I often refer to “bootstrapping“, when I talk about small business, you may very well be asking “What the hell is bootstrapping?” To put is simply, bootstrapping is the art of running a small business with no or very little money and/or funding.
So if you are thinking about starting, growing or running your small business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses, but are worried about if you can be successful, worried about failing, worried about giving up your job, etc. than bootstrapping is for you.
Especially if your aim is to build a personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants, working from home, creating an income and keeping it small and manageable, then bootstrapping is definitely for you. There are more than 18 million small and home businesses in the US alone, self-employed working is gathering pace in all areas of business. If you look around you you will most probably know many people working from home, or doing contract work, freelancers and so on.
One very unpleasant outcome of a small business venture is the failure thereof. Bootstrapping will mitigate any fallout from a business failure. Remember that business success often comes with experience and experience comes form making mistakes – bootstrapping will allow you to make mistakes and recover from them.
Here are a few bootstrapping facts to consider if you wonder if bootstrapping is for your:
- Bootstrapping is a fast and the best way to build a solid small business, because you are starting with sales as your priority task – that creates cash-flow and keeps your small business alive.
- Bootstrappers don’t waste their money – they make money. They understand that cash is king and should not be wasted on old style advertising and marketing – there are better and almost cost-free ways to promote your small business.
- Bootstrappers don’t waste time with long business plans they start their small business immediately. Cash-flow, SWOT, list of goals and they are in business.
- Bootstrapping is the lowest risk strategy to start a business, you can start your business with a Small Business Infrastructure for about $20 / £10 per month, get ready in peace find customers in your spare time and build your business on the side.
- Bootstarppers don’t follow the herd, they use unconventional thinking to move forward and succeed.
- Bootstrappers focus on their business goals, outsource and build networks to grow their small business.
It is never too late to start with bootstrapping even if you have been running your small business for years. So have a look at it and build a stronger, more secure small business for yourself.
When are you going to start bootstrapping? ST.