Photo courtesy of iStockphoto, Sean Locke


Here are some questions you might ask to determine whether the business you'd like to start is a good candidate for bootstrapping.

1. Is it a service? A service business can require less initial investment. Starting as a consultant is one option but also any other use of your skills or knowledge base can be much less capital intensive than other businesses.
2. Is it Internet based? Bandwidth and storage online are becoming cheaper and cheaper. Often no storefronts or office space are necessary in the beginning depending on the business. Anything from a retail store to a consulting firm can be run online at first.
3. Can you break it down? If your idea is too big to bootstrap at first, try finding a part of it that could be started immediately. You can add more services or products as your cash flow increases.
4. Can you start it small? Try to think of a way you can use your talents and ideas to start as simply as possible. Think of things you can do now without frills or initial investment.
5. Can you do it part-time? Part-time entrepreneurship allows you to keep your day job keeping a cash flow while you work to establish your business model.

Bootstrapping can work for many business models and is a great way to get started. Evaluate your business idea today to see if bootstrapping might work for you.