Last Updated on December 8, 2017 by Tim
The start-up scene has grown to a big extent and it has surely resulted in a huge transformation in the real world. Youths have managed to implement their innovative ideas as they have been encouraged immensely to pursue their dreams. This has surely increased competition in various industrial sectors and stimulated those who are tired of doing their full time jobs due to lack of satisfaction.
Today, there are so many nations that have become major origins of a huge number of startups. This does not only empower talented minds, but it also boosts the national economy in an incredible manner. The new digital era is full of experts in different industrial sectors who are interested in scaling the global economy by helping these youngsters through monetary support.
However, every start up’s luck does not take a positive turn and they have to invest in their businesses by emptying their pockets. There are so many programs, managerial institutions, and organizations that allow start ups to interact with investors and work together in order to make things happen but there is a specific procedure for selecting startups that make it.
In many cases, it becomes extremely important for start-ups to have a back-up if in case they do not get investors’ attention. The act of funding your start up out of your own pocket is known as bootstrapping. Here are few effective ways to bootstrap your start up.
Have a small team and choose the co-founder intelligently
A large sized team will suck an ample amount of your budget. So in order to avoid that, you need to hire only those who are appropriate to be in your team. It is also important to realize that a small team needs to have members who are good at performing multiple functions.
To reward them, the best thing that you can do is provide them with attractive incentives and propose them an offer that they cannot refuse. Not only that, the co-founder needs to have the same vision as yours as it is difficult to run a company with someone who does not think of it the way you do. Therefore, cofounders need to operate together and complement each other.
Effective marketing techniques
Having a PR agency in order to promote your brand is a risky thing as they cannot guarantee you highly effective features. Therefore, you should outsource the marketing aspect of your start up and interact with reported by yourself.
It is also better to find outlets that are associated indirectly with your idea. Generally, reporters tend to respond if they find your idea quite fascinating. They just expect a good way of storytelling from your side so that they get a clear picture.
Social Networking websites
No matter what kind of industrial sector your start up belongs to, it is always better to utilize social networking websites, like Facebook, Twitter, and Instagram to interact with end users effectively. They are free of cost and enable you to promote your start up to your target audience in less time.
You should also have the habit of writing blogs on your web portal and other platforms about what attracts you in your industry and sharing them on social media platforms. It engages customers and retains their interest for a long time. Social media platforms also enhance brand value and enable you to respond to customers’ queries.
There are many motivated youngsters who are ready to work with a good start up team if they like the idea. As a start up owner, it is useful to consider this fact and have interns as it is a win-win situation for both entities.
Interns get an immensely significant experience and you get assistance without much hassle. Interns are influenced extensively when you have a small team and they are involved in different business tasks. They also provide your start up with free labor which results in faster profitability.
Learn things to avoid additional outsourcing cost
If there is something that you need to do as part of a particular business activity and if that requires you to learn something then do it. You should try not to outsource for each and every task because there are various tasks that you can get done with if in case you spend some time in learning how to do them.
Not only it cuts off additional expenses but it also gives you a learning experience and makes you self-sufficient. It also encourages your team members to have a positive attitude towards each and every obstacle that comes on the way to success.
In order to bootstrap, you have to look for the desired level of efficiency in each and every activity you run. It also means that you should strive to do small and affordable marketing tests that give you the best outputs.
You should always add the most significant functionality to position your product in the best possible way. However, it will help you if you know what additional features you want to integrate so that you can optimize your work.
It is always better to look for potential investors for your start up who are interested in your idea but if in case that does not work, it does not mean your idea is not as amazing as you thought it was. So, you always need to have the strong will to continue motivating your team and encouraging others to work together to make it a success.
The most important step that one needs to take is to consider the option to bootstrap their start up for good. All the above mentioned ways to bootstrap keep the balance and help you in attaining the desired level of success without compromising. Moreover, the significant quality is to stick to the original idea and be open to different experiences that you get to witness in the middle of the process of going further with your idea.
Utkarsh Tiwari is a Vice President and business strategist at Peerbits, one of the top mobile app development company that delivers high-end mobile app solutions to Startups, SMEs, and Enterprises. Being an evangelist in the startup fraternity, he also holds a prolific experience in expanding a small business with expertise in strategic planning, marketing, business development, and resource management. Most of the peers in his company addresses him just with his initials – ‘UT’