A clever idea to raise money for your startupMy friend, the incomparable Margaret Hicks, has started her own business giving tours of Chicago.

A Smart Idea for a Business

It’s really a great idea for a lifestyle business.  It leverages her knowledge (she’s trained as a docent, and has done tours for other companies) and her skills (she’s funny, engaging, and smart without being smarmy).  It also leverages the natural resources available in Chicago (interesting sites, stories, and an abundant tourist population) all of which she can access at basically zero cost.  Zero cost natural resources? That’s the type of thing business dreams are made of.

A clever idea to raise money for your startup

Margaret’s really gone from being a smart cookie, to being a whole tray of steaming hot cookies made by your Nana with her fund raising strategy.  She’s having a “Help Me Build My Business” party.  For $20 her guests will get booze, beer and great food (her husband is a pro grade cook).  I was so enamored of the business idea and the fund raising idea that I kicked in $50.  And I can’t even make the party!

Why this is a clever idea

I’m a big fan of bootstrapping, but also calling in all your resources.  By having this party, she’s calling in her resources in a fun way that won’t burn out those resources.  It’s the Girl Scout Cookie Principle:  ask people for small favors and give them something great in return and you can tap those people again and again. Girl Scout Cookies raise funds for the Girl Scouts without tapping out the resource (all those aunts, uncles and people at work).  Why doesn’t it tap them out? Simple, they get a benefit above and beyond the ‘donative’ benefit and the incremental hit is so small they barely notice.  Do you remember how much you spent on Girl Scout Cookies this year? I don’t, except when I tuck my gut into the car, and next year I’ll get hit up by the same tiny Trumps for cookies and willingly fork over my moolah.  Brilliant.

It also taps into the Kid Rock Marketing Method: relentlessly promote your product to whoever will listen – particularly if those people express positive interest in the product.  If you went up to Kid Rock after one of his early shows and told him you liked his music, he’d thank you and ask you if you were coming to the next show.  If you were, he’d ask if you were bringing anyone.  If you were, he’d ask if you wanted to sell T-shirts (giving you a T-shirt in return).  Obnoxious – hell yeah.  But that’s because we live in a world where self promotion is frowned on.  Are you starting a business? Do you want it to survive, succeed and possibly grow? Are you telling people about your business?  If you answered “yes” to the first two questions, why are you answering “no” to the third question? Networking is as much about getting the word out as it is about asking for stuff.  Start getting the word out.

Margaret’s doing a great job of conceiving this business, funding it, and getting the word out to her potential supporters and evangelists in one swell foop. Check it out at ChicagoElevated.com.

Have any clever fund raising ideas? Ever been sucked up into someone else’s promotion efforts? Ever sold a Kid Rock T-Shirt? Chime in on the comments.

A clever idea to raise money for your startup
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