Bootstrapping a startup may be one of the best ways to build a long-lasting business. There really isn’t much overhead besides your computer depending on the focus of the software you will be developing and you can begin part-time while you are still employed.

1. 10 Tips For Successfully
Bootstrapping A Startup
Bootstrapping a startup may be one of the best ways to build a long-lasting business.
There really isn’t much overhead besides your computer depending on the focus of the
software you will be developing and you can begin part-time while you are still
employed.
Below are 10 tips for a bootstrapping startup that will help you get started and stay in
busine1) Get business training – There really isn’t a set path to business success. You hear
stories of super-smart business founders going to Ivy League schools to get MBAs while others
drop out of high school to pursue a dream. One thing that is the same no matter what story you
read is that you need to get business training and education to succeed. Personally, I have an
MBA from the University of Buffalo and I feel it has been essential to my success. Not only did
the degree help me learn about business, it opened doors and gave me strong business
connections to get started in my small business. Both what you know and who you know are
necessary to get your business off the ground.
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2) Find a mentor – When you wanted to learn how to walk as a child, your parents didn’t leave
you on the ground and say hop to it. In most cases, they instructed and directed you on what to
do. They probably held your hand and comforted you when you fell. This decreased your
learning curve dramatically and gave you confidence so you could take that next step. Finding
the right mentor is equivalent to learning how to walk-in business. They will shorten your
learning curve and hopefully give you tough love advice when you are blinded by your
circumstances.
3) Find creative funding – It’s easy to go off on your own to start a business. It’s a lot harder to
find money when times get tough or you are looking to expand. I use Freshbooks for my
accounting software and they started offering Fundbox as a way to get money earlier with a fee.
Investigating the viability of short term small business loans from lenders like Kabbage may
make sense as well. Kabbage is an online provider of business loans ranging from $2,000 to
$100,000. You want to be prepared for rapid growth by pre-qualifying for money before you
need it even if you are bootstrapping for now. Make sure to look for help through business grants
programs and competitions like Missions Main Street Grant by Chase as well.

2. 4) Masterguerrilla marketing – One of the speakers at a business seminar I attended to had a
great quote ..“marketing is the penalty for not serving your customers well”. Most people
bootstrapping their business just don’t have the marketing capital needed to get full exposure of
their product or service to their target market. Fortunately, there are now a ton of cost-effective
ways to use social media and the variety of ad platforms available to help with marketing on a
budget. Taking time to investigate the key players in your market and analyzing their marketing
strategy is important as well. In addition, focus on getting referrals and informing your list of
contacts about your business success. This could lead to opportunities down the road since trust
in you is usually already established with the people you know.
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5) Get free people to help – Taking on paid employees is a big challenge for many small
businesses. Not only are their challenges with learning to manage people but HR and payroll
management could be a beast. Before going the employee route, look for friends and family in
college or high school who can act as interns. They can use the experience of your company on
their resume for future employment and you can get some inexpensive help getting your
business off the ground. If you don’t have any friends and family to help, take a look at
underserved programs in your area that provide interns. For example in Atlanta, you can check
out Atlanta Workforce Development Agency. They offer to pay for the interns to work with you
during the summer if you help them give the students guidance and exposure to the business
world.
6) Form strategic partnerships – Look for ways to get free or joint promotion through strategic
partnerships. Whenever I come up with an idea for a software product or mobile app for my
business, the first thing I do is search for challenges or contests I can submit to. There are a ton
of start-ups looking for collaboration and big businesses looking for ways to expand into the
start-up space. For example, my app Sports Squares won the AT&T U-verse Hack-a-thon so it
was promoted nationally by them. I’ve also worked out partnerships with companies like
Samsung, Ziosk, Extreme Reality, etc just by looking for ways to build win-win relationships.
The world is a smaller place now so take advantage.
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7) Seek visibility – Find creative ways to let people know what you are doing and be
consistent in your communications. I don’t mention branding in this post but having a
consistent image and message is important before seeking visibility. You should look for
ways to demonstrate and display your company’s expertise to your target audience. Some
effective opportunities for doing this are through social media, video (i.e. YouTube),
Podcasts, and blogging. If no one knows your business is out there, you won’t last for
long.

3. 8) Start building a team – Honestly, this starts from day one and with the people who
founded the business with you. Your team doesn’t necessarily need to work for you but
they should all be working with you to help your business grow. At a bare minimum, you
will need an accountant, lawyer, business advisors, and mentors. Having great friends and
a supportive spouse would be very helpful as well. I’m still putting together my team but
I definitely have strong support from my wife, family, and friends.
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9) Identify your niche – You should always be refining your business to meet the needs
of your customers and your business goals. Finding a niche based on what value your
business provides to the customer will be key to your long-term success. Don’t try to be
everything to everyone. Focus on being the best in a specific area that you are good at
and there is a need in the industry. If you are a service-based company this may take
some time but you should be moving in that direction.
10) Find time to read – As I mentioned before, one of the struggles we
entrepreneurs face is trying to do things on our own. Don’t reinvent the wheel by not
researching and reading what tech and business leaders have gone through in their
journey or the advice they have to offer. Constant reading and learning sound like a no-
brainer but sometimes the business of running the business can get in the way. Staying on
top of the latest trends in technology is essential as well.
Hopefully, these tips will help you get a software company off the ground in bootstrap
mode.
Please feel free to leave a comment with any questions you have.
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