With bootstrapping, you’re building your business with your own money, which means you get to keep control of it, not hand it over to some investor. But at the same time, it’s really is tough, especially if it means putting every money you make back into the company instead of into your pocket.
Here are 7 ideas that’ll make bootstrapping easy for you:
1. At first, use WordPress for your website
While you do need a professional-looking website or digital store front, hiring an agency or website design company to create one can be expensive. If you have basic knowledge of how to use wordpress, you can easily whip up something for your business, that wouldn’t look so bad.
WordPress offers thousands of free themes and plugins you can use to make your website look as friendly and welcoming as possible. When you business scales, and you decide to uprage, you can always find freelancers who offer inexpensive services.
2. Forget about job boards and recruiters
When you’re bootsrapping, engaging the services of head hunters, or jobs boards that attract fee would be expensive for your startup. Instead, post on platform like Nairaland, your LinkedIn page, Facebook groups and job board that allow employers post vacancies for free.
3. Don’t use a PR firm
4. Ask for event discounts
Many event organizers understand that entrepreneurs don’t have a pile of money to spend on networking events or conferences and will provide special discounts that are often not advertised publicly. It never hurts to ask.
5. Drive instead of fly
Obviously this won’t work if your meeting is across the country, but if you need to do an in-person and you can drive there and back in a long day, go for it.
To save money on plane tickets, if I have an investor meeting at in another state, you should try and leave early enough, or go a day before.
6. Look for shared office space
Working at home is isolating and if you camp out at a bar or eatery, you can end up spending too much money on food and drinks. Instead, find another start-up that has extra space and make a deal to use it. Either that, or rent a spot in a coworking space. In addition to being a lot cheaper than paying for your own office, they’re great places to meet other founders and creative types who can end up being new partners, allies, and even clients. Check out these cool coworking spaces in Lagos.
7. Use Accounting Tools
Yes, you’re busy, but managing your books isn’t terribly onerous once you get your accounts set up and data input. Plus, looking at your monthly burn helps foster a cost-saving attitude because you can see how fast money runs out. Do not use a bookkeeper or hire an accountant, there are free accounting tools yo can try.
Did these tips help? Tell us in the comments!