3 Tips for Bootstrapped Start-Ups
A lot of folks are starting their business happen to be also bootstrapped. The path to success for them and the issues that they face are very often similar. Here are three big tips in the one I recommend to anyone trying to start a business from bootstrapped place.
The number one most important thing did I recommend any business understand, is there numbers. You need to know:
What is your allowable cost per acquisition
What does Success look like for now, not just long-term
And also how much can you afford to invest in solving business problems
The Second most important thing for bootstrapped start up businesses to understand is their systems.
Do you have scalable solutions to repeated problems
Do you have a system to handle hi touch workflows
Do you have Documentation in Transparency around day today activity
The third most important thing that bootstrap start ups half to now… Is runway. How much money can you spend over how long, and was one result, for you to be able to maintain your path to success? If you lose $.50 on every dollar this month 30 next month 10 month after that and start making a profit six months from now is that OK? Can you lose $.15 on the dollar for the next year and a half? Ultimately, can you define success by various stages of losing less and less before you begin to see profit?
These are the three most fundamental skills that most bootstrap start up to succeed do well, and most to fail miss out on!
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