As you might expect, creating a new company not only takes a lot of hard work and patience, but it can potentially cost a lot of money. I have always believed that when an entrepreneur takes on a new venture, they should do whatever they can to bootstrap for as long as possible. The longer a company can self-sustain itself, the more valuable it becomes and when it eventually does prepare to enter into its first round of funding, it will be in a much better position to do so.
Companies that engage in bootstrapping have to prepare to be extremely cautious with its spending. For instance, business owners will need to forgo several luxuries including new furniture. Craigslist can be an entrepreneur’s best friend. If you’re smart about it you, you can furnish an entire office for free. Keeping equipment costs low is also important. These days, nearly everyone has a laptop and entrepreneurs can encourage their staff to bring their own computers to work instead of purchasing a new PC for every employee.
Budgeting is KEY in any start-up business. Marketing tends to require the most liberal budget, but these days with the popularity of social networking working sites businesses can create buzz without spending big money. Reaching out to bloggers and HARO reporters is another fantastic way to get your name out there without having to spend a dime on traditional marketing.
I would recommend to any budding entrepreneurs out there to fund their start-ups in this way. I know it may seem daunting to start your company simply with the resources you have, and it may even seem risky, but I can tell you from experience that it is totally worth the risk and makes all your hard work that much more satisfying. Entrepreneurs often get wrapped up in searching for funding prior to the launch of their business, but I think you will agree that by bootstrapping, you will get more satisfaction when your company becomes a success and when you do need fund raise it will be that much easier.
Avisha Khubani, CEO MetroFlats.com
Filed under: Job Search Skills You Need To Have | Tagged: cover letters free, Free Resume Rewrite, help my resume, help my resume blog, Help Pay My Bills, help with my resume, Help with resume, HelpMyResume.org, how to get ahead, how to make resume, I need help building my resume, job resume sample, Myresume.org, objectives for resumes, resume how to write, Resume rewriting, resume write, resume writing free, resumes objectives, Volunteer resume