Have you been desperately in the search of small business funding to no avail? Today I’m going to share my #1 no-fail weapon whenever I needed capital for one of my ventures AND not resorting to HUGE start-up loans. My secret weapon is Bootstrapping. I realize that it does not have the flair of other option marketed in the net. However, I know this one never fails. It has never failed me I should say Unfortunately, many people have been conditioned to believe the only way to begin with a successful home based business is with a loan and this is simply not true.
Bootstrapping is growing a business by using limited resources. Entrepreneurs who go the route of bootstrapping are self-sustaining, use very little (and in some cases no money) to launch their businesses. Bootstrapping entrepreneurs will carefully monitor their spending and never look to external sources for funding.
I have done it both ways and I can tell you that I am convince you bootstrapping is exactly what I would recommend to you if you are in the search of business funding and seem to be meeting closed doors. However, I know others would advise you to start with a loan and it seems tempting to start with debt. However, I warn you that starting your business with debt will put a dent in your business progress. I have seen first hand when entrepreneurs meet with me and they are buried “up in our eyeballs” in bank debt. This is not the way to start your business. In the early stage of a business, debt most likely will eat up your earnings, so you will be just switching employers. You would go from working for Mr. Boss to working for Mr. Bank.
With the bootstrapped business, the earnings generated are available for the growth of the business and improving cash flow.
You can find the money to launch your business by bootstrapping – even though you have little money, a low credit score or don’t own your home. So what are you waiting for? Get started NOW!