Looking for ways to bootstrap your startup? Do not want to go into a huge process for marketing? You might be lucky enough to know that there are more ways to bootstrap your business other than spending resources on marketing.
Bootstrapping your startup business strategically is the new trend today rather than adapting to traditional methods of marketing strategies. But, before experimenting with new things startup business owners should know what they need for their business.
If it helps try doing a SWOT analysis first as it will help understand your strong and weak areas of business. Then you can look at the tactics mentioned below to bootstrap your startup business.
- Write and publish quality-focused blogs
- Make sure your business has been listed to the reviews and listing directory
- Use Product Hunt
- Find an advocate or a partner
- Conduct webinars on your products or services
- Target your customers
- Create a Facebook page or a group
- Use online methods
- Conduct an in-depth market research
- Do not rush for an office space
- Design a proper business model and a plan
- Work from home
- Do not rely on Client's credit
- Take help of your family members
- Use low-cost online tools
- Avoid purchasing unnecessary tools
- Learn digital marketing
- Work on your business image
- Always be resourceful
- Motivation plays a key role
Best Tactics to use for Bootstrapping Your Startup
Write and publish quality-focused blogs
Start writing quality blogs in about your business answering questions like the five Ws. People will know what your business is all about if you know how to attract them with the power of your blogs. Using keywords in your blog will do half the job and will help your blog to rank high on the first page.
Once you have completed writing in-depth blogs try publishing your content on different social media like Facebook, Reddit, Twitter, LinkedIn, etc. Do not opt for link dropping and other such kinds of things but, try doing it with a sense of taste behind it.
Make sure your business has been listed to the reviews and listing directory
Business listing is important because it can play a crucial role for the success of your local SEO. These are types of platforms that will allow the users to find out more about your business and also help engage with it. Some basic information like name, address, and phone number are added so that interested users can contact you.
Use Product Hunt
Product Hunt is an online website that you can consider using because here your products can be listed in a linear format. Keeping aside its functions one of the biggest advantages of using this website is that it can be used as a free service.
Find an advocate or a partner
You do not have to find someone who is a professional but a normal person who can have your back at the right time will be enough. If you find someone who is great at work and is available for you whenever you need them then you have got what you need.
Conduct webinars on your products or services
More promotion will only create a better chance of bootstrapping your business. Webinars can be conducted free of cost on various online networking websites. Look for the right one and just get into it because the sooner you start the better you can create a customer base.
Conduct webinars/meetings frequently so that you inform about your products and services to more and more people. You need to start generating leads and then nurture them as well to create a better impact on your business.
Target your customers
Whether it is one customer or one hundred you should know that it is just the beginning of a long journey. Target customers to whom you can provide your service to them and solve their problems. This is where you don’t sell your product but give an idea to them about the problem that they are facing.
If you can get into their minds about the solution you are giving to them for their problem you will be surprised to know that they will start coming to you after a certain period. Therefore, do things smartly rather than doing them with difficulty.
Create a Facebook page or a group
Just like you use Whatsapp groups for sending a message where more number of people will be able to see what you have sent similar to that you can create a Facebook group. Facebook has got around more than 2.9 billion users and this is why it will be a great platform to showcase your business to a large number of people at a time.
Use online methods
It is difficult to conduct business activities, especially when it is a startup and thus there is pressure on the sustainability of your business. If you choose online methods for conducting business then you may cut down maximum costs and also help protect your assets.
Conduct an in-depth market research
Just like you will do a SWOT analysis of your startup business you also need to do thorough research on the market. You are now the boss of your company and getting to know all the dynamics of your business should be your responsibility.
If you are well-prepared you will not be needing capital from someone else. Look for online tools on the internet that will help you conduct online surveys.
Do not rush for an office space
There will be a lot of things going on in your mind once you have started your business and one of the major things that you think about is having an office of your own. Well, if you are thinking about it then that’s well and good but there will be no need for an office if your products or services do not do well in the market.
Give your business some time to grow which may take some time and then you can look for an office. New offices will be needing types of equipments like furniture, computers, CCTV cameras, and many more which will only create a burden on your expenses.
Design a proper business model and a plan
Most entrepreneurs tend to make the mistake of not planning what should be done next. This is how they waste resources and are not able to sustain in the market even though their business has the potential to do good in the market.
Therefore, it is suggested that you design a proper business model and a business plan. A proper business plan helps the business to work efficiently by fulfilling its achievements.
Work from home
Offices rents’ are going up as each day passes by and you need to cut down expenses not increase them. Working from home can do the job that most offices can’t. If you can have the option to work from home comfortably then why not use the benefit of it. This way you can concentrate better on your work and you will save a lot of cash.
Do not rely on Client's credit
Even though your startup business is a work-from-home work do not give your clients products and services on credit but rather ask them to make immediate payment. This is just the beginning of your business and you are already making expenses and credits can make things worse.
Ask your clients to make payments as soon as they receive the product or service. This way you can keep a proper account of the business that you have conducted.
Take help of your family members
Your family members can be useful in some kind of work for your business. For example, your brother can create a page on social media and he will solely be responsible for promoting your business on different social media platforms.
Similarly, you can even take the help of your relatives who can be useful in different activities. This way you do not have to hire an extra person to do a simple job and you can concentrate on other things.
Use low-cost online tools
Since you are working from home you will be needing different kinds of online tools for marketing or conducting other business activities. Use tools that are available at a cheap price not necessarily a free platform but a cheap one will do the job.
Since it is just the beginning of your startup business you need to make sure that your expenses are not extending your budget. For the time being, using cheap tools can be useful and later when your business is flourishing in the market you can opt for expensive or premium tools.
Avoid purchasing unnecessary tools
Whether you are buying an online tool or an offline one make sure that the tool that you are purchasing can b of some use for the business. This is one of the most crucial tactics for bootstrapping your business because you do not want to go into debt by making unnecessary purchases. Purchasing expensive tools that will be of no use for your business will only create pressure on your finance.
Learn digital marketing
With changing technology there are so many upgrades that are being made each day. You need to learn about the technology and use it to your benefit as your business needs to be recognized by more people.
A digital marketing course will help you understand how to market your business digitally. If you know about digital marketing then there is no use spending time on the courses. Apply what you have learned and see the results.
Work on your business image
There is a saying called ‘First impressions are always the last impression’ which is quite true when it comes to business as well. Your new business should be presented in front of the people in such a way that they are impressed with it.
The image of your business will play a crucial role in getting customers from all around the country or globe. Use appealing photos, images, videos, animations, and other such kinds of things so that customers are attracted towards it.
Always be resourceful
Being resourceful does not just mean focussing on your resources but planning on how to grow them. You should gather enough money to fund your startup business because in the initial stages of your business will be difficult to find investors.
However, there are several free online platforms where you can get the benefit of crowdfunding. Whatever decision you take make sure it will help you with your work keeping the cost structure under your budget.
Motivation plays a key role
Even if you follow anyone tactic mentioned above you need to be motivated at your work. Every day when you wake up you need to keep aside all negative things but move forward with the intending to grow your business.
You should always be eager to learn new things from the market and your competitors so that you do not fall out from the competition. Motivation will also help you bootstrap your startup.
Whichever tactic you choose to bootstrap your business try to do it with a focussed mind because it will help your business itself. Even if you are facing a lot of challenges continue doing the same thing but in a different way.
What does bootstrapping mean?
Bootstrapping from a business’ point of view means starting a company with little capital rather than relying on investors.
What are the benefits for adapting bootstrapping techniques to business?
Some of the benefits of bootstrapping your business are:
- Cheap and efficient
- Complete control of ownership of the company
- Might make funding easy in future