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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
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
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 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
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
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
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
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