Here's
a quick guide to how to get from bootstrapping to profitability and scalability,
without tearing your hair out:
Set
Realistic Short, Medium and Long Term Goals
Too many entrepreneurs shy away from bootstrapping because they are so focused on the big, expensive long term goal that they don't see the short and medium term possibilities.
Too many entrepreneurs shy away from bootstrapping because they are so focused on the big, expensive long term goal that they don't see the short and medium term possibilities.
Start
Small
The key to bootstrapping, as most of the successful entrepreneurs within the NYC entrepreneur community will tell you, is to find a way to start working on your big dream now. That means scaling down a lot, and finding something that you can start with little or no money, that will allow you to save for the big dream.
The key to bootstrapping, as most of the successful entrepreneurs within the NYC entrepreneur community will tell you, is to find a way to start working on your big dream now. That means scaling down a lot, and finding something that you can start with little or no money, that will allow you to save for the big dream.
Start
With Services
It's a known fact, among entrepreneur communities around the world, that service businesses usually cost a lot less to start than those that manufacture, or even retail. The reason for this is also simple: service businesses require less, in terms of stock, storage space and equipment.There's no outlay, and all you're selling is your time.
It's a known fact, among entrepreneur communities around the world, that service businesses usually cost a lot less to start than those that manufacture, or even retail. The reason for this is also simple: service businesses require less, in terms of stock, storage space and equipment.There's no outlay, and all you're selling is your time.
Make
Use of Entrepreneur Resources
When most of us think about starting a business, the only entrepreneur resources we really worry about are things like finding funding. However, there are plenty of other resources that an entrepreneur who is bootstrapping his business can make use of. For instance, there are agencies that will help you set up your business plan, or offer you office space and equipment at a very low rate. All of those cost saving options mean that you, the bootstrapping entrepreneur can hold on to more of your most precious resource — cash.
When most of us think about starting a business, the only entrepreneur resources we really worry about are things like finding funding. However, there are plenty of other resources that an entrepreneur who is bootstrapping his business can make use of. For instance, there are agencies that will help you set up your business plan, or offer you office space and equipment at a very low rate. All of those cost saving options mean that you, the bootstrapping entrepreneur can hold on to more of your most precious resource — cash.
Mingle
With Your Peers
Bootstrapping can be a lonely business. I know. I've spent the countless hours at my desk, trying to figure out how to make everything happen with very little budget. The good news is that you're not alone.
Find out when entrepreneur meetups and networking sessions are happening in your area. These types of events put you in contact with other people, just like you, who are bootstrapping their business dreams into reality. Not only do entrepreneur meetups offer you a chance to mingle with people who understand, however, but they can also offer valuable business leads. If just one of the people who attends knows someone who might be interested in your business, then it was worth the time and effort.
Bootstrapping can be a lonely business. I know. I've spent the countless hours at my desk, trying to figure out how to make everything happen with very little budget. The good news is that you're not alone.
Find out when entrepreneur meetups and networking sessions are happening in your area. These types of events put you in contact with other people, just like you, who are bootstrapping their business dreams into reality. Not only do entrepreneur meetups offer you a chance to mingle with people who understand, however, but they can also offer valuable business leads. If just one of the people who attends knows someone who might be interested in your business, then it was worth the time and effort.
Make
Sure You Plan for Growth
Last, but not least, on your path from bootstrapping entrepreneur to scalable business owner is to plan for growth. It's all very well starting a successful business baking muffins in your kitchen. There's going to come a time, however, when demand will outstrip your ability to supply. And let's face it — you can only bake so many muffins in a day.
Make sure you have a plan in place that will allow you to increase production, no matter what you are doing, and you can be sure that your business will grow over time, and that you'll be able to cope. That could mean hiring extra staff, or finding a business premises. Whatever it is, plan for it while you're in the early stages of bootstrapping, and you'll be ready when the time comes. After all, as they say 'those who fail to plan, plan to fail.'
Last, but not least, on your path from bootstrapping entrepreneur to scalable business owner is to plan for growth. It's all very well starting a successful business baking muffins in your kitchen. There's going to come a time, however, when demand will outstrip your ability to supply. And let's face it — you can only bake so many muffins in a day.
Make sure you have a plan in place that will allow you to increase production, no matter what you are doing, and you can be sure that your business will grow over time, and that you'll be able to cope. That could mean hiring extra staff, or finding a business premises. Whatever it is, plan for it while you're in the early stages of bootstrapping, and you'll be ready when the time comes. After all, as they say 'those who fail to plan, plan to fail.'
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