Frozen Assets

On a shoestring

What: Virtual PR firm
Who: Laura Love of GroundFloor Media Inc.
Where: Boulder, Colorado
When: Started in 2001
How much: $3,910

As the former director of marketing for a failed high-tech start-up, Laura Love couldn't stand the idea of returning to the corporate agency world. So she took her severance pay and decided to start a PR firm. "There were three things I wanted to do," says Love. "Keep it small, keep it virtual and only hire senior-level people who could do their work without a lot of micromanagement."

A refurbished computer, a phone, a fax machine, DSL and a Web site helped Love, 32, get underway in the basement of her house. She hired an accountant, and a lawyer friend helped with legal matters. When a Denver Post reporter friend interviewed her for a story on laid-off workers-turned-entrepreneurs, Love mentioned the fact she hadn't hired anyone yet. "The next day, [the reporter] called to tell me she had 20 resumes in her inbox for me," Love recalls.

Love's first-year sales were $110,000; she projects sales of $700,000 for 2003. Despite some success, she still operates on a budget, which benefits Love's clients. "I'm cognizant of costs," she says. "They [aren't] paying for the fancy office. When we give invoices, we detail what we're doing." Her clients obviously appreciate what they're paying for--and not paying for.

« Previous 1 2 3 Page 4

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the June 2003 print edition of Entrepreneur with the headline: Frozen Assets.

Loading the player ...

Before You Quit Your Job, Do These 10 Things

Ads by Google

Share Your Thoughts

Most Shared Stories

15 Signs You're an Entrepreneur
Want Media Attention? Target Trades First
Is It That Important to Be Nice?
Limor Fried: Pink Hair, Managing Growth and Keeping It Real
The 80/20 Rule and How to Supercharge Your Sales and Marketing