Bootstrapping, or the art of building a business with little or no money, is the most common way to start a company. Marketing guru Seth Godin, author of The Bootstrapper’s Bible. People often ask him for advice on raising venture capital for their start-ups, and “nine times out of 10, I advise them they shouldn’t,” he says.
To get your start-up off the ground,without investors watching your every move, you need to build a bootstrapping culture that inspires creative money-saving tactics, attracts talented employees who will work for less, and controls cash flow to keep the lights on until you achieve profitability.
Here are the tips for bootstrapping:
- Try swapping equity for expertise
- Test the market in small ways
- Employ creative bartering
- Encourage developers to jump in – for free
- Manage your own public relations like a pro
- Do your own market research
- Get creative with new investment styles
- Keep your website simple, and grow it organically
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