events, join online forums, and connect with like-minded entrepreneurs to gain insights and opportunities.
  5. Focus on Customer Acquisition: Prioritize acquiring your first customers and generating revenue. Offer introductory pricing, leverage word-of-mouth marketing, and deliver exceptional service to build a loyal customer base. Early revenue can be reinvested to fuel your business growth.

Starting a business with $1,000 is possible with careful planning, resourcefulness, and a focus on delivering value. By making strategic decisions and leveraging available resources, you can lay a strong foundation for your business and set yourself up for long-term success.




How Do I Start My Own Business From Scratch?

Over the years, we’ve helped dozens of entrepreneurs start their own businesses from scratch. In fact, we even released a book outlining our “blueprint” for starting a business from scratch. Here’s the 6-Step process we outline in the book:

  1. The Decision Matrix: Identify Your Business Idea

    – It’s not likely that this will be your last business (most successful entrepreneurs have a graveyard of failed attempts in their wake). So we don’t need to make sure this is perfect, but it is still going to save us a lot of time and heartache if we can get off with a good start. So here are the factors we consider:

  • Passion and Skills: Choose an idea that aligns with your interests and expertise. This will keep you motivated and increase your chances of success.
  • Market Demand: Research the market to ensure there’s demand for your product or service. Look for gaps in the market that your business can fill.
  • Think of Passions, Skills, and Market Demand as a 3 way vendiagram. You want to find something that is in the middle.
    • If you’re passionate about it, and good at it, but there is no market demand for it, you’ll be happy doing it, but you’ll also be broke
    • If you’re passionate about it and there is a market demand for it, but you’re not good at it, then you’ll burn a lot of clients (eventually you’ll get good, but this is a rough path if you can avoid it).
    • And if you’re good at it and there is market demand, but you’re not passionate about it, you’ll end up rich and miserable 
  1. Goal Setting

    – It’s impossible to hit a target that isn’t there. This is why we earnestly believe that setting tangible goals is one of the very first things you should do in your journey. 

  • SMART: Is a decent acronym, but in our opinion it leaves a lot missing for entrepreneurs (it wasn’t really made for us, after all). 
    • Specific – We like this one 😉
    • Measurable – We like this one too 😉 
    • Attainable – Are you kidding me? Entrepreneurs don’t let the odds discourage us! No, we replace “Attainable” with “As Big As Possible” in our XMP method of Goal Setting (to learn more about that, check out our book on Amazon)
    • Relevant – We think this one needs to be more dramatic: Absolutely Crucial
    • Time Bound – We like this one 😉 (we like 90 day goals) 
  1. Build Your Offer

    – aka what are you actually selling? There is an absolute art and science behind crafting the perfect offer. Here are some of the core elements that we consider:

  • Understand Your Target Market: If you think your target market is “everyone” yuou are basically guaranteeing yourself failure. No large company starts by catering to everyone (even if they cater to everyone now, they start with a focused market). Why? Because people are different. That makes it impossible to market to everyone effectively (imagine you’re selling wine. If you’re target market is soccer moms, you’ll have a very specific language that appeals to them… which will be very different than if your target market is C-Level business moguls. Yes they both buy wine, but everything about how they buy, how they think about it, and the words they use is very different). So get laser focused on a specific target market, that way you can appeal to them.
  • Create A “$100,000” Deal: What we mean here, is not actually about the price, but rather how good the offer actually is. Once you know what your target market wants, make a deal so good that your target market feels stupid saying no. (If you can make this happen, you’ll do very well)
  1. “Get Technical”

    – Despite what you might think, you don’t need very much tech to start a business. But you do need some. Here are the elements that we think are either necessary or extremely helpful when first starting out (and you’ll ad more tech as the business grows):

    • Payment Processor: It is entirely impossible to do business if you don’t have a way for your clients/customers to pay you. We recommend making it as easy as possible for them to pay you, meaning you want to except as many payment methods as you can.
    • Contracts: Not every business needs contracts (most don’t). But for those that do require a contract, we have a similar way of thinking about it as we do with payment processors: you want to make it as easy as possible for your ideal client to sign. Which is why we recommend tools like DocuSign and our software OmnyHub
    • Website / Funnel: This might surprise you, but in many cases, you do not need a website when first starting. That being said, it is helpful having something you can point clients too. Again, we recommend our tool OmnyHub for this.
  • That’s honestly it. As your company grows, you’ll need to become more sophisticated, and will likely start using all sorts of software like ESPs, CRMs, Appointment Schedulers, Project Managers, etc. But on day one, don’t over complicate it. 
  1. Networking & Marketing

    – Now that you know what you’re selling, you need to have people to sell it too. Finding those people is Marketing. It’s worth while to build a full marketing plan to ensure that you’re not participating in what a good friend of mine calls “random acts of marketing.” Consistency will become your best friend in marketing. But what strategies are best? Honestly, there is simply to much to cover in our response here, but we are more than happy to talk with you about what makes the most sense for your situation. Book a call with us to discuss that here.

  2. Close The Sale

    – And the last step in the process is closing the sale. We believe in a consultative approach to sales, which follows the fundamental truth that “People love to buy things, but hate being sold. So stop trying to sell them, and let them buy.” In sales, your job is to problem solve and present the solution (and if it’s not your solution, be honest about that). 

 

What is the Simplest Type of Business to Start?

When starting a business from scratch, it’s important to keep things as simple as possible. The reality is, every business always overcomplicates itself. So, as the owner, it is your job to always be simplifying the business. The simplest type of business to start often depends on your skills, interests, and resources, but generally, service-based businesses are considered among the easiest to launch. Here are a few reasons why and some examples:

  1. Low Startup Costs

  • Service-based businesses typically require minimal upfront investment compared to product-based businesses. You don’t need to worry about manufacturing, inventory, or large amounts of physical space.
  • Examples: Freelancing (writing, graphic design, consulting), tutoring, cleaning services, and personal training.
  1. Flexibility and Scalability

  • These businesses often offer flexibility in terms of location and hours. You can start from home and adjust your schedule based on your availability and client needs.
  • They also allow for scalable growth. You can start small, build a client base, and expand by hiring additional staff or offering more services as your business grows.
  1. Quick to Start

  • Many service-based businesses can be started quickly once you have identified your skills and market demand. You can begin offering your services and generating income immediately.
  • Examples: Virtual assistance, social media management, event planning, and home repair services.
  1. Leveraging Existing Skills

  • Starting a business that leverages your existing skills and expertise can simplify the process. You already have the knowledge and experience needed to provide value to your clients.
  1. Minimal Regulatory Hurdles

  • Many simple businesses don’t require extensive permits or licenses to operate, reducing the complexity and time needed to start.

Starting a simple business can be an excellent way to enter the entrepreneurial world with less risk and complexity. By focusing on providing a valuable service, you can build a successful business that meets the needs of your clients and grows over time.