Bootstrapping tips that can help entrepreneurs stretch their funding.
Do charity work.
Giving back has plenty of benefits - help your community, get good publicity, and a chance to learn more ways to become resourceful.
Outsource when necessary.
Offshore staffing and project outsourcing are practical ways to access skills and scalability. Always keep in mind though, that you can't outsource accountability.
Set up a virtual office.
If you can't afford an office space yet but need to get your ideas off the ground, a virtual office is a good alternative.
Automate for free.
There are various tools that start-ups can take advantage of. Some examples are:
- Dropbox - a file sharing tool that links up your internet connected devices.
- Wix - enables users to create websites and blogs without writing a single line of code.
- Google Analytics - measures the performance of your website with metrics such as conversion rates and number of unique visitors.
- Slideshare - shares content to gain visibility.
- Quora - gets information, picks up some ideas or gets feedback from them.
Program your priorities.
It’s fun to talk about ideas, but how much of it is really done? Control your meetings to maximise payback. List your goals, put only the right people in the room, and tag your priorities.
Analyse user feedback.
You can't please everyone, but most often customers provide a better insight into your product. Look through your user feedback and see if there's something worth paying attention to, test out a solution, and track users' behaviour.
Sell out at the right time.
It's tempting for any start-up to sell to a bigger company. Corporations such as Google snap up promising tech start-ups. However, this also means losing a stake in your company. Hold on to it as much as you can and when it does become successful, you'll end up owning more.
Catch up with your peers.
Nobody else is better at understanding an entrepreneur's woes than another entrepreneur. Don't be afraid to ask people in your network, and you may end up getting more help than you were expecting.
Don't settle for mediocrity.
Lowering your expectations means easier wins. On the other hand, this can easily drag your business into mediocrity without knowing it. Keep your start-up lean, but don't be afraid to expand your horizon and dream big.
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