It’s not unusual to have to tighten the purse strings at some point and with the current economic climate the way it is, businesses are no different. It can make it especially tough for start-up companies looking to compete with more dominant and established brands.
So, how can you turn a stellar business idea into a revolutionary global company on a shoestring?
In today’s start-up world, initial investment does not need to be huge. What is more important, at first, is support in the form of mentoring and advice. Small Business is an excellent online resource for small business owners and start-ups offering advice, guides, news articles and tips to turn innovative business ideas into successful realities.
So when they approached Rune Sovndahl, co-founder and CEO of Fantastic Services, he was only too happy to share his first-hand experience of business bootstrapping and some top tips for doing it right.
Look inward before you look outward
One of the first and biggest questions any entrepreneur needs to ask themselves is what can my team, my partner or I do for the company? Having a team of workers who complement each other and offer different perspectives and tools can be more valuable in the long run.
A big expense when setting up any new firm can be employing consultants. But like many entrepreneurs, Rune recommends performing self-evaluation as you should already be an expert in your chosen industry with the appropriate skills and knowledge. And if you’re not up to the task, train yourself, go on courses, listen to audiobooks, learn new skills to assist you in developing, evolving and growing into an enduring, profitable business.
If your team doesn’t possess the skills, experience and know-how required to move the business forward, you should then start to think carefully about using consultants. The Small Business article details how to guarantee that you will get actual value for your investment and additional pointers on safeguarding the two most precious recourses – your money and your time.
If you’d like to learn more entrepreneurial & bootstrapping tips, you can read the full article here.
Image source: Shutterstock / Author: Micolas