Bootstrapping Strategies
Entrepreneurs should always look for opportunities to utilise scarce resources creatively across all business functions.
Keep It Internal:
Try and initially keep most taks in-house, trim the fat.
ALWAYS START SMALL:
Start small and keep manageable business plan.
MULTI-TASK AND WATCH COSTS:
Keep a Lid on your personal expenses.
LEVERAGE EQUITY:
Consider tarding equity for expertise from investors.
Use Bootstrapping Marketing:
Use innovative cost effective marketing strategies.
Consider Virtual Office Space:
Where possible use virtual office space.
Persist:
Resilience is Free
Bootstrapping Marketing Strategies
In order to minimise cost related with traditional marketing activities, Entrepreneurs should always look for potential bootstrapping opportunities to use to market products.
Solve A Problem, Meet A Need:
Always ensure you are solving a problem or meeting a clear need for the market
Know Your Customer:
Invest in knowing your current & potential customers & get testimonials
Test The Market:
Test your products and ideas with small represantativ custmoer groups.
Cold Calling:
Venture out and call prospective customers to try your products.
GO Grassroot:
Spend time promoting your business talking to people in your community.
Establish Networks & Connect:
Join sector netowrk groups & connect with others in the sector.
Get Customer Feedback:
Get customer input on their needs, your products ,service & competitors.
Benefits:
Focus on promoting your benefits not just product features.
Tell Your Story:
Always look for an opportunity to tell your story about your enterprise.
Go Social:
Use social media platforms to tell your story, and engage customers .