Whole Network Most Recent TOP10 Entrepreneurship How-to Tools

 

Keeping it real with bootstrap approach

Filed in archive Bootstrapper Tips by Shawn Hessinger on December 13, 2007

Keeping it real with bootstrap approach

Yes, bootstrapping can mean starting a business with nothing or almost nothing, but two bloggers urge bootstrap entrepreneurs to also be realistic when it comes to necessities for a startup.

• Don't engage in unprotected bootstrapping. Mike Smithlinks of Free Fall Creative suggests looking into incorporation when starting your company to protect your personal assets. Mike recommends a Limited Liability Company through a service like My New Company with a cost of between $204 and $379 depending on the state in which you incorporate. (Another simple filing resource is LegalZoom.com so you may want to do some price comparisons and research.) But as Dane Carlson suggests in a related post, incorporating may not be the first things you want to do when starting a business. Even minimal incorporation costs may add significantly to your bottom line in the beginning at a time when you haven't even sold a product or interacted with a customer.
• Always deduct your bootstrapping efforts. Carlene Hawn at Found Read suggests this article in Crain's Chicago Business where Russell Romanelli, tax partner at Wolf & Co. LLP, recommends loaning your company money as a way to claim a higher tax deduction as the end of the year approaches. (The advice would be applicable if your company happens to be an S corporation or LLC as discussed above because Romanelli says the law won't let investors deduct losses equivalent to a total capital investment so the same idea may not apply to single proprietorships or partnerships)

For more on choosing the shape your bootstrap venture should take check out Choosing a Form For Your Business at ExpertLaw.com.


Advertisement


Permalink: Keeping it real with bootstrap approach
Tags: bootstrap  bootstrapping  bootstrapped  business  entrepreneur  tips  advice  investment  money  entrepreneur 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/106654



Advertisement


Advertisement


CW ToolbarInstall
RSSrss   | See all blog subscribe options
Googlegoogle   |   What is RSS?
Yahoo!yahoo
AddthisAddThis Feed Button
BloglinesBloglines
Newsletter
Advertisement - Book yours here.

Use our search feature to look for other interesting posts

Just this blog Whole network
 
Advertisement
Book yours here.



  • Other blogs in the same channel in the Creative Weblogging Network

Advertisement -
Book yours here..






Advertisement - Book yours here..
 
Tagcloud: Bootstrap Interviews bootstrap music Bootstrapper News Bootstrapper Profile Bootstrapper Resources Bootstrapper Tips Bootstrapper Tools Bootstrapping Opportunities Bootstrapping Thoughts Bootstrapping Trends Entrepreneurship equipment exchange Events How-to Just For Fun Philosophy services Sponsored Post Tools