Bootstrapping

Bootstrapping comes from the saying, “Pull oneself up by one’s bootstraps.” The meaning of the phrase is to accomplish something difficult without any help. In business, bootstrapping refers to building a company from scratch with little or no outside investment. Bootstrapping in business means using your own resources to start and grow your company. This could include money from savings, loans from friends or family, or credit cards. Bootstrapping also means using your own time and effort to get the business off the ground. This includes doing everything from marketing to product development to customer service. Methods of Bootstrapping For bootstrapping, William D King of ABA believes that you can use the following methods. Find a co-founder who can complement your skill set and help you fill in the gaps. This could include industry experience, financial expertise, or marketing savvy. Get creative with funding. If you don’t have the capital to invest in your business, look for alternative sources of financing, such as personal loans, credit cards, or crowdfunding. Keep expenses low. One of the… Read More »Methods of Bootstrapping