Are you starting a business with little or no capital? Welcome to the wonderful world of bootstrapping! Even if you have some cash to work with, learning the practices of successful bootstrappers may help you stretch that money a little farther. In my latest OPEN Forum article, How to Think Like a Bootstrapper, I offer a dozen tips to help you start and grow your business with little or no capital:
- The most important question before you start is: how much will it cost to make your first sale?
- Cash flow isn’t the most important thing — it’s the only thing.
- Start with partners, not employees.
- Develop continuous, passive income, even if that’s not your core business.
- You’re not in the business of lending money.
- Use credit for cash, not capital.
- Do without it until you can no longer do without it.
- Don’t try to beat the big boys at their own game.
- Don’t sell what you can’t deliver.
- Don’t gamble what you can’t afford to lose.
- Establish relationships to support your growth before you need them.
- Focus on the customer.
For more details, continue reading at OPEN Forum.
If you’d like to learn a lot more about bootstrapping, I highly recommend Seth Godin’s The Bootstrapper’s Bible, which you can download for free.