There are several ways you can fund your business on a bootstrap budget. But what if your business is up and running and you are looking for ways to keep it alive and thriving on a bootstrap? You can start by taking some strategic steps to reduce your business expenses. Then, follow the tips below to make smarter and more fiscally conscious decisions in your business.
1. Get Organized
If your business lacks organization and order, you will have a difficult time identifying your priorities. And if you don't know what your priorities are, you can't make wise and cost-effective decisions. So the first step in running your business on a bootstrap is getting organized. From your physical workspace, to inventory, to files, to policies, take time to clean up your business first.
2. Track Everything
If you have not been diligent about tracking expenses, you are most certainly missing opportunities to cut them. From this point forward, part of your organized and prioritized business should include keeping track of where your money is going. You may not be spending a lot, but you want to make sure whatever you are spending is necessary and justified. Create a business budget and track all money going in and out. You should have a clear picture of your business finances at all times.
3. Do Your Research
When it comes time to make an investment for your business, quick decisions are rarely the most cost effective ones. Take your time to explore all of your options before spending money so you can be confident that the investments you make are the right ones.
4. Go Low-Budget with Marketing
Marketing is one of the best ways to get more bang for your buck when you're running a business on a bootstrap. There are so many ways to market your business on a bootstrap, especially if you're open to online marketing. From social media, to business blogs, to online advertising, you can incorporate a variety of marketing activities into your promotional plan that cost next to nothing. Just make sure you take time to create a thorough marketing plan before you dive in.
5. Make Your Office Mobile
If you don't need a retail shop or storefront office for your business, you can reduce your expenses by setting up a home office. Even better, if you have the type of business that you can take on the road, create a mobile office that lets you take your work wherever you go for less downtime and higher levels of productivity.
6. Outsource Instead of Hire
There are a lot of costs involved with hiring employees. Many times, this can't be avoided. In some cases, though, you can accomplish just as much by hiring independent contractors and outsourcing the work. And there are many areas of your business you can outsource, from administrative work, to marketing, to bookkeeping.
7. Focus on Relationships
You may be wondering how relationships can support a bootstrapped business, but it's really not that far of a stretch when you think about it. When you have good relationships with your customers, they come back and give you repeat business. When you make referrals and recommend your colleagues, they may do the same for you, sending you new business or passing on a discounted product or service that you need. It doesn't take a lot of time to do good things for others, and the benefits are unlimited.