If your parents were like ours, you heard tell you time and time again that when things get difficult, you can’t quit but need to work hard and pick yourself up by your bootstraps.
You can apply the principle of bringing yourself up by your bootstraps to your startup hosting and web development. In fact, bootstrapping is a term that is used to describe a person who uses their own funds to get their business off the ground as opposed to turning venture capitalists.
The way that you approach this situation is going to be what makes the difference in whether or not your startup is successful or if it never takes off. Here are five tested strategies that can help you successfully bootstrap your startup hosting and web development.
It’s likely that you have friends and business associates who are working in the same field or with some of the same technology that you are using. Use your spare time to work with these individuals, putting together prototypes, assisting with websites, doing tech interviews, etc. This will be a good way for you to generate extra revenue, work with others in your industry, and learn about building quality websites, quality hosting services, and a quality web development service.
In doing this, you are going to be able to study the mistakes and missteps of others in your field, while at the same time learning from their success. For example, you will see how simple things like a choice of
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2. Validate your idea
Validating your idea is an essential part of building a business from the ground up. This means identifying the size and demand of your target market. You need to test, create, and refine your minimum viable product. At the same time, you need to make sure that you have a product that fits the market.
You might say to yourself, all of this involves money. And it does. However, it does not need to take as much money as you may think. There are a few inexpensive steps that you can take to validate your idea before launching something into the market.
An example of this is the McDonald’s test. The McDonald’s test (or insert the name of any other restaurant or coffee shop) is where you offer a passerby a burger and French fries or some other product in exchange for feedback on your idea.
3. Learn to hustle
You have likely heard entrepreneurs use the saying, “Good things come to those who wait, only the things left behind by those who hustle.”
Starting a startup forces you to excel as an entrepreneur and as a creative. It requires you to be enthusiastic, relentless, and passionate about the work that you do. It’s your money on the line, so you have to wake up earlier, you have to keep your wits under pressure, you have to eliminate unnecessary distraction, and you need to be productive.
If you don’t hustle, your bootstrapped startup will not work. This means that you are willing to do something that 99 percent of the world’s population won’t because you want your business to grow. You are going to refuse to quit regardless of the challenges that are thrown in your path.
4. Use interns
When you use interns, everyone wins. The interns who work with you will get experience working at a startup. You get support for little or no expense. Since your startup is likely going to be small, your intern is going to have more influence on what’s being done behind the scenes than they would if they were interning at a larger company. For your startup, having interns work with you is a free or inexpensive source of labor that can lead to profitability.
5. Outsource wisely
In the early stages of your business, you’re going to carry out a number of responsibilities simultaneously. This means that you are responsible for product design, marketing, HR, etc. As your business grows, you need to know when you should start outsourcing tasks that you take care of personally. If you hire individuals to work with you prematurely, you are going to find yourself quickly firing these individuals and then cleaning out your own desk as your cash flow diminishes.
Thankfully, the freelance economy is booming. There are a number of platforms available that allow you to find designers, marketers, and other professionals who you need. Do not fall into the trap of outsourcing to quickly just because you have the money to do it.
It is best for you to wait until you no longer have the time to carry out a particular task before outsourcing. This prevents you from frivolously spending your money too quickly while at the same time letting you grow your business when the perfect opportunity arises.
Bootstrapping your start hosting and web development endeavour is going to require guts. It’s going to require you to refuse to give up. You need to have the tenacity to exploit every angle and opportunity. As an entrepreneur,if you are willing to bootstrap your endeavour, you don’t worry about the resources you do not have. You are focused on the resourcefulness that is needed to make your big idea successful. Learn to be smart with your money.
• You don’t always need to be fancy to get the job done.
• If you need an office space, select something that functional as opposed posh.
• Use free versions of programs as opposed to the paid service.
• Use refurbished computers instead of purchasing the most expensive MacBook Air.
Now is one of the best times in modern history to launch a startup. Have you bootstrapped, or are you in the process of bootstrapping a startup? We would love to learn about the tips that work for you. Let us know in the comment section below.