Bootstrapping your Business to Success

If you have explored numerous options for obtaining funding for your start-up venture and hit a dead end, it may be time to consider bootstrapping your business to success. This includes not only making a personal investment, but also taking some of the following steps:

• Create a strategy that focuses on how to generate revenue quickly so you don’t drain your personal finances any more than necessary. Your business will need a consistent influx of money to survive and your reserves will be drained faster than you think.
• It is vital that your start-up company is marketed properly and the public learns of it as quickly as possible. Even if you are working as your own public relations director, you can create some “buzz” about your company by using social media. Word-of-mouth is the best advertising you can get. Think of ways to generate an interest in your business by offering contests or discounts for customers who refer friends to your business.
• Understand the importance of your company’s website. As your business grows, your website should expand and offer more information to the public. Your website is often the first impression the public has of your business, so make sure it is the right impression.
• Create a budget and work hard to stick to it. All start-up companies fly through money, so it is essential to keep track of each dollar spent. Failure to maintain proper accounting can be disastrous. Owners of the business must be prepared to reduce their personal expenses until the start-up company is profitable.
• Wear every hat that you can for your company. In other words, if possible, handle as much as possible yourself. Although this can be exhausting, it will be worth your time and effort once your business is a success.
• Don’t let rejection stop you. Every entrepreneur encounters some rejection, so you must persist and overcome the obstacles you face.