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Bootstrapping your startup | What I’ve learnt in the last 6 years

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Bootstrapping your startup | What I’ve learnt in the last 6 years

(Our Dublin coworking space)In the world of startups and side hustles, you’ll frequently hear the term bootstrapping your startup bandied about. It comes from the old saying of ‘pulling oneself up by one’s bootstraps’.

Bootstrapping your startup is building your company from the ground up with nothing but personal savings and the cash coming in from your first sales.

For the first time in 40 years, the tide is starting to change. Tech entrepreneurs are starting to bypass the traditional venture capital and investment models when starting an enterprise.

Instead, they’re opting to go it alone, developing profitable businesses from the ground up, with no outside investment.

In essence, bootstrapping your startup is the new cool thing. You’ll find much written on what you need to know before you embark on your bootstrapping journey.

Bootstrapping your startup: The new cool thing

Bootstrapping your startup is a discipline, you could argue that it’s even an art form. It’s based on the principles of leniency and minimalism – living by the rule coined by Benjamin Franklin that a ‘ penny saved is a penny earned’.

It’s an exciting time when you’re creating your enterprise and implementing your vision on how it should work. Best of all, you’re getting to operate on your own terms.

Over the past 6 years, we’ve built HelpStay – a subscription based marketplace for volunteering abroad.

Along the route, we’ve learned a lot of useful lessons, made expensive mistakes, won and lost a few battles, and done a lot of flying by the seat of our pants.

Here, we share some pieces of wisdom that we’ve learned from developing a bootstrapped subscription based marketplace.

Safeguard your users and content

Always treat your user data and digital content with the utmost care – it’s your most valuable asset.

Make sure you can be found online organically

At the planning stage ask yourself, how can I ensure I’ll be found online? This approach will save you a lot of headaches and expense down the line. Use Google, Facebook and their kind at your peril. They’re NOT your friend. Resist the urge to spend money with them. Always be building your business online organically to ensure sustainability.

Build trust online

Don’t be afraid to put your name over the door – say it loud and say it proud. In the words of Rachel Botsman – ‘The currency of the new economy is trust’.

Quality and care go hand in hand

Aristotle tells us ‘Quality is not an act, it is a habit’. Know that a MVP is a starting point but a QUALITY product/service is the destination. Always be improving.

Understand the relationship between time and growth, and know the difference

‘When you want to hurry something, that means you no longer care about it and want to get on to other things.’ – Robert M. Pirsig.

Resist the will to be sidetracked with other ideas

Commit to one idea and see it through.

Be wary of knights in shining armour

Know that for anything to be done with care and quality requires resources such as human effort, time and money.

Keep it simple

Your prospective customers need to be able to easily identify what you are offering. Get to the point quickly. For example, to explain HelpStay, we use the motto ‘Give a little help, stay for free’.

Know YOUR enough

If you need to make $3,000 a month to live comfortably – that’s your enough. When you reach it, celebrate your achievement and keep working!

Build a business where you can do most tasks yourself

You’ll sleep better knowing that if something goes wrong you’ll be able to fix it. If you have to delegate – delegate the tasks that are least important to the overall care of quality.

Business is a discipline, you’re in it for the long hall

Understand that it’s going to take time and resources and there are no shortcuts. Get your own house in order. If it’s going to take 6 months to launch, make sure you have enough funds to cover you. By failing to prepare, you’re preparing to fail.

Loneliness comes with the territory

Appreciate that loneliness is part and parcel of creating YOUR vision – it’s what allows you to do it. If it’s an issue for you, get a partner or join a co-working space.

Know why you are doing what you do

Don’t be comparing yourself to a paid employee who is earning a big paycheck. If it’s a big paycheck you’re after, then go after that.

Easy exchanges to learn business

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