6 Tips For Bootstrapping

6 Tips For Bootstrapping

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Bootstrapping a business is a lesson in hard work and flexibility, but ultimately it can help accelerate a company’s success.

Here are my survival tips for entrepreneurs

1. Pick your business partners carefully

When you are bootstrapping, most of the work will have to be done internally; you need to have a partner who shares your vision and is able to bring a skill-set that you don’t necessarily possess.

If you are good at different things, chances are that you can get more done and keep expenses and outsourcing to a minimum.

Related: Bootstrapping Is Much More Fun Than Investors

2. Generate cash flow fast

The most successful bootstrapped companies today share this common trait: They generate cash flow almost straight from the word go.

 

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Without cash flow you will burn any initial investment you have made in the company and you will definitely not be able to show investors any traction.

accounting

3. Get good at accounting

If you’re not a numbers person, get one. Track what is coming into the business and what is going out. If more money is leaving than coming in, we have a problem. Look at free budget tracking apps online, such as GoodBudget and You Need A Budget.

Related: 10 Bootstrapping Tips to Help Turn Your Idea Into a Reality

4. Don’t be lazy

Don’t outsource work that you can do yourself. Yes, there may be people out there who can do certain tasks better than you can, but in a bootstrapped environment, you will have to learn to wear many different hats.

5. Don’t try to be fancy in the beginning

Posh offices, embossed business cards and fancy tech are all unnecessary items for the bootstrapped entrepreneur.

Use freeware, print your own business cards and use social media instead of expensive websites to promote your business.

6. Don’t take no for an answer

Perseverance is everything. Network, build relationships, be seen, use social media to your advantage. Bootstrapping is ultimately an investment in yourself that will yield results in the long run.

Read next: Essential Tips for Bootstrapping

Greg Tinkler
Greg Tinkler is a serial entrepreneur and owner of the Cre8tive Group, one of SA’s top brand activation and marketing agencies. He has launched many of SA’s top sports supplement & pharmaceutical brands from start-up to multi-million rand brands.