Starting a business is a dream for many, but the thought of launching on a shoestring budget can be overwhelming.
The idea of starting with minimal resources or a tight budget doesn't have to be discouraging, however. Instead, view it as an opportunity to be creative, stay humble and scrappy and hold yourself accountable for your growth. A lean start-up has some great advantages to it.
Think of the words of American entrepreneur Jim Rohn, "Don't let your learning lead to knowledge, let your learning lead to action."
The term bootstrapping refers to starting and growing a business with little or no external funding.
The benefits of bootstrapping include full ownership, increased control and a better understanding of your business. Many successful companies today; including MailChimp, Atlassian and GitHub, started with minimal funding.
Starting a business on a shoestring budget requires time and patience. It’s ultimately an investment in yourself and bootstrapping allows for a deeper understanding of your business and its core values.
Marketing is an essential part of any business's growth, but it can also be costly.
On a shoestring budget, your approach to marketing must be both efficient and cost-effective. Utilizing social media platforms such as Facebook, Twitter and Instagram to create a personalized audience and email marketing can significantly increase your reach without breaking the bank.
Collaborate with other businesses, create a customer referral program and leverage the power of word-of-mouth to gain momentum.