A new breed of entrepreneurs is creating huge consumer brands — like MVMT and Tuft & Needle — without venture capital, and laughing all the way to the bank. “In Silicon Valley, it’s often embarrassing when you haven’t raised money,” Ali told Recode recently. “When I’d go to parties or dinners, entrepreneurs would talk about how many employees they had. But for me, it was just me.”
Interestingly enough, founders tend to have mixed feelings about bootstrapping their startup because of concerns about growth. With the costs of maintenance, subscriptions and other basic expenses, is it even possible to bootstrap a startup to millions of users?
Absolutely. There’s a method to working strategically with what you have, and it requires patience, resourcefulness and accountability.
If you want to make money, you’ll need to understand some basic concepts and metrics regarding money, customers… and even personal performance and health.
I left corporate work in 2013 and created my solo consultancy. I have *not* reached my corporate salary (not even close) and while I’ve been incredibly successful in terms of business, clients, 80%+ client-referral, outcomes, A-lister clients, etc…the financial success is not there. I know every ‘freelancer’ and solo entrepreneur knows what I’m talking about. I’m now focusing and building strategy to grow my services business. I’m trying to remain open-minded to growth ideas that I rejected in the past.
If you own a small business — whether it’s a personal side gig or something with multiple employees — it’s important to keep your business and personal expenses separate from each other. Here are some of the best small business credit cards of 2018.
Whether you’re a freelancer, someone with a side-gig, or you run a business with 15 employees, an HR team, and a brick-and-mortar store or office, keeping your personal and business finances is vital. Even if you’re a sole proprietor using your personal checking account, things can get muddy quickly when you’re cutting personal and business checks from the same account, or charging drinks with friends and your monthly Microsoft Office subscription to the same credit card.
Bootstrapping will make you a better entrepreneur. It’s not easy to grow a business without external funding. You have to swim, or you’ll sink fast. You also have to stretch your resources and work efficiently. If you’re in the deep end, without a life jacket, it’s time to get creative. Here is why I believe bootstrapping will make you a better entrepreneur and how to embrace its challenges:
A polite but insistent invoicing systems gets you paid sooner and with less hassle.
Asking your clients or customers to pay an invoice isn’t the highlight of the day for business owners. However, it’s an essential task that will make or break your business. That’s why having a formal, professional invoicing system is so important.
It will also help you keep track of your accounts receivable and billing. This makes invoicing as painless as possible for both you and your paying customers. In turn, this will get cash flowing more quickly into your bank account.
But, how can you create a well-oiled invoicing machine? Start by implementing these eight tips when setting up a killer invoicing system.
No co-founders. No funding. No connections. No customers. No — you’re not nuts.
Are you like me and completely sick of all the patronizing startup advice out there? You know, the kind that goes like this:
Don’t overlook three options you have when starting on a shoestring.
You’re excited to start a business. Maybe you have an idea, or you’re just fascinated with the idea of launching and growing your own enterprise. You’re willing to take some risks, like leaving your current job or going without personal revenue for a while. But there’s one logistical hurdle stopping you: You don’t have much money.
My co-founder Dan Foley and I bootstrapped Tailored Ink back in August 2015. We spent a combined $1,000 to get it off the ground and kept our costs low. Flash-forward to today, two years later, and we’re swiftly closing in on the $1 million mark. We still haven’t maxed-out our credit cards or applied for a business loan.
Want to know how we did it? Here are some financial habits we learned on our way to becoming successful business owners.