How to bootstrap your startup
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Transcript of How to bootstrap your startup
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How to Boostsrap Your Startup
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Bootstrapping
1. You might be risk averse, and you should be.
There are good reasons for Bootstrapping.
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Bootstrapping
1. You might be risk averse, and you should be. 2. Necessity.
There are good reasons for Bootstrapping.
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Bootstrapping
1. You might be risk averse, and you should be. 2. Necessity.
For whatever reason, there is the invest-cash way and there are bootstrapping hacks. Take as many of these to heart, and to your bank balance as you like.
There are good reasons for Bootstrapping.
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You can invest lots of money but even one of these tips will preserve your cash
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Bootstrapping
After all, you have *nothing* to lose.
Summon your creativity. It will save you money.
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Don’t spend money and you can’t lose money
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Stick to your budget
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Bootstrapping
Preserve enough cash to survive. Borrowed cash is expensive.
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Look for free, or almost-free stuff
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Look for free options.
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Example: Don’t print 1000 books, print as you sell on Createspace
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Don’t give up your day job.
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Don’t give up your day job
Every day, those lost wages are a ‘cost’ to your business.
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Your wages mean you can eat.
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Your wages mean you can eat.
Sure, nothing motivates like a lack of options.
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Sure, nothing motivates like a lack of options, but it’s great to have a buffer.
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Point 4 is a big one.
Bootstrappers need an idea that requires almost no investment.
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Put your Big Money Idea on hold. Fund it with your Bootstrap Profits.
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Put your Big Money Idea on hold. Fund it with your Bootstrap Profits.Real world example:
Design a digital product to sell online.
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5. Hire slowly. People will be expensive.
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Put your Big Money Idea on hold. Fund it with your Bootstrap Profits.The cost of staff is on-going.
Look to outsource to freelancers when you finally need to replace a job you are doing.
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Record what you do, so you can duplicate yourself later.
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Reinvest your profits.
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Put your Big Money Idea on hold. Fund it with your Bootstrap Profits.Reinvest profits.
Create a list of priorities for reinvesting profits.
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Reinvest your profits
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The yacht can come later.
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