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.
Want to express your opinion?
Leave a reply!
I’m already getting orders from the email with the updated pricing that I just sent to my current st… Read more
Sarah Shaw is like Google, the entire How To section of Barnes and Nobles, Consumer Report and Yoda … Read more
I LOVE working with Sarah! The best business decision I’ve made recently is joining Sarah’s Retail R… Read more
We enrolled in Sarah Shaw’s program because we needed someone to kick us into shape! She did just … Read more
“I am a detailed person and hate when I buy something online and am not satisfied. It’s always hard … Read more
“I came to Sarah with just the seed of an idea, a pile of sketches, and a bundle of nerves. I left w… Read more
“In just one hour on the phone, Sarah gave me clarity in my pricing and bottom line… Our new product… Read more
With Sarah’s help and guidance I was able to get my product into the hands of 5 hot TV set dressers … Read more
“If you have dreamed of hitting it big, and your product has any kind of ‘it’ factor, as Sarah often… Read more
“With just one little tweak of Sarah’s expertise, I amplified the results of this new launch by 60… Read more
10 hours ago
1 day ago
2 days ago
5 days ago
6 days ago