Bootstrapping your business

Hey, if you aren't an entrepreneur, you’ve probably never heard about the term “Bootstrapping”. 

Bootstrapping a business means starting and growing it with little to no outside funding or resources.

Many of us chose to bootstrap our businesses for many different reasons, but mainly to maintain more control over the company. 

Within the unicorns and VC funds era, companies that bootstrap their way to the top of the hill make less of a boom than the ones raising millions and millions. Many people say they don't get the recognition they deserve as it is really hard. But some of the biggest companies today like Meta (former Facebook), Atlassian, and Amazon are examples of companies with humble and bootstrapped beginnings.

Here are my five bootstrapping strategies as we did at slantis to grow and maintain the business without outside capital: 

1. Sales and revenue are key

Sales are the very center of every business. “Learn to sell and you can conquer the world," they say. For me, it is a must to focus on generating revenue early on. Instead of seeking external funding, focus on generating revenue as early as possible. Offer your product or service to clients and refine your offering based on their feedback. This will help you build momentum and create a sustainable business model.

2. Keep costs low

Look for ways to cut costs wherever possible. Avoid unnecessary expenditures and find ways to tighten budgets without sacrificing quality. This might mean working from home, using open-source software, or outsourcing non-core functions to freelancers. 

3. Network and collaborate

Building relationships with other entrepreneurs, industry experts, and potential clients is at the very center of learning and developing the business faster. Seek out opportunities for collaboration and partnerships that can help you grow your company. The knowledge other business owners and mentors bring is invaluable, and they can help you ensure sustainability, success, credibility, and a wealth of world-views to enhance the decision-making process. It’s crucial to learn from other people’s mistakes and capitalize on them.

4. Be creative and resourceful

Look for innovative ways to solve problems and find new opportunities. Be open to trying new things and adapting. Think outside the box for “traditional” solutions to bumps in the road or setbacks in your journey.

5. Stay disciplined

Bootstrapping requires discipline and focus. Set goals, establish a budget, and track your progress to ensure you’re making improvements toward your long-term vision. Behavior patterns, habits, and the way you practice on a daily basis to stay on track are key.

"All the benefits in life come from compound interest - relationship, money, habits - anything of importance." @Naval

Bootstrapping a business requires patience, hard work, and resilience. But with the right approach, it can lead to a sustainable, successful business in the long run.

Of course, there are also potential downsides to bootstrapping, such as slower growth and limited resources. Ultimately, the best approach for your business will depend on your goals, assets, and circumstances.

For me, these strategies will help build your business foundation while your rate of return increases.

About me: I'm a passionate entrepreneur, writer, and women in leadership advocate. Co-founder of slantis. Speaker at Harvard University Graduate School of Design, Practice of Architecture, and seen@ in Forbes Magazine. Wife 1x, Mom x2, Entrepreneur 1000x. Follow me to learn how we grow our awesome company!