A week of launching PostRanger.com has given me some insight into the need for patience with the bootstrap approach.

Sure, bootstrapping means you can start your business immediately, but with no big money to make a huge splash in the marketplace it's important to understand that things may move slowly at first.

Here's some advice that's become obvious while developing ideas and trying to interest users with the concept:


1. Use your full-time job for cash flow. Quitting your full-time job could give you more time to focus on your project but it will also shorten the amount of time you have to make your business model pay. With steady cash flow from a full-time gig you can take your time and get it right. Not too long though. Make sure your startup doesn't become a part-time hobby instead.

2. Give your product a chance to find its users. Read Seth Godin's thoughts on this but suffice it to say lack of big funding at first won't give you much power to attract huge numbers all at once, so pick an environment (like the Internet) where people can discover it slowly over time and build a devoted customer base not built on hype.

3. Give users a chance to find their product. Whatever users decide to do with your product may be something you didn't really have in mind, however it could be even better. See Guy Kawasaki's post on marketing lies with particular attention to the point on product positioning.

4. It's sweat equity not money. Spend it freely. Bootstrapping is about using what you have to start a business. When you start out that could mean doing most of the work yourself. You are the cheapest labor available for your project.

5. Know when to hold 'em. Know when to fold 'em. Though you must give your bootstrap venture a chance you must also know when things are not working and be disciplined enough to know when it's time to try something else. I wouldn't base this on numbers alone but on whether you've had any customers really buy in passionately to what you're doing. If they're just using the comment section of your website as a chatroom (yes, this has happened to me) it's time to shut down and try something else.