As most of you probably already know, the Seattle-based coffee chain has felt the slump in the economy recently and is testing $1 coffee and free refills to compete with lower priced competitors.

As one of the first suggestions in a new series on workable bootstrap ventures for little or no outside investment, here's a suggestion for how any run-of-the-mill David can go into business against the Goliath of the tall latte.

• Keep it cheap. Forgo purchase of a professional cappuccino machine and other high end equipment, a potentially significant cost for a bootstrapped startup.
• Look for alternatives. One option might be starting with a French press for a considerably lower cost creating a distinctly different coffee experience for visitors setting you apart from Starbucks clone competitors.
• Don't skimp on product. There's no need to go for cheap coffee when even high end products like Green Mountain's organic fair trade line should turn a profit on the first 12 oz. (Even at retail prices how much could you make on a single bag of Fair Trade Organic Ethiopian Yirgacheffe at $3 a cup?)
• Add features for traffic and profit. Once you've paid rent on the space add another reason for customers to visit and something else for them to buy. Possibilities include: recordings by local or independent musicians, small press and alternative publications, newspapers, events like exhibits by local artists or open mics.
• Blog about it. Even before you open the doors, set up a blog about your new business endeavor including planned location, hours of operation and what you plan to offer. Then be sure to update regularly and trade links with other bloggers/webmasters in your region to reach your local target audience.

If you end up putting this idea or something like it to use or if you already have, we'd love to hear about it. Contact me by e-mail or leave a comment below. You can also join our Yahoo! group and share your success with our members.