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Start Saving Money using Business Bootstrapping

Start Saving Money using Business Bootstrapping

Start Saving Money: This is the holy grail of bootstrapping. In case you have a business model in mind, make a statement of expected initial investment and start putting aside some money from your current income. If you have already started the business with your personal finances, make sure you continue the good habit of creating a reserve for your on-going fund requirements.

Stay Cost Effective: “Penny saved is penny earned” – make this phrase your guiding light!

• In the start-up phase, try to do everything on your own so that you can save on salaries. If you have a partner, list out each other’s strengths and capitalize on them such that you don’t have to hire an outsider to do a particular job.So while one of you may don the ‘Operations Manager’s’ cap, the other can take charge of marketing and selling.
• Depending on the nature of your business, try to keep rental expenses low or nil. That’s the reason why most people start from their homes/ garages.
• Take the help of guerrilla marketing and social-media marketing (like blog marketing,online marketing buzz etc) in order to keep your marketing expenses as low as possible. Should you need a website for your business, see if you get a freelancer to do it, such that the costs are low.
• The internet is a great resource that can help with information on how to do things on your own. So in case you need to make fliers/business cards/ letter heads, go online to read how you could do them on your own. Buy the required stationery from a local store and make your own stationery with a little creativity thereby saving on stationery expenses!

Start Saving Money using Business Bootstrapping

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