How to Bootstrap your Startup
Bootstrap Definition – start up (an Internet-based business or other enterprise) with minimal financial resources.
By bootstrapping your start up you are relying on your own resources, rather than getting into debt. It doesn’t mean that you can start your business for less; it just means you are using your own resource.
Create a Realistic Budget
It is vital that you create a budget for yourself and for your business so that you know what you need. A personal budget will show you what you need to live on and this is different for everyone. Your business budget should cover the costs to trade for the 1st year or two. Remember that income or sales may take linger than you expect, with a budget you can plan and review as you go along.
Quitting your day job
Be mindful of not quitting your day job too soon. If you can maintain this income for as long as possible, as if you can go part time etc. This too should be a part of your budget so that you know how much income to the business you need before you can officially quit your day job.
Working from home
Don’t be afraid to work at home in the early days. It is far more cost effective than renting space while you are just getting started. If working at home is not an option for you then consider a shared workspace or look at a hot desk environment.
Don’t hire too quickly
While it is nice to have help and to not feel you are all alone, hiring help too fast can cost your business dearly. Depending on your type of business you really need to be run off your feet before you start to hire. If you do need someone for a specific contract, perhaps you take him or her on just for that contract.
Starting a business is hard work and usually requires more time, money and hard work than you ever expected. Give yourself time to learn and don’t punish yourself if it happens to take a little longer.
Early planning before you start will help you to create a strategy for success and if you want help, make sure you contact Kelly at My Sassy Business.
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