How To Bootstrap Your Business ?

wealthymattersHere’s a five-step process you can follow to give you the best chance of success while bootstrapping your business:

Step 1: Prove Your Concept

With limited funds, it’s more crucial than ever to prove your business concept before investing your valuable resources. If you’re reselling an existing product, this step is a bit easier given the existing demand. But make sure you’re very clear on how you’ll be adding value — and don’t say via low pricing! Will you be offering a unique branded experience or adding informational value?

If you’re creating a new product, make sure you’re able to validate that people want — and are willing to pay for — your product before you invest heavily in mass manufacturing. Get your prototypes in front of as many people as possible, take pre-orders or even launch a Kickstarter campaign. Nothing is worse than manufacturing 5,000 new items that nobody wants.

Step 2: Do/Learn as Much as Possible Read more of this post

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