5 key components to successfully bootstrapping your business

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5 key components to successfully bootstrapping your business

If you're a new business owner that doesn't have a large investment to work with, you'll likely be bootstrapping just like the rest of us.  I love bootstrapping because it not only let's me use the websites profits to push it, it also shows me the website has a huge potential since it can already float on it's own so early after launching 5 key components to successfully bootstrapping your business

Now some people may go the investor route, and that's great, but I'm not the type that will give away part of my company to someone that just buys their way in.  It's great if they're handing over a huge sum of cash, but that doesn't always happen, it's usually an amount I can make myself in a few months lol.

You can build your company from within using it's own profits to bring in even more profits, expand, hire people, etc.  So you should read over these 5 key components to successfully bootstrap your business 5 key components to successfully bootstrapping your business

1. Stop Overthinking, just start up already
When it comes to startups, around 50% of them fail within the first 3 years.  But 100% of them fail if you never pull the trigger (duh).  Don't overthink what you're going to do, how you're going to do it, where you'll get something from and how you're going to run a team.  Just start up and go over those hurdles as they come at you.

We all know that starting up a website is easy and populating it with items is also easy, but not many people pull the trigger because they are afraid.  So stop being a scardey cat and just start something already lol.

2. Outsourcing work to Freelancers or Contractors
When you're starting up your business, you usually won't be able to hire a full team of staff to do whatever you want.  For this reason, you'll likely need to call on some freelancers or contractors in order to get certain tasks done for you at an affordable price instead of having someone on payroll.

I run almost all of my websites using freelancers, so I know it works 5 key components to successfully bootstrapping your business  I don't have programming skills or design skills so I know I have to bring in someone that does.  Luckily there's this nice little marketplace called SEOclerks where I can find someone to do the work for me lol.  I actually have a set "team" of people that I pay to get stuff done every time I launch a website, and you should start putting together your "team" as well 5 key components to successfully bootstrapping your business

3. Starting small is NOT a disadvantage, stop thinking that way
The chances of you starting up a company and making a million dollars by next year is unlikely.  Sure, you can make $10,000 a month after a year or two of work, but even that isn't likely because of how much you would have to do and all the work that is involved. 

Starting small isn't a disadvantage because you will be able to monitor everything as it comes in.  If you launch your business and instantly have 1,000 orders a day, you're going to get overwhelmed extremely fast and you will begin to fail because you're so successful.

Starting small allows you to scale up over time and eventually get to those 1,000 orders a day and actually be able to handle them easily 5 key components to successfully bootstrapping your business

4. Always be innovative
You always need to be innovative, and it doesn't always have to be cutting edge.  You need to keep your business fresh by adding new features to your website or adding new products to your line of inventory.  Not innovating, even a little, your business will become stale and people will begin to avoid you since "They've seen it all before".

You can either stick to your guns and not innovate while your competition takes over or you can try new things, even if they don't always work, and innovate your business for the best.  The businesses who are always trying new things are usually the more successful ones.

5. Focus on what you're doing and not the profits
When it comes to running a successful business by bootstrapping your profits, you can't focus on exactly how much money is coming in.  You need to focus on how your business is operating and make it flow as well as you can.  Having the back end of your business flow well with no snags at all will always increase your profits in the long run because you'll have an easier time answering emails, fulfilling orders, etc. 

Put your heart into your work and try not to focus on how much you're making.  This will help you not be as stressed and you can see your new bootstrapped business as something you're growing, like a child lol 5 key components to successfully bootstrapping your business

In Conclusion:
Boostrapping a business is always a great idea if you don't have an investor, which you likely won't.  It will be difficult in the beginning because you will have to live below your means and put all that money back into your business, but it's worth it 5 key components to successfully bootstrapping your business

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Very realistic key components, you narrowed them very well! I personally agree with thinking out of the box and stop focusing on a bad mindset. Every great business starts small 5 key components to successfully bootstrapping your business

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Vital information for any startup. I subscribe to hirinh freelancers to do some task when you are just starting out, its cheaper than hiring a full time staff and cost down cost which can be put in other areas.

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I think number 5 is the most important. If you value your content or your service you will generate profit. Now if you value profit over quality you will most likely provide a second-hand service that won't live much. Also, we can't be afraid to invest, There is no business without investment. To make money you got to spend it.

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The biggest problem I have with starting a company is the budget. I have my savings of course but I don't really want to risk them all on a business that may or not works. So I'm sticking to the things I know to do well and I keep improving on these things, but I guess this is why I won't be successful anytime soon.

As you said I need to just stop overthinking everything to the smallest detail and just start doing stuff! But I also need to start whenever I feel comfortable enough and that means coming up with an innovative idea, not revolutionary I doubt I'll ever manage that, but I can live with innovating.

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I guess I didn't managed to put up on a good business because I failed to delegate. Also I didn't charged higher price for the work. These two things are pretty much important in freelancers and business life. It's not easy to sustain your new business. You have to work harder day and night. And that is another way to have it's share of issues we have while making the decisions.

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I especially agree with your 5th point. People always associate small with bad, I don't know why. Do you think that every successful company started as a huge corporation? No. They started small and built it up. You can't expect to grow your business from one day to another. It can be a slow process depending on your budget and on your knowledge but in the end, it will be worth it once you look back and see everything you've achieved. Great article as usual! 5 key components to successfully bootstrapping your business

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I agree with you! My business partner and I have started developing a software from scratch since 6 years ago, and it's still not finished yet. I guess one of the main reasons is that we (or especially my business partner) overthink too much. We were actually about to finish the software, but he is never satisfied and keeps changing it to make it perfect. There are some ways we can actually outsource, and also we can start from small, then only we enhance it in future.

I didn't know what bootstrapping means until I read your post. I have only been seeing the Bootstrap themes always. Thanks for sharing this!

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Pardon me for saying this in contrast to the first point to stop thinking and just start up. That over thinking may have some other meaning but I think it is all right to think it over and over before starting up. At least you will have the confidence that you had reviewed very well your business plan and that you really think it will succeed. When you are in haste in starting up then the snags will come one by one that you will always say you haven’t thought about it very well.

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