As a startup, the best possible way to succeed is to have investors that are willing to pour in a lot of support right from the get-go. When this does not happen, it is up to the heads of the company to find other ways to succeed. Fortunately, there are other things that a startup can do to bootstrap it to success. When these strategies are done, there will be a significant improvement to the path of the startup compared to others which are not bootstrap startups. Make sure you take note of the tips below especially if you are on the first phases of your startup yourself.
1. Research the market
Before diving in head first with an idea that sounds good on paper, make sure all the numbers point to success. This can be done by researching the market and figuring out whether the target demographic of the company will actually lead to profit.
2. Not everyone is co-founder material
Make sure that the co-founder actually has a skill set that will benefit the company. Being the “ideas guy” simply isn’t enough to warrant being a co-founder.
3. Money isn’t everything
A startup’s goal, of course, is to generate income. However, at the start, making an impression and growing the sphere of influence are far more important for the company’s longevity.
4. Keep an eye on the cash
The money that the startup spends should be kept on a short leash. There should be someone keeping a close eye on everything that goes out.
5. Avoid being indecisive
There are only a few times when indecisiveness can be helpful and one of them is when there’s compelling information on which successful route to take. Being indecisive, in general, can lead to stalling for the most part.
6. Outsource only when necessary
At the start, there are not many tasks to be done because there won’t be much pressure yet. Don’t outsource these tasks when it is still possible to do in-house.
7. Be frugal, be thrifty
The most successful bootstrap startups are successful because they were smart with how they spent their money. The 30-day free trial of different software can get you very far if you are diligent with it.
8. Be firm
The most important key to success for a startup is knowing when to push forward even after being told no.
9. Train skills in your spare time
You don’t have to hire a new person every single time there is a new set of tasks to be done. Those that don’t have anything to do can learn skills that may be needed in the future.
10. Don’t mimic the successful companies
Companies at the top of their game are there for different reasons. Don’t copy what they’re doing while they’re already successful and you’re still starting up.
11. Know who the best leaders are
In a startup, there will be teams with their own leaders. Those leaders will then look up to another leader at the very top. Make sure these leaders are in the right frame of mind and think of only what will benefit the startup.