Bootstrapping Your Business

Text of my newsletter from 10th May

Hey there,

How was your start-up funded? Or, if you’re just thinking about starting, what funding options are you looking at?

I never borrowed a penny to get my business going.

It’s called bootstrapping (although I wasn’t even aware of that term when I started out!).

The idea of having a lender looking over my shoulder as I got things up and running was not something I wanted to deal with – it would just have been a boss with a different name!

Bootstrapping has lots of advantages, but the journey hasn’t been all sweetness and light.

For the first few years it was highly stressful, and I did without a lot of the small luxuries that I previously took for granted.

There were several times when I longed for the ‘security’ of a monthly pay cheque and, on one occasion, I even went for a job interview that a friend put me up to.

I didn’t get the job.

Gradually, though, as I improved my skills and grew in confidence, things improved to the point that the business became profitable and was re-paying some of the personal investment I had put in.

Today I have a sense of deep satisfaction at having got the business going and running profitably. I’ve deliberately kept it small, and the pandemic has taken a toll, but I’m in total control and I don’t owe a penny to anyone.

And for that I’m extremely grateful.

Anyone who’s thinking about starting a business wonders how they will fund it, and this week I’ve linked to two articles on funding: one is another bootstrapping account and the other introduces different funding options for small businesses.

If you’re looking to escape the corporate cubicle, or you’ve found working from home to your liking, and you’re toying with the idea of going solo, I do recommend both articles.

This week’s articles

In addition to those two articles on funding your start-up, I’ve linked to 31 inspirational quotes from women leaders in both business and politics, who are also mothers, and 15 easy ways to stay safe online.

How to Bootstrap Your Start-up

Starting your own business requires money, and there are various ways you can get it.

Bootstrapping (using your own savings) is one, and it’s the one that gives you the most control – but also total liability.

Jackie Hermes tells in this article why she chose to bootstrap her business and the benefits it has brought her:

How to bootstrap your start-up

40 ways to fund a small business

This article is focused on the US market, but most developed jurisdictions will have similar options.

40 ways of funding a small business start-up is a lot, but Angelique O’Rourke has broken them down into broader categories:

  • Traditional loans
  • Grants
  • Fintech funding
  • Crowdfunding
  • Peer-to-peer loans (through exchanges)
  • Venture capital
  • Angel investment
  • Microloans
  • Pitch competitions (real-world versions of Dragon’s Den or Shark Tank)
  • Bootstrapping

She gives an introduction to each approach and, in each, she provides links to more detailed information.

If you’re wondering how to fund your start-up this article provides plenty of options to consider:

Ways to fund a small business start-up

31 quotes from women leaders who are also mothers

“. . .The best advice I can give to women is to go out and start something, ideally their own businesses. . .”

That’s in the quote from Safra Catz, CEO of Oracle.

Yesterday was Mother’s Day in the US, in recognition of which Bill Murphy Junior has pulled together these 31 quotes from women leaders who are also mothers.

If you’re looking for some inspiration, I do recommend this article:

31 quotes from women leaders who are mothers

15 ways to stay safe online

And so to this week’s security link.

This article, by Mary Atamaniuk, was written back in January, and it lists 15 easy-to-follow ways to help you avoid becoming a victim of cyber-crime.

I’ve said it many times: cyber-crime is one of the fastest real growth industries around today, in terms of both volume and sophistication.

You cannot be too careful. (I mentioned how I was nearly caught out back here).

I do recommend reading this, and if you’d like me to clarify or explain anything please hit reply!

15 ways to stay safe online

Fun flashback

It’s been a while since I put an ELO video on here, so here’s a reprise: Don’t Bring Me Down, along with some pretty good shuffle dancing:

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Cheers,

Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.