III. Bootstrapping Your Way to Success
Section D: Conclusion: Launching on a Shoestring Budget
As you just discovered, you don’t need piles of money in order to launch your business. You don’t need to have deep pockets or a rich uncle in order to grow your start up into a successful business. You just need a little creativity, a little discipline, and the ability to compromise a bit in the beginning for the good of your long-term success.
You’ve learned seven creative strategies for bootstrapping your way to business success, including:
Starting up small
Using viral marketing
Taking advantage of “pay later” advertising methods
And using freemium tools
And you also learned that once the money comes in, you shouldn’t run off to Vegas and blow it on beer, poker and luxury suites. This is a common and deadly problem that will stop business growth in its tracks. It’s tempting, but you need to avoid these short-term pleasures in order to grow your business over the long term.
Instead, you need to keep the momentum going in your business by reinvesting the profits right back into marketing, product development, tools, staff and daily operations. Once you’ve reinvested and your business is growing consistently, then you can treat yourself with what’s leftover.
While you can operate on a shoestring budget, you do need some cash to get your business off the ground. And the more money you have to apply to your business, especially if you apply it wisely, the faster your business will grow.
The good news is that even if you don’t have any cash on you today, you can get the money you need. That’s what you’ll find out how to do in the next module… I’ll see you there in a few moments.