There’s a fast growing, silent business movement happening all across world.
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…
Are you a solopreneur trying to build a successful online business without outside investment money, sans access to big lines of credit, and on a limited business building budget?
Do you have more dreams, ideas and drive then time or money?
Do you wear most or all of the hats in your business, and you know you could accomplish more with additional resources?
Are you missing all the answers for success, but figuring it out one piece at a time, and building on your daily success?
Is your business growth steady, maybe not as fast as you’d like, but you’re making progress?
Do you sometimes question if you really have a shot at building the business of your dreams?
Are there days you feel like an odd-man out with your friends and family, rather than a real business owner positioned on the track of success?
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!
-Lisa
Hello Lisa,
I think this is a great Idea. It’s me all the way.
Hi Lisa,
You are so right! We started our business back in 1994 with $1.00 for a table full of very dirty antiques. With some elbow grease, that dollar grew and we have been living off of it for 16 years now.
We have moved from physical antique shops, to antiques and collectibles, and lighting replacements on the web.
We have learned so much from you over the last few years.
Thanks so much for all your help!
Richard and Sally
Hi Richard & Sally,
I love the way you put it “We’ve started with $1 and we’ve been living off that $1 for 16 years now.”
Because that first $1 has turned into a 16 year income! And that’s exactly how it works. That first sale turns into 10, then 100, etc.
You guys have done a fantastic job of reinventing your business and keeping current with market demand on products. And you’ve always been willing to embrace new selling platforms, new technology and most recently, your new WordPress blog.
I was just over there and your new blog http://cobwebsntreasures.com/ looks awesome, and most importantly is doing a great job of marketing your products (loved the pin cushions you showcased as the perfect gift!).
Your willingness to move forward and add new marketing strategies to your biz keeps it growing year after year!
-Lisa
Lisa,
You have described me to a T! I have been working on growing my business since June 2009 trying one idea after another, reinvesting the little money I do make, and refusing to give up. My business is growing very slowly; but it is growing.
Bootstrapping is a hard but challenging way to start a business. I can’t wait until the day comes when I can quit calling myself a start-up!
Can’t wait to see what you have in store for us. I hope I can afford it!
Kathy Thomas
Hi, Lisa Suttora
I don’t have a internet business as a entrepreneur, would like to get the bootstrapping spirit, and learn to be creative in spotting opportuities. I have been reading quite a bit information and still have more to understand and also learn how to search for a niche and to navigate the (search engine optimization) skills, copywriting skills and various other Internet marketing skills. I don’t have yet, but would like to learn.
hi Lisa – I just bought and listened to your 2011 webinar replay. It’s amazing how much you think you know until you listen to other people in the same field (kinda). I have always owned my own buisinesses for 21 years and wouldn’t change it for anything. I’ve never really had any money to invest in them, but I do know how to get them up and going, and keep going until I’m done and want to do something else. My something else is selling on Ebay as Sophie’s Attic On-Line. I used to have an Antique & Resale shop but like the idea of on-line selling. You have given me a ton of info I can’t wait to implement and make BIG money this year.
Thanx so much!!
Wendy 😎
Hi Lisa,
I started my online store about a year ago. I have been trying to grow my business, yet I feel like I really need some guidance. Up to this point its been trial and error on a bootstrapping budget. I see progress but its been slow coming. I hope you can help put my business on the track to online success.
Kay
You hit on the very cituation I am in low funds. But I still have that big determination ego and strive to make it succeed thanks
Hi Lisa,
I love this article! You have made some great points and have left me feeling that bootstrapping my business may not be so bad after all.
Thanks,
Lisa