8 Tips For Bootstrapping Your Business

  1. Use what you have if it’s sufficient. ie. Desks, chairs, computers..etc. Don’t go out and spend money on these things if what you already have can do the job.

  2. Don’t “expense” things just because you are a “business”. If it’s not vital don’t spend money on it. That includes meals and frivolous activities.

  3. Maximize social media. Utilize the platforms that work for your market and get active there… yourself. Don’t go out and hire a firm when you can do it yourself. Build a following and brand awareness through consistent action and activity.

  4. Spend money in areas that will bring maximum impact for minimal costs. For example we created high quality postcards and built an organized mailing list to businesses ( our target market ). We aggressively mailed for six months straight to about 200 companies. $420 in postage and $100 in postcards. So for about $520.00 we were consistent in getting our name out combined with our social media. This helped us land some of our first clients.

  5. Reinvest back into the business. Yes, you need to pay yourself but first and foremost is reinvesting back into the business to build a financial base. I’ve seen other bootstrapped startups start living beyond their means the moment they bring in revenue and quickly collapse.

  6. Once you begin to build some financial strength, secure a credit line with your bank…but have it in reserve. Don’t go out and use it wildly. Think of it like personal credit. Use it a little, and pay it off. But it’s there only as a reserve.

  7. Don’t get an office if you don’t need one. This will keep your overhead low. Today, the need for a brick and mortar location for many businesses is not needed.

  8. Always think when spending. Will this move the company forward and is it necessary or can I wait? You need to spend money and invest when building a company but make sure it’s an investment vs. a wasted expense.