Bootstrapping tips from mother

Filed in archive Bootstrapper Tips on October 2, 2007

Here are three great pieces of general advice anyone can follow when using bootstrapping to launch a new business or expand an existing one.

The suggestions come from My Small Business via The Entrepreneurial Mother.

• Find supporters. The blogger tells of a friend who opened a business selling her own handmade handbags and accessories and convinced a fabric supplier to wait on payment until she had sold the finished merchandise. Many opportunities like this exist no matter what your business. You may have a friend who will give you store space for free or at a reduced rate. You may start a blog for your business and gather great opportunities from readers or from social online networks you join. Keep your eyes and ears open and never be afraid to ask.

• Tap loyal customers. If you have an existing business be sure to cultivate loyal customers and make them aware of your new venture. It goes without saying that you should answer e-mails but My Small Business says it anyway. Loyal customers can do much more than patronize your new business they can share new opportunities with you and help spread the word.

• Keep an eye on your goal. Bootstrappers have a reputation for doing things on the cheap. I like Bijoy Goswami's definition better found at the top of the Bootstrap Network's blog, the "right action" at the "right time". If you plan to make money by putting ads on your blog, don't select a platform that discourages commercial content just because it's free. If you plan to open a coffee shop with live entertainment, don't pay a deposit on a commercial space where zoning does not allow live performance. Spend what you must. Don't spend anything unnecessary and keep your end business in mind.