Everyone wants to create something cool, something of their own (taking ownership of anything is a psychological behaviour of we human beings) – didn’t it ?
Well, why you need to build your own startup or why you are planning to do so is not something I am going t discuss here (considering you already have at-least one reason for that and so you are reading this write-up).
There are thousands of problems & millions of ideas to solve them and not every idea demands hefty amount in the beginning. Shift your focus from the money & start focusing on building something that people need in real & will pay you in return. Here’s a list of 10 hacks you should consider when bootstrapping or planning to bootstrap your startup
1. CREATE A BUSINESS MODEL THAT GIVES YOU QUICK RETURN
Whatever is your vision & wherever you want to reach in future, first focus on current situation. Create a business model in which you can monetise your efforts quickly. If you will not focus on cash-inflow, all your savings will be exhausted.
Also Read : A Step by Step Guide to write your Business Plan
2. FIND CO-FOUNDER/s
Initially, you don’t have enough funds, & there will be a lot of work to be done. Hiring good team will cost you high, and not a single person can have all the required skills. So, its better to choose a co-founder/s with complementary skill-set with having equal passion to achieve the targeted goal.
3. CREATE SMART GOAL
S = Specific M = Measurable A = Attainable R = Relevant T = Time-Based
Also Read : You also have a fear to share your idea/s with anyone, check this out !!
SMART goal is a well defined process to put your idea into action. Set SMART goal at your organisation & work hard to achieve it without any fail. You can do brainstorming sessions with your co-founder/s to set a SMART goal.
4. REDUCE EXPENSES
If you along with your co-founders can achieve a task, then no need to hire a person. Or, if a meeting can be done over call or Skype, no need to travel to other cities. These small steps can reduce a lot of expense at your organisation which you need utmost at early stage.
5. HIRE INTERNS
Interns are best option for any startup. Like an early stage startup, interns are also early stage professionals – trust me both are made for each other. Humour apart, seriously, if required manpower to boost the processes at your organisation, hire interns. You can easily afford their cost & their expectation is also less in monetary terms.
6. USE CO-WORKING SPACES
Need a office space for a meeting or a session with team, use co-working spaces. There charges are affordable as they charge according to your usage, there pricing plans are designed by keeping startups in mind.
Also Read : 10 must have Skills you need to develop in your Entrepreneurial Journey
7. FOCUS ON DIGITAL MARKETING
Digital marketing is a boon for startups, whatever you are selling, you will find your customer online. You can optimise your efforts to increase your visibility on various digital platforms including giant search engine google. Do SEO (Search Engine Optimisation) to rank your web pages high in google. Create blogs, videos, & other interesting stuffs to drive traffic towards your brand. This will help you to sale more.
8. TARGET YOUR MARKET THROUGH SOCIAL MEDIA
Through social media, you can increase your brand presence easily. Create social pages of your brand and invite your friends to follow. Ask them to invite their friends & you can gain initial followers like this. Create engaging stuffs & let your initial audience connect with your brand. In case, your customers are less active on social media, you can target them though pamphlets & other methods of BTL marketing.
Also Read : When to consider hiring a PR Agency
9. ASK FOR HELP
No one in this world can survive without support of their friends/family. That support may be monetary or non-monetary, it depends. Whenever you need support, feel free to ask – many hesitate but you have to break that barrier of hesitation if doing a business.
10. Have an eye always on Revenue
Doesn’t matter what’s the nature of your business, you always need money to survive. You need to have a hawk eye on your revenue always. Be thrifty – focus on low expense & high revenue to survive the game. If you survive for first three to five years, you might be a winner sooner or later.