Bootstrapping: it’s not a dirty word

What do you think of when you hear the phrase “bootstrap?”  Personally, I think of every politician who at some point during his or her campaign reminds us of how relatable they are by saying “I pulled myself up by the bootstraps.”  As most of us know, those stories couldn’t be further from the truth where politicians are concerned, but the meaning of the phrase does hold weight with today’s entrepreneurs.

Bootstrapping is actually a term to describe the method of funding most of us tend to use when we are first starting out in business, which is to self-fund the entire operation.  Businesses financed in this manner are different from those funded via venture capital, in that the entrepreneur maintains complete control over all aspects of the business and is only beholden to herself.  The downside to this being that it may create a financial burden on the entrepreneur, should the business not turn a profit as early as is projected.

Self-funding can be risky, but it can also be inspiring.  If you’re at a place where not having the funds to launch or grow your business is really keeping you up at night, it may be time to consider crafting a plan for bootstrapping your way to success.  By learning how to make smart investments in yourself and in your craft, you may find that you’re able to gain a lot more traction in your business in much less time than you’d anticipated.  You’ve dreamed about starting your own business for so long, don’t let not having a six-figure inheritance stop you from reaching your destiny.

When I first started my nonprofit, I had no idea what bootstrapping was, I just knew I wanted to grow my business and that I wasn’t in a position to apply for a loan or a line of credit at the time. So  I used my crafting talents and other skills as a way to supplement the income I was earning at my day job and began saving money while also building a prioritized list of the things I needed to buy.  Before long I had earned enough money to cover the cost of supplies, catering, a hall rental and the other things required to host our first workshops.  The workshops were so effective that the community was able to see the value in what we were accomplishing and responded by investing in our cause by making monetary donations as well as volunteering for future workshops.

I know you have what it takes to be an amazing business owner, and as always, #ImHereToHelp.   If you’d like to schedule some time to talk with me so that I can help you develop a plan for success click here.