Customer money is the best money. Bootstrapping your way up is doing just that, something, of course, easier said than done. The good news is that it certainly can and has been done. One thing to keep in mind is that bootstrapping a business doesn’t mean 100% hustle and 0% money. It means utilizing existing, self-generated and acquired resources to take an idea or company from one point to the other without referring to investors or banks. It is about using nonscalable resources, extra work hours and help from friends and family to build a company worth financing for growth or one that generates a sufficient amount of money for reinvestment and self-sustainability. Here is how.
It’s about two simple things: team and resources around us that are usually available to everyone of us.
The costliest part of a newly established venture is usually its core product. Whether it is tangible or not, the team is responsible for its creation. By building a team with complementary skills, you secure the core. Building a team sounds bigger than what it really entails. If you are knowledgeable and experienced enough to create the product from the ground up, then you’ve taken care of the team part. Usually it is two to three members who collaborate and produce even better results. If this is what it takes to turn a qualitatively validated idea into a solution ready for use or testing, then one of your biggest tasks as a founder is to attract the right co-founders. The team is your biggest bootstrapping channel.
Once or as the team is being established, nonscalable resources can be used for validation and revenue generation. You’d be surprised how much you could do with underutilized resources around you. Take a look at the Nonscalability for Validation. It can change the way you think about venture initiation.
This is Abdo Riani. One of the founders at AspireIT. We help business owners and experienced professionals leverage experience to build profitable and scalable tech startups.
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