Frugalpreneur: Building a Business on a Bootstrapped Budget
Business:Entrepreneurship
💡 Guest bio
Chad has been in the investment business for 16 years, initially thinking he would be managing investments, only to realize it's more about managing investors. He is passionate about helping people become better investors, which requires behavior change, coaching, and relationships. Coming from a household with a financial advisor, Chad saw firsthand how changing someone's finances can also change the trajectory of their entire life.
ℹ️ Introduction
On this episode of Frugalpreneur, we dive into the journey of Chad, a bootstrapped entrepreneur who has navigated the world of managing investments and investors for the past 16 years. Chad shares his insights on the importance of behavior change, coaching, and relationships in helping individuals become better investors. He also discusses his experience with living frugally, taking small risks, and patiently waiting for the right clients in order to grow and thrive. Chad reflects on his biggest failure as an entrepreneur and offers valuable advice on identifying ideal clients and taking meaningful action towards business goals. Tune in to hear Chad's inspirational story and actionable tips for your own bootstrap business journey.
📚 Timestamped overview
00:00 Dad's impact inspired meaningful financial career success.
04:51 Overcoming fear of rejection is key. Focus on target audience in marketing efforts.
07:15 Be clear on your audience and actions.
❇️ Key topics and bullets
Primary Topic: Introduction to the Podcast Episode
- Host introduces the episode as a showcase featuring a bootstrapped entrepreneur
- Purpose of the showcase episode is to provide valuable takeaways for listeners in their own business journey
Primary Topic: Chad's Entrepreneurial Journey
- Chad's original intention was to manage investments but learned that the role involved managing investors and coaching for behavior change
- Saw the impactful work of his father, a financial advisor, in changing people's lives through financial management
- Currently works with firms like Dave Ramsey to apply financial principles and guide people towards meaningful change and growth
Primary Topic: Bootstrapping Strategies
- Started the business with no debt, few resources, and minimal liabilities
- Acted as the "chief everything officer," taking on all roles and responsibilities
- Took small, intentional risks and made small investments initially, as advised in "Good to Great" by Jim Collins
- Patiently waited for the right clients, living frugally on both personal and business levels
- Survived difficult periods due to intentional budgeting and lack of debt
Primary Topic: Overcoming Failure and Fear
- Chad's biggest failure was the fear of facing rejection and waiting for the concept of "perfect" before putting himself and his services out there
- Realized the power of offering himself and his services directly to potential clients rather than relying solely on advertising and marketing
- Overcoming the fear of rejection became pivotal to his success
Primary Topic: Tips, Tricks, and Tactics
- Importance of knowing the ideal client and customer, rather than spreading effort and energy everywhere
- Emphasized the power of getting crystal clear about who you're trying to serve and creating marketing tailored to a specific, ideal client
- Recognized the tendency of entrepreneurs to create busy work that looks important but is actually procrastination, and the need to focus on high-impact actions instead
Primary Topic: Conclusion and Gratitude
- Chad expresses gratitude to the host for the opportunity to share his experiences and hopes it was valuable and encouraging for the audience
❓ Questions
1. How did Chad's initial perception of his career in managing investments change over time?
2. What role did Chad's father's career as a financial advisor play in inspiring Chad's own career path?
3. In what ways did Chad bootstrap his business, and how did it impact the trajectory of his business growth?
4. Why did Chad emphasize the importance of living frugally in both his personal and business finances?
5. How did Chad overcome his fear of rejection in business, and what impact did it have on his success?
6. What did Chad identify as the key to successful marketing and client outreach?
7. How did Chad's approach to identifying his ideal client differ from the traditional "shotgun" approach to marketing?
8. What did Chad consider as "busy work" in entrepreneurship, and how did he suggest overcoming it?
9. In what ways did Chad's experience and advice present educational and encouraging insights for entrepreneurs?
10. How can bootstrapped entrepreneurs implement Chad's tips, tricks, and tactics into their own business journeys?
Resources:
www.veritasalaska.com
www.frugal.show/emailtooltester
Follow the Frugalpreneur:
https://www.frugal.show/
Sponsor Frugalpreneur:
https://www.frugal.show/p/sponsor-the-show/
Leave a Message for the Show
https://podinbox.com/frugalpreneur
Grab Your Free E-Books:
https://www.ampmypod.com/freebook
Join the Free Community:
https://www.skool.com/ampmypod
Get Your Podcast Audited:
https://www.ampmypod.com/audit
Exciting Changes for the Frugalpreneur Podcast in 2023!
Bootstrapped Tips from a "$5M in 5 Years" Entrepreneur (with Tyler Horsley)
Lessons From an Immigrant Who Built a Business to 7 Figures in Under 5 Years (with Mane Bailey-Sargsyan)
Time Management Tips for the Bootstrapped Entrepreneur (with Tami Jaffe)
Build Your Business Frugally By Leveraging LinkedIn and Free Apps (with Dave Molenda)
How This Couple Bootstrapped Their Business Through the Use of Free Software, Swaps, and Collaborations (with Austin & Monica Mangelson)
Implement This Genius 5-3-5 Marketing Plan Right Now (And Also All About How to Sell a Podcast)(With Adam "Triple A" Adams)
5 Ways to Make Money Podcasting with the S.M.A.S.H. Method (with Joe Casabona)
Streamlined Systems to Scale Your Success (and the Tax Benefits of Moving to Puerto Rico) with Kate Erickson
How To Become a Better Public Speaker in Just 15 Minutes a Day (with Brenden Kumarasamy)
How a Suicide & Abuse Survivor Bootstrapped a Mental Health Support Software
Podcasting: Past, Present, and Future with John Lee Dumas
Building and Branding a Business Around a Podcast with Lindsay McMahon
All About Real Estate Investing (with Joe DiSanto)
Bootstrapping to 7 Figures (with Ray Blakney of Podcast Hawk)
All About Websites, Pricing, Packages, SEO, ADs, CTAs, and More (with Liz Cortes)
How Being Overweight Is Negatively Impacting Your Business and Life (with Alan Thomas)
All About Client Contracts, Collaborations, and Counter Offers with Ashley Fillingim
How to Take Back Control of Your Money By BYOB: Becoming Your Own Banker (with Stephen Nagy)
Work Part Time Utilizing Other People's Content to Create An Affordable Product Stack for Customers (with Dan Morris)
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Organic Marketing Simplified: Master podcast marketing, fuel podcast growth, and make money podcasting!
THE GO BIZ GUY
The Sigma Femme Podcast
The Prof G Pod with Scott Galloway
The Tim Ferriss Show