It’s changing people’s lives, strengthening the world economy. And giving people people who participate the potential to chart their own destiny.
Are you part of this new movement? And if so, what does it mean for your business success?
Take This 7 Question Quiz to Find Out…
If you’ve answered “yes” to any of these questions… congratulations! You’re one part of the new wave of bootstrapping business owners.
And you’re a part of one of the fast growing silent business movements in the world.
What Does Bootstrapping a Business Really Mean?
The traditional definition of bootstrapping a business means to start or grow a business with little or no money.
But in today’s world of entrepreneurship, bootstrapping a business means so much more than that.
- Bootstrapping your a business embodies a specific spirit of success.
- Relying on your moxie, creative use of resources, sweat-equity, and willingness to be a self-starter who makes things happens.
- Taking $1 and turning it into $5. Taking $1000 and turning it into $10,000. Taking $10,000 and turning it into $100,000.
- Bootstrapping business owners don’t wait for circumstances to be right for business success, they take their current circumstances and figure out how to profit with them or how to change them to be profitable.
In fact, studies show that bootstrapped companies are far more likely to survive and prosper than those who were funded by venture capital or had an angel investor.
Remember the dot.com bust? Thousands of companies were started with billions in venture capital money. Not many of those are still around.
But there are millions of successful businesses that were bootstrapped to success. According to a Wells Fargo/Gallup study, most businesses are started with $10,000 or less.
Over 90% of all businesses began and grew as a bootstrapped business.
An it’s an approach to building a business that, done right, practically guarantees success.
A Bootstrapped Business Does Not Mean Small, Mediocre or Unprofitable
If you think that bootstrapping a businesses means starting small and remaining small, consider this:
- Apple and Dell, companies that now generate billions of dollars in revenue were both started with less than a $1000
- Jeff Bezos started Amazon.com out of the basement of his Seattle home with a box of books and a dream.
- Jonathan Garris worked in a small shoe store, before he started selling overstock on eBay. Today his company Gotham City Online, is a multi-channel, multimillion dollar ecommerce business with presences on eBay, Amazon as well as their flagship site, Gotham City Online.
All of these businesses were started with just an idea. And grew because of the bootstrapping spirit…
…Putting time and energy into offering remarkable products, serving your customers and establishing your brand as something unique.
The same holds true for your business. Just because it is bootstrapped, doesn’t mean it can be “so-so” and still make money.
Maybe Your Goal Isn’t to Build the Next Billion Dollar Company
Many bootstrapping biz owners don’t have a goal of building the next Microsoft.
Maybe your goal is to build a comfortable 5-figure or 6 figure a year income from your business.
Or you’re bootstrapping a business to replace a downsized job. Millions of jobs that were lost in the recent recession aren’t coming back. Bootstrapping a business with your existing skills may be an alternative or a necessity for some.
Bootstrapping is especially prevalent among Internet entrepreneurs. Because the cost of starting an online business is minimal, and online entrepreneurs can begin to build their empires with as little as an idea and a blog.
Back in 2002 I started my business online as a single parent of a 4 month old and 4 year old. Armed with a lifelong dream of owning a business and a burning desire to be home with my kids, I walked away from a 6 figure-a-year job in the technology industry and parlayed my background in retail merchandising & technology to start a business selling on eBay and Amazon.
I bootstrapped my business to my first six-figure year in 2004 and continue to bootstrap my biz, even as I expanded into other areas in my business as an author, speaker, mentor and trainer for other bootstrapping biz owners.
Why It Pays Big-Time to Have the Bootstrapping Spirit!
The best thing about having the bootstrapping spirit is that is pays off. Both financially and personally. Bootstrapping biz owners are hungry for success. They aren’t sitting around waiting for success to happen to them.
They’re out there every day, making success happen. Thinking creatively. Spotting opportunities. Looking for ways to get more visibility for their businesses.
How about you?
Are you bootstrapping your business to success?
Do you have the bootstrapping spirit? Would you like to get it?
Tell me below!