So many people have been able to quit their day job and pursue their dreams of setting up their own business. Now that the internet is so accessible, it’s allowed for this shift to happen. However just because anyone can start a business doesn’t mean it will be successful, and if you don’t have much cash to get started even making it through your first year can be a struggle. But it’s not impossible, here are some things to consider if you’re a bootstrapped business.
Some of the world’s biggest businesses were started from spare bedrooms, garden sheds and parents basements! You don’t need to invest lots of money right away, start small and build from there. A website example can be costly, but if you’re selling products you could get started right away by selling on an online marketplace like eBay, Etsy or Amazon. Look for ways to save money on things like phone calls, you could have a free telecoms audit done to see where you could save or switch to all online calling instead. Rather than hiring lots of employees right away, do what you can yourself. It might be hard work but you’ll save on costs until your business is turning a profit.
Instead of buying lots of fancy new equipment for your business, why not start off by renting? It gives you instant access to high value equipment that would cost a lot to buy, plus if it breaks down (providing it’s not your fault) it will be repaired for free too. Once you’re generating income you can always invest in equipment but hiring is a great place to start.
You might think outsourcing is something to consider later down the line when business is doing well. However it can also be a good place to start when you’re bootstrapped too. Sure, you will have to pay the company but it means you don’t have to pay and hire workers yourself, buy equipment or in some cases source materials. It can save you money since things like recruiting and training can be expensive. It also means they’re responsible for their own health and safety so you don’t need to worry about doing anything wrong and ending up with lawsuits on your hands too.
Make Use of Business Software
Business software can save you so much time, and therefore money. What would take an employee hours to do, software can do in seconds- although you won’t be able to replace your staff entirely it means you can hire less people and the ones you do have can be used to their best potential. From accounting to customer relationship management to legal software and much more, it’s something that you need to utilise in your business.
Search For Investors
Finally, if you have a great business idea but need a cash injection to get things running, one thing you could do is search for investors. Here if you’re lucky you will receive money in return for a percentage in your company. Many investors act as mentors too, giving you much needed advice and assistance to get your company off the ground.