Debunking the Myth of High-Cost Entrepreneurship
Dispelling the myth that you need deep pockets to make the jump from corporate to independent
Starting a business with very little capital is called bootstrapping. It can be done by utilizing existing resources, such as your home office, or by starting small and scaling up as you generate more revenue. I know this well because early on in my self-employment journey, I was actually employed yet didn’t want to invest too much as I was still in the process of “testing” my business idea(s).
So many men and women hold off starting their self-employment journey because they are concerned about the costs associated with being your own boss. I absolutely understand this because I too was there until I challenged myself to figure out how can I get started with what I have.
Bootstrapping is a way to start a business with very little capital by utilizing existing resources and starting small. By bootstrapping, entrepreneurs can test their business idea, generate revenue, and scale up as they grow.
Bootstrapping means starting a business with little or no outside funding.
Instead, entrepreneurs use their own resources, such as savings, personal credit, and existing assets to start their businesses. For me personally, I leveraged the social media networks to build my presence online for “free” aka organically. You can find out more reading this article HERE. From building a website, to having a professional email address so that you can connect with others, does not have to put a hole in your pocket. No. No. No!
Utilizing existing resources, such as a home office, can help entrepreneurs save money on overhead costs.
By working from home, you can avoid the cost of renting a commercial space and can use your own equipment and furniture. Don’t try to go big when you first start. Today, we are equipped with amazing tools. Our mobile phones are professional cameras and the internet is full of resources most at low cost if not free to get you started.
Starting small and testing the market with a minimal viable product (MVP) is another way to bootstrap a business.
This allows entrepreneurs like yourself to test your business idea and see if there is a demand for your product or service before investing a lot of money into it.
Bootstrapping also allows entrepreneurs to be more flexible and adaptable.
Without the constraints of outside funding, you can pivot your businesses as needed, which can be valuable as the market changes.
Bootstrapping can also be a great way to build a sustainable business.
By starting small and focusing on profitability from the beginning, you can create a more sustainable business model that can weather economic downturns.
Conclusion
Bootstrapping is a great way for entrepreneurs like yourself to start a business with little capital. By utilizing existing resources, starting small, and testing the market, you can validate your business idea and generate revenue before scaling up. Bootstrapping can also provide more flexibility and adaptability and can help build a more sustainable business. If you're thinking about starting a business, consider bootstrapping as a way to make your dream a reality.