Bootstrapping is the practice of starting and growing a business using minimal external funding. As an entrepreneurial coach, I often recommend bootstrapping to my clients as a good option for entrepreneurs who are on a tight budget or who want to retain full control over their company.
Here are a few tips for bootstrapping your business as a cheapskate while acting like a big shot:
Start small and scale up: Don't try to do everything at once. Focus on a narrow product or service offering and grow from there.
Keep overhead costs low: Look for ways to cut costs, such as by working from home or a shared office space, using free or low-cost marketing and advertising tools, and negotiating favorable terms with suppliers and contractors.
Seek out free or low-cost resources: There are many resources available online that can help you start and grow your business without spending a lot of money. These include business plan templates, marketing and branding resources, and online courses and webinars.
Build a network: Networking can help you find new customers, partners, and mentors. Join local business groups, attend industry events, and reach out to people you admire in your field.
Be persistent and flexible: Starting a business can be tough, and it's important to stay focused and adaptable. Don't be afraid to pivot if your original business idea isn't working out. Rather, be willing to put in the extra effort to make your business a success.
This is a tried-and-true practice that brings results to startups on a budget. Our team practiced this method ourselves in the early phases at Strategic Collisions – and we still do it today. Remember, don’t do everything at once. Focus and grow!
