10 Best Bootstrapping Tips For Startup Founders
After participating in numerous startups as a business advisor, mentor and investor, I've seen all kinds of financial situations -- from those operating on a shoestring budget to those with millions in funding. And, of all the situations, I'd always go with the ones that bootstrapped their way to success. That's because those startups show resilience, innovative thinking and smart decision making. I'd bet on those startups more than any that received countless infusions of cash and often burned right through the money.
While it may seem scary to bootstrap at first, here are 10 top tips to make this type of model work for building out a startup that I've collected over the years of working with this model:
Create And Manage An Income Stream
Before you roll out your startup work, plan for ongoing income. While some founders have focused on their savings, that only goes so far and may not cover your the regular paychecks and personal costs. That's why my top tip is to maintain a regular income stream while you are building your startup. It could mean keeping your regular job or developing hobbies or an initial product that delivers a regular income.
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