Creating a new business from scratch online is not expensive. Almost anyone can start a product, service, coaching or consulting business based on your expertise like I started years ago with about 400 bucks – and Network marketing businesses can be started for even less!
That’s why most people who start an online business bootstrap it.
Bootstrapping a business means that you don’t get a loan and just use some extra money out of pocket to get the business started. As soon as possible, you use only the money you’re bringing in from the business to run the business.
It’s a great way to start an online or home based business. But, it’s easy to get into a rut of not investing enough money in your business when you are bootstrapping it.
The best thing you can do though, especially when bootstrapping, is to put all the money back into your business as soon as possible.
The best way to figure out what this amount is, is to make a list of the tasks you want to be outsourced, the tools you need, and how much you’d like to pay yourself and then work toward that.
- Outsource – Remember, when you outsource, you are buying someone else’s skill set to add to yours. Even if you’re terrible at writing blogs, or designing printables and digital products, you can still be in business if you pay someone else to write or design for you. Conversely, you can get someone else to do your books, do your taxes, or even clean your house if it gives you more time to do whatever it is that you do to make money.
- Learn Something New – One way to spend the money you’re bringing in is to use it to learn something new. When you educate yourself on your niche, the tools, and the audience, it’s going to turn you into an expert. Keep learning something new assuming you will use what you learn.
- Buy the Right Tools – When you need automation tools to compete, don’t put off getting them. Software like Hootsuite, Drip, Acuity Scheduling, and so forth are a few of the different types of tools you may want to buy to help your business work more smoothly. Remember, time is money. If something or someone else can do it for you, giving you more time for something else, then you should do that.
- Pay Yourself – After you have purchased all the tools and paid for all the contractors you need to run your business smoothly, it’s important to build the habit of paying yourself. Instead of just taking whatever is left over and spending, it’s best to work up a budget and a plan. Pay yourself on a schedule a set amount.
Bootstrapping is a great way to begin an online business. But if you want the business to be successful, you must invest in the right places as the money comes in.
Eventually, if you play your cards right, you should be able to become the manager of your business by using the right tools, hiring the right contractors, and investing in the right places.
Up for a Growth challenge this week?
Are you committed to growing your business to have the freedom and finances you dreamed it would in the beginning? Awesome, here’s your challenge this week!
Choose one of the four ways to expand your business growth outlined above, set a deadline to select and implement one by this Friday. Comment below and let me know which one you’ve committed to this week 😉