Photo courtesy of iStockphoto, mustafa deliormanli


Social media guru Dawn Foster has this great post on taking your venture "from side project to startup."

Interestingly, some of the ideas taken in the form of notes from the two day "From Side Product to Startup" conference in Portland, OR, deal with the importance of bootstrapping in these early stages. Specifically:
• Bootstrap if you want to maintain control. Taking outside funding will dilute that control (See Greg Gianforte's thoughts on the subject at Bootstrap Your Business) and loads of money may not help you in the beginning anyway.
• Microbusinesses should be bootstrapped anyway. We're talking a $10,000 or less startup and three of less employees. Be careful about taking investment dollars when your business could be started this way and think about how many larger companies could easily be started from such humble roots.
• Keep your day job. It will give you a steady flow of income allowing you, hopefully, to launch your business with fewer overhead costs, the very essence of bootstrapping.

Thanks again to Dawn for these bootstrap business building blocks. Check out more of her ideas and observations and learn more about her consulting work at the Fast Wonder blog.