culled from:bankingsense.com
There is a saying that states most business dreams die in bank parking lots. If you have the will to work for success, your dream does not have to be one of those visions that is sent to rest in peace from a bank’s blacktop.
Gutsy entrepreneurs bootstrap their businesses everyday in America. You can join their ranks. This article contains tips to help you build your new business from a dream into a viable, sustainable and “going” concern.
Plan Just Long Enough to Get the Ball Rolling
Is it possible to plan too much? Yes! Do not get trapped in what has been called “analysis paralysis”. Make a business plan, but do not obsess so much about its contents that you never act on it. Besides, once you put your plan into action, you will quickly realize that you sometimes have to adapt to avoid disaster.
Set a Budget, and Stick to It
At this juncture, you are at risk of easily overspending on materials and services your business may need. Set a budget now, and do everything you can to stay true to it.
Bet on Yourself
It takes courage to succeed at business. Entrepreneurs are not risk-averse people. You have to be willing to take calculated risks. Those are not the same as shots in the dark.
Success requires time and perseverance. Make a commitment to your business and your goals for it.
Cut Corners Wisely
To bootstrap a business, you have to cut expenses where you can, but that is not the same as saving money solely for its own sake. Every business endeavor worth pursuing has expenses. As you find savings, do not cut things your business needs.
Make a Game Out of Bootstrapping
If you are passionate about your vision, it should be fun to pursue. Bootstrapping alone may not raise your heartbeat. Turn bootstrapping into a game!
One game you can play is seeing how many consecutive days you can go without spending money at a coffee shop, or build a streak out of days you save money by bicycling to work instead of driving. Bootstrapping can be fun!
Do the Work
Famous comedian Chris Rock once said, “Work isn’t as popular as want.” He was right. Most people have dreams. Few people will do the work necessary to achieve their dreams. Be different!
Be the person who breaks from the crowd and does exceptional, useful work that furthers your vision. One thing about work is that it always produces something. If that “something” is not enough to meet your goals, it is still measurable.
Measure Variables, and Figure Out Which Aspects of Your Business Are “Scalable”
Entrepreneurs often talk of “scalability”. This simply means finding which actions you can duplicate and multiply to reach your goals for your business.
Always measure the daily work you do and determine how much income you derive from a given task. This will help you realize which tasks you can repeat to positively impact your bottom line.
Expect Adversity, and Persist
When you are turning an idea into reality, plan on things sometimes going wrong. Adversity is a fact of life and business. The person more likely to succeed in business is the person who does not let adversity grind his or her endeavors to a halt.
Get Quality Sleep
You have surely heard before about the importance of sleep to your health. Think about how important your health is to your fledgling business. If you are a bootstrapping entrepreneur, your nightly temptation may be to stay up late and skimp on sleep to complete a task.
Doing that repeatedly can backfire on you and your health. Plan for quality, nightly sleep.
You May Find You Do Not Need a Bank’s Help
One day, a bank may notice what you have built and come courting you with business loans. If you have bootstrapped diligently, your business may not ever need a bank’s money.
