Guest Post By Kayla Montgomery from SiegeMedia.com
If you have ever thought of creating a new startup, you most likely already have an idea of what bootstrapping a business means. Bootstrapping basically means self-funding your startup from the start to the finish and reinvesting all earnings back into the business.
Most businesses self-fund their company until their cash runs low, and eventually turning their focus on finding investors. If you are wanting to learn more about how funding works, you can check out our post on what funding is and how it works.
Though considering Ads for your business growth can also help you scale your business as it spreads a word about your brand and eventually attracting people which leads to profit yet bootstrapping your business allows you to control every operation of your company, 100%. You are able to be your own boss and implement new innovated ideas whenever you choose too, but at a small price.
Remember, not thinking about the revenue flow of your business is one of the biggest startup mistakes you can make!
Even though this sounds like an intimidating business model to partake in, it has shown tremendous success amongst some of the most well-known companies out there – SPANX, Patagonia, and GoPro just to name a few.
Even though bootstrapping your business can be a rather nail-biting business move, many companies have made it a long way starting in the same place as you.
For those of you that have a go-getter attitude and are weighing the pros and cons of this funding method, Fundera created an easy go-to infographic for everything you may want to know.
But, before we get to that, check out this post to know what type of entrepreneur you are and whether bootstrapping will actually suit you or not!
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