Bootstrap Your Start Up

Setting up your own business is time-consuming and very costly. If you’re not careful, you will fall into the trap of buying stuff you don’t need. Here are some common mistakes and good alternatives.
You don’t need golden coffers filled to the brim to start. Too much money leads to poor spending decisions and lack of financial controls. Business investors like startups who are frugal and work with the budget they have. If you are willing to compromise and keep close track of your expenses, you will be a far better prospect to invest in.
You also don’t need that office spot in that prime location. It’s very tempting to herald the arrival of your business with an impressive space, however the upfront costs, equipment, staffing and travel cost to and from makes it an unwanted expense for any startup. If you have high-speed internet, a webcam and a smartphone any team can work perfectly remotely. And there are plenty of internet services that can provide you with a low cost, no commitment alternatives to anything ranging from call handling to text services, such as text better.
You also might not need to wait 60 days for that invoice to be paid. Any starting business is going to have issues with the cash flow. If your product has real value, you might be able to get an advance in royalties of deferred payments. Providing a future discount can be a real incentive for businesses to help you out when you need it the most. If you are providing a service, don’t be afraid to ask for a retainer up front. All business terms are negotiable, but usually, we don’t think to ask.
You don’t need that superfine satin textured 600gsm business card. If you genuinely feel another person could be beneficial to your business (and most likely the other way around as well) reach to your phone and exchange numbers. While you are exchanging phone number, let the other type their email onto your messaging app and send them a message straight away with your details. Not only will you save a lot of money on business cards, but you will also be more selective with who you want to stay in touch with, and as you are standing next to them in person, the interaction will be more memorable.
You might not need a 30 seconds TV ad or that blimp flying over your city. Social networks have made it easier to market yourself with zero budget, but also a lot harder to stand out from the crowd. Creativity and engagement are essential here to make a splash. Provide honest and unique content built around the ever shorter becoming attention span and see how far you can go without spending a penny.
The final piece of advice is: ‘cut your losses.’ It’s far too tempting to let the belief in your business push away reality. If things don’t work, don’t just try again in the same way. Identify what doesn’t work and find alternatives. The whole beauty of a bootstrapped business is that you can walk away if it doesn’t work.