20 Ways To Bootstrap Your Business

Posted by mikeholmes under Startups
From http://www.youngentrepreneur.com 4990 days ago

Last week I wrote about how to know if your business will be successful or not (5 Sure-fire Ways To Know If Your Business Will Work Or Not). In one of the comments, Timothy mentioned the importance of bootstrapping a company so I wanted to dedicate this post to how to bootstrap - thanks for the suggestion Timothy! 20 Ways To Bootstrap Your Bu...

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Comments

Written by lyceum
4983 days ago

Mike Holmes Please tell me if you find the piece on Mashable. I am arranging a Mashable Meetup on September 22, in Gothenburg, Sweden.

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Written by jakeadams
4988 days ago

Excellent tips overall. Which ones to implement first and foremost very dependent on the type of business you own or will be starting. Thanks. www.entreprenant.us

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Written by ShawnHessinger
4988 days ago

Love the bootstrapping model, Mike. In fact, I ran a blog on the subject for some time. Thanks SO MUCH for finding and sharing this cool list of tips. I think #1 about choosing a service is key. Unless there is a product you can make or buy very cheaply with a high sales margin. Services are often less capital intensive (there's no inventory) and take less investment other than your time. And it's a great way to generate cash flow that can then be reinvested to grow the business.

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Written by mikeholmes
4988 days ago

Thanks Shawn!

I enjoyed it myself! i remember reading about how Pete Cashmore bootstrapped Mash-able. I only wish I could find it again.

And you make a good point about the service based model. The only drawback is time and that you only have so much of it. But if I can consult to generate revenue for my product based business then I'm all for it!

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Written by businessavante
4990 days ago

Good, but according to Business.Gov, one should be very careful with #3 - volunteers. They can't legally do anything that directly OR indirectly leads to conversion w/o pay.

businessavante

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Written by mikeholmes
4988 days ago

Thanks for bringing that up...I did not know that.

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