Let’s face it, not everyone who starts a business has all the capital they need
to build up their business. But not having the capital shouldn’t deter you
from pursuing your dream of starting a business. Bootstrapping is the way to
your business with minimal investment. Here are several ways to #bootstrap
your business without breaking the bank.
Small Business Grants
Small business grants are funds that you apply for that are not required to be
paid back. Grants are available from a number of resources including state
governments and private groups. Although applying for #grants may be a
tedious process, the time invested is worth it if you win the award.
This is a fairly popular method to raise funds. Crowdfunding asks the general
public for donations and monetary support. The great thing about
crowdfunding is that it doesn’t involve loans so that money does not need to
be paid back; the investors are buying into the end result. #Crowdfunding has
become quite competitive so you have to do your research about which
funding site best suit your needs.
If you’ve started your business solo, you might want to consider expanding
into a partnership. Teaming up can double your manpower and provide new
and complementary products and services to the market and allow you to
possibly break into or create a new niche. If a partnership fits your needs, be
sure to work with an attorney to create a contract outlining the terms and
conditions of the #partnership.
Stick to Budget
Ultimately, to ensure that you’re not breaking the bank it’s important to
create a budget and stick to it. List all the costs associated with the startup
then identify less costly alternatives. Writing down your expenses will help
you identify the expenses that you can cut or postpone until you’re making