10 Dos and Don'ts for Online Retail Startups

2. Follow the money. With no financial backing, bootstrapped online startups must identify opportunities of growth wisely, Neblett said. I have zero interest in short-term profit; everything Etailz.com makes is invested back into the business, he added.

3. Under-promise, over-deliver. This is a philosophy that all companies should live by, not just startups, Neblett said. He cited an example from eTailz.com to illustrate his point. Neblett creates two budgets every year — one for his bankers and board of directors, and the other for his internal staff. The budget for the bankers and board of directors is more conservative and created with the idea that it will be more attainable to beat; the internal budget is more aggressive in terms of sales and profit growth. The internal staff only sees the more aggressive budget, so they're motivated to perform at their best.