Bootstrappingis most certainly an important lesson in hard work, patience, flexibility, resourcefulness, and accountability. We’re not going to go into too much detail about why you should bootstrap your startup. But we will have a new post coming up soon on The App Mentors official blog Power The People. If you do choose to bootstrap however you will maintain control to YOUR startup and together with your team you will grow in already established creative direction and path. You will only answer to yourself and will be free from having to approve ideas through VCs, who can sometimes place boundaries and parameters based on their interests, literally investors breathing down your neck and a pile of debt to go along with the stress.
To avoid all this, consider these tips to help you to bootstrap a new startup and reach your goals.
Although, there are astonishing PR firms that can truly help you to generate valuable press for your business and exposure for startups when you are bootstrapping you can`t just afford it or briefly said it`s out of the question. You must roll up your sleeves and do all the hard work and commit to networking with as many journalists possible on publishing content related to your industry and dedicate yourself to free services like HARO. Every day is a hustle when you don’t have an unlimited budget, committing to your already existing network of people and even more, reaching out to new leads should be your priority. Surpass the fear of failure and rejection so that you can exceed in getting free publicity.
What`s more, you can use free tools like Google Adwords, SEMrush, and Buffer that will offer you free tools like competitive analysis, keyword search volumes, scheduling and analytical features that will unquestionably help you to plan and ensure content is valuable to your specific target group of people. Also use social media management, SEO-search engine optimization and constantly writing fresh content for your blog.
You should either start working from home/use a coworking space
First things first, you don’t need an office right away to be a legitimate startup company. You will save huge amounts of money by working from the comforts of your own home and on the other hand, you don’t have to pay for a commute.
Or, as a second option, you could use a coworking space that will cut some unnecessary expenses in the early stages and you can use that money for marketing or customer acquisition. Besides, there are many other additional benefits, for example, becoming a better decision-maker and working in a creative environment.
Bootstrapping might not be as lavish as having investor money coming in, but you can look at that when your startup is more established.
You should avoid credit card debt at all costs
A credit card can seem like an easy fix to a difficult financial situation but eventually, it can rapidly add up to a greater debt if you don’t pay it off every 30 days and hurt you. In your best interest is to remain as debt-free as possible so that you can remain independent when it comes to investors to bail you out. If you ever find yourself having a credit card debt, pay it off as quickly as possible so that you don’t bear the burden on your shoulders anymore.
You should meticulously evaluate every expense
Being financially responsible is the key to building a successful startup, you shouldn’t let your guard down and stop evaluating every single expense. Reviewing outgoing expenses should be an everyday on-going thing.
Focus on building up a business survival mindset and have round-the-clock cautiousness and increased alertness about expenses. Bootstrapping is crucial in building a successful company and it is one of the most valuable stages a founder goes through furthermore being faced with complex problems and unusual ways to solve them is an everyday thing
Have your business plan sorted, everyone wants to be the next shark tank start-up entrepreneur or growth hacker. Bootstrapping your startup means that you are confident in your idea. If you’re not committed enough to use your own money whether it be using your super fund or savings – your idea simply isn’t ready.