A recent article, 5 Bootstrapping Tips for Any Startup by Renzo Costarella says that as much as possible, a startup should try to retain ownership. And bootstrapping is one of the best ways to do this.
Here are four bootstrapping hacks you can use for your startup.
1. Produce revenue early.
Funds will be very tight when you bootstrap a startup in a shared office space. That means, you have to ensure you choose a business model that can generate income from day one.
2. Refrain from using credit card as much as possible.
Unless you extremely need to use the credit you should avoid taking on debt at all costs. Credit card debt can seriously add up and start to beset you as the business owner. Bootstrapping also means you have to be very careful about your spending.
3. Wear Different Hats.
You’re going to need to wear many hats in the early stages of your startup. It means that you need to handle almost everything from sales, customer service, inventory management, accounting, or scheduling meetings in various meeting rooms for rent.
4. You need to be creative.
When bootstrapping your startup, it’s essential that you get into the habit of negotiating every deal. It gives you the opportunity to be creative. And everything can be negotiated. Your ability to negotiate will benefit your startup. Perhaps you can offer a good or service in return. Or you can bundle a few purchases together for a lower price. The more you practice this skill the more successful you’ll be in the long run.
Bootstrapping can be difficult as it means you’ll need to forego raising capital at an early stage of your startup. While you have a tight budget, YourOffice can help you choose a workspace solution that best fit for your present business and have multiple options for future growth. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team office space and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.