Bootstrap, Don’t Borrow: How To Finance Your Business Without a Loan

Bootstrap, Don’t Borrow: How To Finance Your Business Without a Loan

Original post by  via D&B

The most powerful way to build your business is without a loan or investors. The money you make will all be yours, unencumbered by debt, or the need to share with other investors.

There is something all-American about building a business all by yourself, from the ground up. So let’s look at 9 great strategies to bootstrap your small business.

Boostrap Idea #1:  Get noticed for little or no money.

Small businesses often start with an entrepreneurial urge to do something better than anyone else has ever done it before. In today’s world, though, it’s highly unlikely that the world will beat a pathway to your door, based on something great you’ve done that no one else knows about. You need to let people know you’re around.

Here are some low cost ways to create a buzz about your business. Write articles and offer to post them at websites with visitors who would also like your business. Create a blog. Build a social media platform. Above all else, provide good content through any and all of these channels. That’s how you get noticed, and to develop yourself as an expert.

Bootstrap Idea #2:  Take a critical look at each of your products or services. There is no room for dogs in a business that is bootstrapping. Each product must be profitable, and be able to stand on its own merit.

That also means you need to watch your statistics. Have a good accounting system to track what’s working, and what’s not. Your business’s financial statements should never be more than 30 days old. Review these financial statements with your CPA, or virtual CFO (chief financial officer), to see what’s working and what’s not.

Bootstrap Idea #3:  Create a sales funnel.

The sales process resembles a funnel. At the top end, the widest part, are the people who are just finding you, checking out their options, considering using your services, or buying your product.


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