“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.” Norman Vincent Peale, progenitor of the theory of ‘positive thinking’.
The process of bootstrapping can make it possible for even those with empty pockets to fulfill their ambitions if they have the head and the heart for it.
Many small businesses struggle to find finance, especially with the financial climate being as decidedly frosty as it is at present. But this doesn’t mean that those who dream of starting a small business should forget about their ambition and turn their back on their entrepreneurial streak.
Bootstrapping is to start a business without external help or capital; I believe this is the best possible way to start a small business. If a start-up funds the development of their company through internal cash flow and are cautious with expenses, the company can grow with low-risk to all those involved.
Simple ideas on how to bootstrap your small business start up are:
– Work from home. As many of my readers will know I am passionate about working from home for many reasons; it benefits society, the family and the environment. But as a start up the main reason you should be working from home where possible, is to save money. Does your business really need an office? If the answer is no you could save thousands of pounds a year by working from home.
– Where possible avoid hiring people and outsource work instead. Hiring people comes with fixed costs. If you can outsource work to freelancers, then do. There are many professional virtual assistants out there who can work when you need them to, and if finances become tight, or work becomes scarce, you are under no obligation to keep paying them when there is no work for them to do.
– Don’t pay huge amounts for marketing or PR– Do as much of your marketing and PR as possible youself, online. The Internet makes marketing your company easy; write a Blog, join Twitter and LinkedIn, and create a facebook group. All of these actions will increase awareness of your product. And don’t forget to network, network, network!
These tips will have you well on the way to being able to bootstrap your business, but the most important advice for business start-ups is this: don’t lose your enthusiasm. Your drive and passion for your business are what will carry it forward; remaining driven is the best way to move your business forward.