I saw a video the other day with my good friend and mentor Mike Michalowcz and it got me thinking…….
How can bootstrapping really make you a better business woman?
A lot of us dream of a big investor coming in (our knight in shinning gold coins) and solving all our problems, bringing a lot of savvy to the table, helping the business run more smoothly, and giving us that long awaited salary……right? Hey, I have been there with you……several times……in fact, I did bring on investors, and did hope they’d do all those things I mentioned above. But did they?
Not really. I did get a salary for a short while, and that was fabulous and all, but my business was still in it’s terrible state of being mismanaged. All the money really did was give me a longer leash to keep doing more of the wrong things the wrong way.
If I’d never gotten the money, I know I’d still be in business today!
Bootstrapping really does keep you thinking on your toes (all the time), and in a different way than you would if the sand wasn’t pouring out of the hourglass. Being honest with yourself, and your bank account, is one, if not the most, important thing about your business.
Bootstrapping doesn’t mean you can’t grow. It just means you grow more slowly, which believe me, is usually better. Being “forced” to be more creative with your money, usually results in you becoming more innovative. Perhaps you are inspired to contact old friends with influence, approach the famous person you see at the drugstore, reach out to the unreachable, take that leap of faith your family thinks you are nuts for doing.
In order to find the things that will work for your company, you must be committed to trying everything.
As a true bootstrapper you will:
Only use the money you have in the bank today
Brainstorm creative sales strategies
Call buyers more than once
Present incentives that a buyer cannot turn down
Create more interesting press releases
Print and package everything yourself
Reexamine your production costs more often
Call the people you can ask for free advice (even if they never offered)
Drive the extra mile to save on your bottom line
Work late into the night
And pay yourself at least 10% of every dollar you make
What are your Bootstrapping tips?
If you want to check out the video with Mike…….It’s worth the 3 minutes.
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