So, you have made the leap to start your online business. Do it seems like there is so much to do and so little time and money to do it? I know exactly how you feel. When I started my online business I asked myself the same question. I’m sharing with you “6 Ways to Bootstrap Your Startup”!
1. Start part-time – By starting part-time, you position yourself to still have cash coming in from your fulltime job, while building your dream business part-time. This alleviates the stress – of wondering how you’re going to pay your bills. I know this firsthand, because it’s exactly how I’ve been building my business.
2. Utilize your existing resources –You have to ask yourself. What can I give up for now to reach my goals in building my business? This maybe tapping into a personal savings account or perhaps you sell some things to generate some extra revenue. It’s really about how bad do you want it.
3. Be conscious of your money at all time – Pay attention to every penny. You want to be penny-wise with every purchasing decision. Is it a need or want should be your judging factor? Proverbs 27:23 says- Be diligent to know the state of your flocks (money).
4. Reduce operating expenses – What does it takes to run your startup. A startup have fixed and variable expenses that occur each month. The typical fixed expenses for an online business include web hosting, email management and accounting software which stays the same each month. However, the typical variable expenses include office supplies, cell phone and advertising (if any) fluctuate with activity. I would suggest comparing plans for fixed expenses and closely managing variable expenses.
5. .Start Selling – Get out there and start offering solutions to your target audience with your products and services. Don’t wait until everything is perfect. Just start. The time will never be right. The world is waiting on your gifts, abilities and talents.
6. Outsource small tasks – You may feel at times that you’re overwhelmed with so much to do. This is the time when you need to prioritize your tasks. You are the CEO of your business; therefore you want to focus on CEO strategic work and get some assistance for tactical tasks. This will free up some time to create products and work with your clients which generate more profits
Question: How are you managing your startup budget? I would love to hear about it in the comment section below.
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