5 things to do when bootstrapping your Startup

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Money and Skills are two popular areas entrepreneurs tend to need support with.

There are various ways to secure the skills you need for your business to grow. You are already doing one of them by following The StartUp Gold -Great Job :0)

We can discuss other methods on a different blog post.

But what about money?

Pitch decks, Venture Capitalists, Angel Investors are almost synonymous with Startups today. Now these are great ways to get funds but when you are starting your business, you probably do not need half a million pounds right away to scale. You may find that through self funding you can raise a good portion of the money you need to setup and get your first clients through the door.

We will exclude technology based startups as they almost always need the money to launch a minimum viable product but we can discuss other niches – fashion, health, finance for instance.

Bootstrapping is the concept of using existing resources, what you already have in hand, to achieve a goal. Is it easy? no it’s not, particularly if you don’t have a regular source of income.

A lot of us are already rockstars at doing the most with minimal resources (hands up mums in the house) The same applies when starting up your business. Don’t go pitching to investors just yet or procrastinate on starting your business because you’ve written up a startup valuation that seems out of reach, try these bootstrapping ideas first.

Cut back on splurging

I guess this goes without saying, if you need the money then cut back on spend. That Fendi Baguette, will have to wait mate or the Balmain boots on Net-a-porter! Yup, build a business portfolio you can take to the bank first then you will go back for them. As you start to build the business keep an eye on expenses.

Surround yourself with inspiring and driven people

Ever felt like you needed some shopping therapy and then your girlfriend comes round to remind you – You Only Live Once? So you hit the stores and head into Soho for dinner, willing your savings goal to come back out of the drain as you get in a cab afterwards. Ditch Miss Ain’t Got No Goals and find yourself a solid squad.

Always go for the Best and Final Offer

Corporate giants do this stuff all the time. When signing up a service, vendors are asked to present their best and final offer as part of the proposal process. If they do this, how much more your humble self. Haggle with your suppliers on price (professionally). If you must, take lessons from a Nigerian woman who frequents the local markets.

Use your vision board

Have a vision of what you want to achieve. If you don’t have a board that’s pinned up on your wall, keep a mental visual of what success feels like. Use this as motivation when you feel like giving up. Fix your eyes on the price – Always.

Get some assistance

Perhaps bank of mum and dad might be generous, or you have friends who believe in your idea and can support. Crowdfunding might be another way to go. Think of some alternative sources and use as many channels as are available to you within your inner circle to secure your business funds.

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2019-05-12T11:49:16+00:00

4 Comments

  1. Ann Cowan May 2, 2019 at 11:14 pm - Reply

    Yes yes and YES!!! and yes and Yes!!!
    You hit the nail on the head with these suggestions.
    It’s not easy or fun, but understanding the struggle will make you so much better.

    • admin May 3, 2019 at 9:18 pm - Reply

      Hey! Absolutely, you are well on your way once you understand it will be hard work. Thanks for the feedback.

  2. I don’t even know how I ended up here, but I thought this post was
    great. I do not know who you are but certainly you are going to a
    famous blogger if you aren’t already 😉 Cheers!

    • admin June 2, 2019 at 2:28 pm - Reply

      This is such a sweet and nice comment, made my Sunday. Many thanks for your kind words.

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