Bootstrapping 101

-by Joshua Black
Copyright 2009 Outer Limit Productions LLC

If you are like me, then you started out your business without a whole lot of money.

You probably have a day job, and at night you dream of turning you business into a reality... or maybe you already have a business, but you have not reached the level of success that you had hoped for.

In any case, bootstrapping, or self-funding is the most responsible and the most powerful way to start a new business, especially if you are working on an e-business.

When the bank or credit card company does not have a financial stake in your company, it can make you a lean, mean, money-makin'machine!

Bootstrapping is all about pacing yourself. Sure, you make not be able to get the fancy company car, new office, or even a new desk right away, but as your business becomes successful while using bootstrapping techniques, you will eventually be able to afford anything you want and it will all be paid for.

Once of the reasons the economy is in such bad shape is that individuals and businesses (and even our government) has borrowed so much that they have spent tomorrow's money today, just to have a little instant gratification.

A bootstrapper is not going to act that way. You will need to pace you purchasing, buying only vital business requirements at first and slowly phasing everything in. Paying for it all with cash on the occasional personal credit card.

If you get a business loan, and you have a 4-6 month string of slow business, guess what? The bank still wants to get paid on time. If your loan is big enough, you may have to file bankruptcy.

The bootstrapping entrepreneur doesn't owe the bank anything, and therefore can hold out much longer than the business that didn't bootstrap.

Even hard-goods businesses can figure out ways of creative repayment terms to vendors, including drop-shipping so that you don't have to carry any inventory.

I know that you are probably wondering how in the world you are supposed to start your dream business without a big loan, but it is totally possible. The "borrow beyond your means" approach does not work in life or business.

I know it is the standard out there to use Other People's Money (OPM) as the so-called smart way to start a new business, but that is when you are most vulnerable and the last thing you need at that point is a bank knocking on your door asking for their huge monthly payment for your new desk and fancy office.

Bootstrapping is the way to go and I will give you tons of tips, tricks and techniques for getting all of the stuff that the big boys have for just a fraction of the price, all while you slowly build your business empire.

WAIT… before you read any more, hold on for just a second

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1151 W. Milham Ave #1394, Portage, MI 49081-1394
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