Have you always wanted to start up a business or pursue a dream, but have stopped in your tracks for fear of how to fund it?
You’re not alone. According to smallbiztrends.com, 65% percent of small business owners admitted to not being fully confident they had enough money to start their business.
But you may be surprised to hear a whopping ⅓ of small businesses got their start with less than $5k. And better yet, 40% of small businesses are profitable.
Today we’re going to talk about successfully funding your business and dreams by bootstrapping funding.
Not sure what that means? Today we’re going to talk about what it is, how to do it, the pros and cons, and exactly how to start a business with no money. The concept can be applied to get funds for your startup, or even to finance a lifelong dream like traveling the world.
What is bootstrapping funding?
Bootstrapping derived from the term “pulling yourself up by your own bootstraps”, and basically means you raise money and fund your venture yourself. It’s the opposite of setting out to get venture capital funding.
One benefit is you have full control. One downside is because you have full control, you incur all the risk.
In order to bootstrap successfully, you need to have a more minimalist mindset. Every dollar counts when it’s your own, so you need to invest it wisely. Best way to do this is to have a plan.
Before you even get started with saving, make sure you create a plan of exactly what’s needed to start your dream up as well as what it’s going to cost. From there it will be a lot easier to figure out the timelines you’re going to need to save up the funding and get the party started.
Once you have your plan, you’re going to have to save up some cash. Here are some of my favorite ways to do so that anyone can do regardless of how much time they have to invest.
- The Gig Economy
- Monetizing a Passion
- Selling Stuff
To hear the specifics about each strategy, check out today’s episode.
Watch on YouTube
Listen on Corrie Lo Radio
So which method are you going to start with to bootstrap your dreams? Be sure to leave a comment below or tag me on Facebook, Instagram or Twitter. I’d love to hear and may feature you in a future episode.